Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSThe digital pregnancy test market is estimated to grow with a significant CAGR during the forecast period, i.e., 2022-2030. The increasing birth rates globally, along with the growing investment in the innovation of technologically improved products are expected to fuel the growth of the market. The growth of the market can also be attributed to factors, such as, the increasing awareness among the population to control the rising birth rates and the rising middle-class population in the emerging economies on a global level. According to the data by the World Health Organization, in January 2020, approximately 0.77 million girls aged below 15 years and 12 million girls aged between 15-19 years give birth each year in the developing countries. It has been estimated that more than 10 million unintended pregnancies are registered each year among 15–19-year-old adolescent girls. Such increasing number of adolescent pregnancies has massively increased the requirement for digital pregnancy test kits and devices. Traditional pregnancy test kits, including cup test kits and strip test kits, results in symbolic results of the test such as lines or colour code format, where, there is a high chance of misinterpretation by the user. On the other hand, digital pregnancy test kits have eliminated such possibilities by providing a digital response. The advanced and improved benefits of digital pregnancy test kits over the traditional test kits have boosted the growth of the market over the forecast period.
The market is segmented based on product type into branded test kits and private test kits, out of which, the branded test kits segment is anticipated to grab the largest share by the end of 2021, on account of increasing technological advancements and growing investments by the major players. Moreover, increasing government approval for digital devices globally is also projected to contribute to the growth of the segment during the forecast period. Based on sales channel, the offline segment held the largest share in the global digital pregnancy test market during the forecast period on the back of easy availability of digital test kits in medical stores, backed by the growing concerns for adolescent pregnancies in the developing and under-developed countries. CLICK TO DOWNLOAD SAMPLE REPORT
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.
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:
Our in-depth analysis of the global digital pregnancy test market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising awareness among the masses regarding the population explosion and increasing adolescent pregnancies are the key factors driving market growth.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022-2030.
High cost of branded digital kits is one of the major factors estimated to hamper the market growth.
The market in Asia Pacific region will provide ample growth opportunities during the forecast period owing to the increasing birth rates.
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.
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.
The market is segmented by product type, usability, sales channel, and region.
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.
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