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3. Acquisitions and Expansions were the Key Strategies Adopted by Players in the Thyroid Function Tests Market from 2014 and 2017

The global thyroid function tests market is expected to reach USD 1.68 Billion by 2022 from an estimated USD 1.26 Billion in 2017, at a CAGR of 5.9% during the forecast period. Growth in the thyroid function tests market can primarily be attributed to the increasing incidence of thyroid disorders, increasing awareness about thyroid disorders, increasing prevalence of lifestyle diseases, rising geriatric population, and increasing consumption of alcohol & tobacco. Growth opportunities in emerging Asia Pacific countries to provide lucrative growth opportunities for players in the thyroid function tests market.

Acquisitions and expansions were the key strategies adopted by players from 2014 and 2017. The key players that adopted these strategies include Thermo Fisher (US), Abbott (US), Roche (Switzerland), DiaSorin (Italy), and Danaher (US).

Expansion was the key growth strategy adopted by players in the thyroid function tests market from 2014 to 2017. This organic growth strategy aimed at leveraging company resources, upgrading facilities, expanding geographic presence, strengthening distribution networks, and catering to the needs of a growing customer base. The key players that adopted this strategy include Roche (Switzerland), Thermo Fisher (US), and DiaSorin (Italy).

Acquisitions was another key growth strategies adopted by players in the thyroid function test market from 2014 to 2017. Players adopted this strategy to combine proprietary technologies in order to create a strong services portfolio. The key players that adopted this strategy include ThermoFisher (US), Danaher (US), Abbott (US), DiaSorin (Italy), and Merck (Germany).

Companies also adopted other strategies such as agreements, partnerships, collaborations, and new product launches to strengthen their existing market position and enhance their market share. ThermoFisher (US), Danaher (US), and Abbott (US) were the major players that adopted this strategy.

Few of the instances of the strategies followed by the players have been discussed below:

In July 2017, DaiSorin (Italy) acquired the ELISA immunodiagnostic product portfolio from Siemens Healthcare (Germany) to expand its presence in the European region. In October 2016, Merck (Germany) launched the Spiking Solution. This solution enables the monitoring of thyroglobulin levels in patients. In October 2015, DaiSorin (Italy) launched an automated quantitative thyroid stimulating immunoglobulin (TSI) assay. This assay is used in the diagnosis of Graves’ disease.

Related Reports:

Thyroid Function Test Market by Type (TSH Tests, T4 Tests, T3 Tests), End User (Hospitals, Diagnostic Laboratories, Research Laboratories & Institutes), and Region (North America, Europe, APAC, LATAM, and MEA) - Global Forecast to 2022

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