The research report on the global endocrine testing market elucidates presence of a consolidated vendor landscape in the said market. There are five main companies that hold around 90% of the overall market share in the year 2014. These companies include F. Hoffman La-Roche AG, Agilent Technologies, Abbott Laboratories, Siemens Healthineers, and DiaSorin. . In 2014, La-Roche had been the biggest player in the global endocrine testing market. Majority of the companies operating in the global market are concentrating on developing new products such as endocrine test kits, analyzers, high-tech lab automation systems, and next-gen sequencing platforms. In addition to this, these companies are also concentrating on developing new and innovative technologies to enhance their product portfolio for achieving sustainable growth in the global endocrine testing market.
With this kind of competition, global endocrine testing market is expected to witness an impressive CAGR (compound annual growth rate) of 8.50% between the years 2015 and 2023. With this CAGR, the market is expected to reach value of US$12.8 bn by the end of 2023 according to report given by Transparency Market Research.
Rising Prevalence of Diabetes to Push Market Growth
There are multiple factors that are helping to push the development of the global endocrine testing market. One of the chief driving factors is the growing number of people suffering from diabetes. An important role played by the insulin in the growth and post-diagnostic treatment of diabetes is a vital for the endocrine testing market.
The incidence risk of diabetes is because of the increasing consumption of sugary and sweetened food products across the globe. In addition to this, there has been an increasing prevalence of sedentary lifestyle. It is also contributing in the widespread reach of diabetes. Such factors are thus helping to push the overall development of the global market for endocrine testing.
Another key trend that is being observed to exert a positive influence on the overall development of the global endocrine testing market is the growing occurrence of obesity across the world. Obesity can be caused due to multiple factors including hormonal imbalance and unhealthy eating habits.
The treatment of obesity needs endocrine testing. Moreover, obesity is also one of the leading causes of diabetes. Thus, all these factors are contributing to the overall development of the global market.
High Costs Associated with Testing May Pose Problems for Market Development
There are, however, some factors that may interfere with the development of the global endocrine testing market and stop it from reaching its full potential. One of the leading restraining factors is the high cost associated with these endocrine testing technologies. With several developing nations yet to cover such testing in their reimbursement policies, the endocrine testing remains out of reach for masses. This is a key issue that needs to be resolved by market players in order to achieve a sustainable growth in the future. Moreover, a serious lack of awareness among the general public about the benefits of endocrine testing is also expected to hamper the market growth.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Endocrine Testing Market - Global Industry Analysis, Size, Share, Growth Trends and Forecast, 2015 - 2023”
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