North America to Lead Pregnancy Point of Care Testing Market in Terms of Revenue, Reveals Fact.MR
Pregnancy point of care testing market revenues reached US$ 1.2 billion in 2018, according to new study by research firm Fact.MR. Increasing need for rapid and accurate diagnostics with the emergence of advanced technologies is providing an impetus to the ongoing developments in the pregnancy point of care testing market. The study opines that the market will envisage nearly 5% y-o-y in 2019 over 2018, with growing adoption of innovative technologies likely to redefine future trends.
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Manufacturers are capitalizing on the increasing ubiquity of smartphones by introducing next-generation pregnancy point of care testing devices that can be connected to smartphone applications, finds Fact.MR. Smartphone-based pregnancy point of care testing products are emerging as a promising alternative to traditional laboratory-based diagnostic testing practices. Leading manufacturers are launching innovating products with smartphone connectivity to cater to the end-users’ demand for easy-to-use at-home pregnancy test kits.
In addition, the study also finds that modern smartphone-based pregnancy point of care testing devices are reducing in size, cost, as well as complexity, and this is an important factor to boost growth of the pregnancy point of care testing market. A mounting number of small businesses are entering the pregnancy point of care testing markets in developing regions and launching innovative smartphone-based products at competitive prices to attract consumers in emerging economies. The study opines that increasing number of new players in the market and growing price gap between leading players and new entrants will influence growth of the global pregnancy point of care testing market in the coming decade.
Demand for hCG Urine Test Kits will Continue to Grow
Human chorionic gonadotrophin (hCG) urine test kits accounted for nearly 43% revenue share of the global pregnancy point of care testing market in 2018, and the trend will prevail in the upcoming years, according to the Fact.MR study. The study attributes the rising demand for hCG urine test kits to the burgeoning sales of pregnancy test kits across the world. In 2018, pregnancy test kits accounted for more than half the revenue share in the pregnancy point of care testing market, and higher reliability and accuracy of hCG urine tests in pregnancy point of care testing is bolstering its share in the global market at a rapid pace.
Another factor influencing the demand for hCG urine tests in the pregnancy point of care testing market is the end-users’ preference towards urine testing devices over blood testing devices for pregnancy testing. Through both urine and blood tests can be equally accurate, women are showing a preference to use at-home urine pregnancy test kits primarily due to their simplicity and ease-of-use. The Fact.MR study opines that the adoption of hCG urine tests in pregnancy point of care testing devices will continue to increase in the upcoming years.
North America Accounts for over 50% Revenue Share of the Market
In 2018, the pregnancy point of care testing market in North America was valued at US$ 648 million, according to Fact.MR. Growing prevalence of gynecological and fertility disorders, triggered by changing lifestyle, is leading to the increased adoption of pregnancy point of care testing products across the region.
The Fact.MR study finds that leading manufacturers in North America are adopting advanced technologies for competitive advantages with the launch of more reliable and rapid diagnostics. Despite the ambiguity about the accuracy of commonly available pregnancy point of care testing devices, consumer adoption of these products remains high.
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With the adoption of innovative marketing strategies and collaborations with various distributors in the region, manufacturers are gearing up to capitalize on lucrative sales opportunities in the North American pregnancy point of care testing market. Fact.MR opines that, though South Asia is emerging as a high-growth market for pregnancy point of care testing market, North America will continue to remain an important regional market for stakeholders in the foreseeable future.
The Fact.MR study offers the futuristic overview of the pregnancy point of care testing market for the forecast period 2018-2028. The study opines that the market will grow at a healthy 4.5% CAGR during the assessment period.
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