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 global fertility test market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2022-2030. The rising population of women with first-time pregnancy age, along with advancement in technology, are expected to fuel the market growth. The declining fertility rate in women and men, along with the rise in the number of women suffering from disorders such as PCOS and obesity, is also projected to contribute the market growth. Market growth can also be attributed to the increase in the average age of first-time pregnancy across the globe owing to the decrease in births among teenage women and the rise of first births among women aged over 30 years. According to the reports of OECD Family Database, the average age of first-time pregnancy in women has increased from 29 to 30 globally by the end of 2019. Mexico is the only OECD country having a mean average age of 28 or less. Moreover, in many European countries, including Hungary, Poland, the Slovak Republic, and Turkey, the mean age of pregnancy is between 28 and 30 years in 2019.
Furthermore, the increase in research funding by the government and other organizations has led to technological advancements. This is another major growth driver for the market. Additionally, the rise in growth opportunities in developing countries and the rapid increase in awareness about the need for a fertility test is projected to boost the market. Growing fertility education and the easy availability of fertility monitors through e-commerce websites, pharmacies, and retail shops/drugstores also contribute to the market growth. There are plentiful fertility tests for men and women. Tests for male fertility include semen analysis, hormone testing, genetic testing, testicular biopsy, imaging, and other specialty testing, which examine if the genitals are impaired. Fertility test for women includes ovulation testing, ovarian reserve testing, hysterosalpingography, imaging tests, etc. These factors are collectively foreseen to boost the market growth over the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
Based on products, the fertility test market is segmented into ovulation prediction kits and fertility monitors. The ovulation prediction kits segment is anticipated to garner higher share over the forecast period attributing to the rising use of ovulation prediction kits backed by the low cost, easy availability, and higher accuracy of these test kits. Based on the mode of purchase, the market is segmented into prescription, OTC, and online products. In 2020, the OTC segment had a larger market share owing to the rise in awareness on fertility, the inclination of patients towards self-monitoring of healthcare conditions, and the increasing fondness for confidentiality and accessibility of test results. However, the online segment is estimated to garner significant growth by the end of 2030, owing to rising penetration on internet on a global level.
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 region is predicted to grow at the highest CAGR over the forecast period owing to the increased spending by governmental and non-governmental agencies on improving healthcare infrastructure in the region. Presence of huge population of youth within the region also contributes the market growth. As, Asia pacific is the region of 60% of world’s youth, the market is likely to grow rapidly by the end on 2030. Lifestyle disorders among men and women, leads to rise in the incidences of couples opting for IVF or surrogacy which is another major factor expected to boost the growth of the fertility testing market. In 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the adoption of most advanced technology, accompanied by the presence of leading healthcare service providers in the region. Increasing awareness about fertility tests, rising age of first time pregnancies, easy availability of fertility monitors boosts the market growth. As per the CDC report of 2020, total fertility rates and general fertility rates has declined by 4% since 2019. As per the data by the UNICEF, the average age of women at the birth of the first child in Canada has increased by approximately 1.5 years by 2017.
Alternatively, the market in Europe is also anticipated to occupy a significant share over the forecast period due to rising cases of infertility among various European countries, changing lifestyle with rising infertility disorders in both male and female is increasing the demand for fertility testing in the region.
The global fertility test market is further classified on the basis of region as follows:
Our in-depth analysis of the global fertility test market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Declining fertility rate among men and women and increasing first-time pregnancy age in women are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
High costs associated with fertility test kit and low precision of the test results of fertility test kit are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the increased spending by governmental and non-governmental agencies on improving healthcare infrastructure in the region.
The major players dominating the fertility test market Swiss Precision Diagnostics, Legacy, Inc., Dadi Inc., Everlywell, Inc., Fertility Focus, ExSeed Health, Geratherm Medical, VirtualExpo, AdvaCare Pharma, 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, mode of purchase, end-user, and region.
The home care setting segment is anticipated to hold the largest market share owing inclination of patients toward self-monitoring of healthcare conditions backed by taboo related to fertility and childbirth.
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