NEW YORK, June 3, 2020 /PRNewswire/ -- The global homecare pregnancy test kit market is forecast to reach USD 1391.8 million in 2027, according to a new report by Reports and Data. The global homecare pregnancy test kit market is growing at a substantial pace owing to the growing acceptance and inclination of the patients towards the newly invented advanced testing kits over the conventional ones. In order to substantialize the testing technique, every year, the research and development are carried out tremendously, and government bodies invest a handful of the amount in their R&D, which fuels up the market growth by a large margin during the forecast period.
The key factors responsible for driving the growth of the homecare pregnancy test kit market include the technological advancements in testing, a rise in the incidence of unplanned pregnancy globally, an increasing number of R&D, and improving effectiveness and clinical outcomes of the testing kits. Besides, the increase in healthcare expenditure and increasing demand for self-contained and quick test results coupled with the increasing age of women having first pregnancy are propelling the market growth.
There is also the rapidly increasing disposable income in developing countries like India and China, which is coupled with the fact that the middle class in these regions is expanding on a large scale. Thus, the increasing investments the key market players for product development in the emerging market are expected to drive the growth of the overall market eventually. Furthermore, due to constant product innovation and enhanced accuracy, the adoption of an enhanced marketing strategy is driving the market during the forecast period.
However, limiting factors such as lack awareness among the population, lack of efficiency in tests, and high prices of kits, especially in the developing region, and rigorous regulations by the government, act as a restraining factor on the global market in the near future.
The COVID-19 impact:
The outbreak raised concern for the patient dealing with other underlying conditions such as pregnancy. However, government authorities had laid down several guidelines to ensure the safety of the patient as well as the healthcare professional. The market has experienced a downturn over the weeks, which may continue over the next few months. The increased patient pool suffering from COVID-19 has disrupted the balance in healthcare. This pandemic has affected the Asia Pacific region the most, with China at the center of the outbreak. Most initiatives have come to a temporary halt in multiple countries changed. The production, as well as supply chain, has been put on hold, causing losses to the manufacturers, dealers as well as consumers. The market might be facing a downside for the period. Still, with a rising health concern, the demand would be hitting the roof as soon as there is a development in the condition.
The North America homecare pregnancy test kits market is anticipated to dominate the in the global market. The major driving factors for the growth can be attributed to the extensive R&D activities that provide a platform for growth through consistent new product approvals.
The urine test for HCG is expected to have the largest market share among the other segments. Technological advancements in pregnancy test kits and rapid expansion of the distribution network of product manufacturers for widespread availability of kits are the factors providing traction to the market during the forecast period.
The rising prevalence of teen pregnancy is driving the market substantially. For instance, the U.S. teen pregnancy rate is considerably higher than in other western nations, and racial/ethnic and geographic disparities in teen birth rates persist in various parts of the region.
On the basis of product, the market for digital devices for pregnancy testing is expected to dominate due to the growing age of first pregnancy, continuous technological advancement, and attractive product features such as smartphone app connectivity in pregnancy test devices are likely to drive the growth of the global pregnancy test device market over the forecast period.
On the basis of distribution channel, online prescription stores are expected to gain huge market traction due to the increase in internet penetration and smartphone ownership, along with the ease of ordering medications through an e-commerce platform.
Key participants include Abbott Laboratories Boditech Med Inc. Cardinal Health Confirm Biosciences Germaine Laboratories Siemens Piramal Enterprises Danaher Corporation Procter & Gamble Co., and Quidel Corporation among others.
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