ALBANY, New York, September 19, 2018 /PRNewswire/ --
According to TMR, the global endocrine testing market will exhibit a CAGR of 8.5% between 2015 and 2023. At this pace, the market will reach US$12.8 bn by the end of 2023. Among end users, the market is likely to witness the highest demand from commercial laboratories segment. The rising trend of outsourcing various testing procedures will fuel the demand for endocrine testing from commercial laboratories. Regionally, North America is forecast to contribute the highest revenue towards the global endocrine testing market. However, in the coming years, the Asia Pacific market is expected to rise at a stellar CAGR and offer lucrative prospects for companies.
Rising Incidence of Chronic Diseases to Fuel Demand for Endocrine Testing
The demand for endocrine testing is expected to rise in response to the increasing incidence of diabetes and obesity around the world. A key point to note here is that monitoring the endocrine hormone is vital for the management of diabetes. This as per TMR is a crucial factor driving the market. Additionally, the rising incidence of cardiovascular diseases, cancer, and other ailments will fuel the demand for endocrine testing in the coming years.
High Price of Endocrine Testing May Hinder Market's Trajectory
On the downside, the high price of advanced endocrine testing technologies has made them unaffordable across various developing and underdeveloped regions. This is a key factor hampering the market's growth rate. Besides this, limited awareness about healthcare facilities among people living in low-income region will hinder the market's trajectory to an extent.
Nonetheless, recent advancements in assays and various methods used for endocrine testing will enable growth in the market in the coming years. Furthermore, the market is likely to benefit from recent improvements in diagnostic technologies such as liquid chromatography-mass spectrometry (LC-MS). Spurred by these factors, the global endocrine testing market will exhibit steady growth over the course of the forecast period.
The global endocrine testing market exhibits a fairly oligopolistic vendor landscape, with the top five companies occupying nearly 90% of the overall market in 2014, finds Transparency Market Research (TMR) in a new study. According to the report, DiaSorin, Abbott Laboratories, Siemens Healthineers, Agilent Technologies, and F. Hoffmann-La Roche AG emerged dominant in the global endocrine testing market in 2014. Among these companies, Roche led the overall market in the same year. In order to maintain a strong foothold in the global market, the leading companies are developing next-generation sequencing platforms, advanced lab automation systems, analyzers, and endocrine test kit.
Currently, the market is witnessing intense competition among the leading companies and it is expected to get fiercer in the coming years. In order to steal a march against competition, the market players are likely to invest in expanding their product portfolio and developing innovative technologies. These strategies are likely to have positive influence on the overall market.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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