Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increasing birth rates and the rising population in the region. Moreover, the increasing number of adolescent pregnancy rate in the region is expected to boost the market growth. The market in the North America is anticipated to occupy the largest share in terms of revenue throughout the forecast period, owing to the growing healthcare investment, accompanied by the presence of leading digital pregnancy test kit product manufacturers. According to the report published by Centre of Disease Control and Prevention (CDC), in 2017, 0.19 million babies were born to women aged between 15-19 years in the United States. Such increasing birth rate among the young women is further expected to drive the demand for digital pregnancy test products in the region.
The global digital pregnancy test market is further classified on the basis of region as follows:
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Our in-depth analysis of the global digital pregnancy test market includes the following segments:
By Sales Channel
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: Rising awareness among the masses regarding the population explosion and increasing adolescent pregnancies are the key factors driving market growth.
Ans: The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022-2030.
Ans: High cost of branded digital kits is one of the major factors estimated to hamper the market growth.
Ans: The market in Asia Pacific region will provide ample growth opportunities during the forecast period owing to the increasing birth rates.
Ans: The major players dominating the digital pregnancy test market are Swiss Precision Diagnostics Gmbh, Church & Dwight Co., Inc., Sugentech, Inc., Diagnosis S.A., Mankind Pharma Ltd., and others.
Ans: The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product type, usability, sales channel, and region.
Ans: With respect to sales channel, the offline segment is anticipated to hold the largest market share owing to the easy availability of digital pregnancy test kit products at drug stores, for the detection of pregnancy.