According to Coherent Market Insights, the global endocrine testing market is estimated to be valued at US$ 3,403.0 million in 2020 and is expected to exhibit a CAGR of 5.3 % over the forecast period (2020-2027).
Key Trends and Analysis of the Global Endocrine Testing Market:
Increase in product approvals in the global endocrine testing market is expecting to drive the market growth of global endocrine testing market. For instance, in August 2020, DiaSorin, a biotechnological company, received CE marking for a novel Liaison Testosterone xt test used in diagnosis of fertility disorders in individuals such as hypogonadism in men and hypergonadism in men and women.
Increasing prevalence of testosterone disorders in individuals across the world is expected to drive the market growth of global endocrine testing. According to the report by National Center for Biotechnology Information in 2020, hypogonadism has affected approximately 40% of men above age 40 and 50% of men of age till 80.
Among region, North America endocrine testing market is expected to register higher growth rate, as companies are focused on strengthening their offerings in several areas of endocrine testing applications. For instance, LGC Maine Standards announced the launch of VALIDATE ACTHVerification Kit for fast and analytical measurement range (AMR) for identification of adrenocorticotropic hormone (ACTH).
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Key Market Takeaways:
The global endocrine testing market is expected to exhibit a CAGR of 5.3 % over the forecast period, owing to increasing trend of strategic collaborations, increasing product launches, and increasing mergers and acquisitions.
Key players operating in global endocrine testing market include Abbott Laboratories, Thermo Fisher Scientific, Bio-Rad Laboratories, Inc, Beckmann Coulter, Inc, Agilent Technologies, Inc, Siemens Healthineers AG, BioMérieux SA, Quest Diagnostics, and F. Hoffmann-La Roche AG.
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