(PharmaNewsWire.Com, July 07, 2021 ) In the past decade, the demand for various health diagnostic tests has increased significantly across the globe. Currently, the market is mainly driven by growing awareness about various health-related disorders, rising incidence of chronic and lifestyle disorders, and the high prevalence of infectious diseases such as HIV and hepatitis in women across the globe.
[270 Pages Report] The women’s health diagnostics market is projected to reach USD 36.6 billion by 2025 from USD 25.0 billion in 2020, at a CAGR of 7.9% during the forecast period.
The increasing adoption of POC diagnostic testing and the growth in the number of diagnostic and imaging centers are also expected to support the growth of this market during the forecast period. However, the high cost of diagnostic devices, tests, and procedures; shortage of skilled laboratory technicians; and insufficient reimbursements for diagnostic tests are expected to restrain this market’s growth to a certain extent.
Market Dynamics
1. High prevalence of infectious diseases in women 2. Rising incidence of chronic and lifestyle-related disorders in women 3. Increasing awareness about fertility testing in women and initiatives by government and health organizations 4. Increased adoption of POC and rapid diagnostic tests 5. Growth in the number of private diagnostic and imaging centers 6. Public-private partnerships are expected to enhance infrastructure in diagnostic imaging centers
Based on application, the women’s health diagnostics market is divided into nine segments—osteoporosis testing, OVC testing, cervical cancer testing, breast cancer testing, pregnancy & fertility testing, prenatal genetic screening & carrier testing, infectious disease testing, STD testing, and ultrasound tests. The breast cancer testing segment accounted for the larger market share in 2019. The large share of this segment can be attributed to the increasing incidence of breast cancer and rising awareness about advanced breast cancer diagnostic techniques, such as ABUS
COVID-19 Impact on Global Women’s Health Diagnostics Market
Since the beginning of 2020, more and more countries across the globe shut down their borders and limited transportation and travel to contain the coronavirus (COVID-19) outbreak, thus, creating impediments for international trade and transportation. This had disrupted the supply chains for the women’s health diagnostics market, temporarily leading to fall in demand due to uncertainty in the global economy and capital markets. Additionally, we are estimating that the major share of the medical devices industry that includes imaging devices, and surgical products among others, which contribute 60-75% of the overall medical devices market will have a stagnant or deep fall in the growth rate in 2020 and couple of quartered from 2021. A new, USD 5-7 billion market opportunity (by 2021) is opening up in the medical devices industry that includes critical care medical devices.
In 2019, North America accounted for the largest share of the women’s health diagnostics market, followed by Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The large share of this market segment can be attributed to the increasing prevalence of cancer among women, the growing focus of manufacturers of women’s health diagnostic products on expanding their presence in this region, and the increasing demand for fertility testing monitors. In addition, the rising acceptance of POC diagnostics and PST practices is also expected to drive the growth of this regional segment during the forecast period.
The geographical regions mapped in the report are:
1. North America 2. Europe 3. Asia-Pacific 4. Rest of the World (RoW) 5. Latin America 6. Middle East & Africa
Lack of skilled IT professionals and data security concerns are expected to restrain the growth of the market to a certain extent. In addition, lack of data management and interoperability issues pose as major challenges for the market. On the basis of region, this market is categorized into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
Some key players mentioned in the research report are:
The prominent players in this market are Quest Diagnostics Incorporated (US), Hologic, Inc. (US), Abbott Laboratories (US), Siemens AG (Germany), F. Hoffmann-La Roche Ltd. (Switzerland), Cardinal Health, Inc. (US), General Electric Company (US), and Becton, Dickinson and Company (US).
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