Thursday, June 13, 2024

Homecare Pregnancy Test Kits Market Is Expected to Grasp the Value of USD 1391.8 million with Growing A CAGR of 8.1%by 2027

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Market Summary: The global market for homecare pregnancy test kits is projected to grow at a rate of 8.1%, increasing from USD 808.2 million in 2019 to USD 1391.8 million in 2027. This growth is attributed to the rising acceptance and preference for newly invented advanced testing kits over conventional ones.

To enhance testing techniques, substantial research and development are conducted annually, with significant investments from government bodies. This substantializes market growth during the forecast period. The increasing prevalence of teen pregnancy, especially in the U.S., is a key driver. Better government initiatives, manufacturers’ efforts to expand globally, new market entrants, product price reductions, and improved technology are expected to drive market growth.

According to the World Health Organization (WHO), in 2015, there were 40% cases of unintended pregnancy and 10% cases of teenage pregnancy, contributing to the demand for testing kits. Online pharmacies, a major vertical of e-commerce, are gaining momentum, driven by increased internet adoption and improved digital payment infrastructure. However, stringent government regulations and the lower accuracy of home testing devices compared to lab tests may hinder market growth.

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Type of Test Outlook: The urine test for HCG segment is expected to experience a significant CAGR of 7.4% during the forecast period, driven by technological advancements and an expanding distribution network.

Home blood test kits are projected to achieve the highest CAGR of 9.3%, attributed to rising awareness, convenience, and quick results.

Product Outlook: Digital devices are expected to dominate the market with a CAGR of 8.8%. This is driven by the growing age of first pregnancy, continuous technological advancements, and features such as smartphone app connectivity.

Sales Channel Outlook: Pharmacies are expected to witness healthy growth due to the increase in adolescent pregnancy rates in developed nations and technological advancements in diagnostic and pregnancy kits.

Regional Outlook: North America dominated the market in 2019 with USD 295.7 million in revenue, driven by extensive R&D activities. The Asia Pacific region observes easy availability of products and a growing demand for pregnancy testing.

Europe and the rest of the world present future opportunities for market expansion due to changing lifestyles, increased disposable income, and higher literacy rates.

Market-O-Nomics: Home blood test kits’ market share is expected to grow significantly due to rising awareness among women, government initiatives, global market expansion efforts, product price reductions, and technological advancements.

Online sales channels are anticipated to experience significant growth, driven by technical advancements, research equipment updates, cost reductions, and increased efficiency.

Continuous research and development lead to emerging urine pregnancy tests, capable of detecting pregnancy before a missed period.

Digital devices’ market growth is propelled by technological advancements, increasing age of first pregnancy, and features like smartphone app connectivity.

Companies Considered: Abbott Laboratories, Boditech Med Inc., Cardinal Health, Confirm Biosciences, Germaine Laboratories, Siemens, Piramal Enterprises, Danaher Corporation, Procter & Gamble Co., and Quidel Corporation are profiled as significant market players.

Start-up Traction: Numerous startups are entering the market, offering innovative products and technologies to tap into the untapped potential in emerging economies.

Deals Landscape: Mergers and acquisitions are integral to the homecare pregnancy testing kit market. Key players, including Quidel, have made strategic moves to enhance their market position.

Expert Insights: The industry forecasts promising developments in the increased adoption of homecare pregnancy testing kits. New entrants are expected to focus on innovation and advanced technologies to change market dynamics.

Segments Covered: The report segments the global homecare pregnancy testing kit market based on the type of test, product, sales channel, and region.

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