Endocrine testing refers to a group of tests performed to assess the overall function of the patient’s endocrine system. The release of hormones is linked to a variety of diseases, which makes them a solid indicator to reveal the nature and extent of diseases. The rising awareness about the solid connection between hormones and diseases has led to steady growth of the global endocrine testing market in the recent past. The market is expected to rise to a valuation of US$12.8 bn by the end of 2023, exhibiting a robust 8.50% CAGR between 2015 and 2023.
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Asia Pacific to Open up Lucrative Growth Avenues
Based on end user, the endocrine testing market is segmented into hospitals, commercial laboratories, ambulatory care centers, home-based tests, and physician offices. Of these, the commercial laboratories segment is expected to lead the market throughout the forecast period. The extensive demand for endocrine testing in commercial laboratories is propelled by the growing prominence of outsourcing a number of testing procedures.
Geographically, North America is expected to generate the major revenue in the endocrine testing market. The region is projected to lead throughout the forecast period and is anticipated to account for a share of 38.3% by the end of the forecast period. Meanwhile, the Asia Pacific market for endocrine testing is projected to rise at a stellar CAGR during the forecast period and expected to offer a plethora of opportunities for companies.
Advancements in Assays and Diagnostic Methods to Open Up Exciting Opportunities
The rising incidence of diabetes and the growing prevalence of obesity in developing and developed regions are key factors driving the endocrine testing market. The regular monitoring of the hormone endocrine plays a vital role in the management of the disease diabetes in various populations world over. In addition, there is increasing significance of obesity as a co-morbidity factor in the prevalence of cardiovascular diseases, strokes, various cancer types, and various diseases of the reproductive system. This is expected to favorably impact the endocrine testing market across regions.
However, the unaffordability of advanced endocrine testing technologies for a major chunk of population in developing countries is a key factor hindering the growth of the market to an extent. In addition, the limited awareness about healthcare among populations living in low-income regions is likely to impede the global endocrine testing market. Nevertheless, constant advancements in assays and endocrine testing methods are key factors catalyzing the market growth. Furthermore, recent improvements in diagnostic technology such as in liquid chromatography-mass spectrometry (LC-MS) is expected to open up exciting opportunities for market players in the coming years.