The Latin America, Middle East and Africa Thyroid Function Testing Market would witness market growth of 8.8% CAGR during the forecast period (2023-2031).
The Brazil market dominated the LAMEA Thyroid Function Testing Market by Country in 2023 and would continue to be a dominant market till 2031; thereby, achieving a market value of $161.6 million by 2031. The Argentina market is showcasing a CAGR of 9.4% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 8.4% during (2024 - 2031).
Thyroid function testing has become more accessible and affordable due to advancements in laboratory automation, assay technologies, and point-of-care testing options. Automated immunoassays, chemiluminescent assays, and rapid point-of-care devices have improved testing efficiency, reduced turnaround times, and lowered costs, making this more accessible to patients and healthcare providers.
Thyroid function testing is undergoing rapid evolution, driven by technological advancements, shifting healthcare paradigms, and emerging trends in personalized medicine. For example, multiplexed assays and panel testing platforms are gaining demand for comprehensive thyroid function assessment, allowing simultaneous measurement of multiple thyroid hormones, autoantibodies, and biomarkers in a single sample.
The increasing incidence of thyroid cancer in Saudi Arabia is likely to have a significant impact on the market in the country. According to the data from the National Library of Medicine In Saudi Arabia, there were 2833 cases of TC in 2020, making it the second most common cancer in women (compared to 6.2% in men). Therefore, the growing prevalence of thyroid cancer and increasing aging population is driving the growth of the market.
Free Valuable Insights: The Worldwide Thyroid Function Testing Market is Projected to reach USD 7.5 Billion by 2031, at a CAGR of 6.4%
Based on End-use, the market is segmented into Hospitals, Diagnostic Laboratories, Clinics, and Research Laboratories & Institutes. Based on Test Type, the market is segmented into TSH Test, Free T4 Test, T4 Test, T3 Test, Free T3 Test, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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