Women's Health Diagnostics Market to Reach $36.3 Bn, Globally, by 2030 at 6.9% CAGR: Allied Market Research
Rise in incidence of chronic and lifestyle disorders and increase in demand for point of care diagnostic testing drive the growth of the global women's health diagnostics market.
PORTLAND, Ore., May 23, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Women's Health Diagnostics Market By Type (Diagnostic Devices, Diagnostic Tests, Accessories and Consumables), By End User (Hospitals and Clinics, Diagnostic and Imaging Centers, Homecare, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global women's health diagnostics industry generated $19.2 billion in 2020, and is expected to reach $36.3 billion by 2030, witnessing a CAGR of 6.9% from 2021 to 2030.
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Drivers, Restraints, and Opportunities
Rise in incidence of chronic and lifestyle disorders, increase in demand for point of care diagnostic testing, and supportive government initiatives to promote women health awareness drive the growth of the global women's health diagnostics market. However, expensive nature of imaging procedures and lack of skilled professionals restrain the market growth. On the other hand, rise in demand for advanced technologies, availability of diagnostic centers, and increase in number of developments and strategic partnerships by diagnostic device key players present new opportunities in the coming years.
Covid-19 Scenario
- During the Covid-19 pandemic, hospitals shifted their resources to take care of massive number of patients infected with coronavirus. Non-elective procedures were postponed due to lack of staff availability and measures taken to prevent cross-contamination. This affected the global women's health diagnostics market.
- There was a decline in number of patient visits in clinics and imaging centers for diagnosis to reduce the possibility of infection. However, the number of diagnostic procedures will grow steadily post-pandemic.
The diagnostic tests segment to continue its leadership status throughout the forecast period
Based on type, the diagnostic tests segment accounted for the highest market share in 2020, contributing to nearly three-fifths of the global women's health diagnostics market, and is expected to continue its leadership status throughout the forecast period. This is due to increase in prevalence of various health-related disorders among women, rise in awareness about women's health-related tests, and high demand for point-of-care and development of numerous diagnostic & imaging centers. However, the accessories and consumables segment is projected to witness the largest CAGR of 9.0% from 2021 to 2030, owing to increase in usage of reagents, self-testing kits, and other required consumables during diagnostic procedures and cost effectiveness of these products.
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The hospitals and clinics segment to maintain its lead position during the forecast period
Based on end user, the hospitals and clinics segment held the highest market share in terms of revenue in 2020, contributing to around half of the global women's health diagnostics market, and is projected to maintain its lead position during the forecast period. This is due to increase in breast and ovarian cancer, which led to a significant rise in the number of patient visits to hospitals and clinics. However, the homecare segment is expected to register the fastest CAGR of 8.6% from 2021 to 2030. This is attributed to gradual shift of patient population toward homecare and rise in novel product launches of point-of-care and self-testing diagnostics by market players.
North America to maintain its dominance by 2030
Based on region, North America contributed to the highest market share in terms of revenue in 2020, accounting for more than two-fifths of the global women's health diagnostics market, and is expected to maintain its dominance by 2030. This is owing to strong presence of major companies, increase in investments in R&D to launch new advanced products for women's health diagnosis, and high awareness among general people regarding early diagnosis of a disease. However, Asia-Pacific is estimated to manifest the largest CAGR of 9.6% during the forecast period. This is attributed to numerous technological developments related to diagnosis of women and imaging techniques in the region.
Leading Market Players
- Abbott
- BD
- Cardinal Health, Inc.
- F.Hoffmann-La Roche Ltd.
- General Electric Company
- Hologic, Inc.
- Koninklijke Philips N.V.
- Quest Diagnostics Incorporated
- Siemens Medical Solutions USA, Inc.
- bioMérieux SA
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