Human Chorionic Gonadotropin (hCG) Test Market Highlights 2021-2029
The Human Chorionic Gonadotropin (hCG) Test market is estimated to grow with a high CAGR during the forecast period, i.e., 2021-2029. The increasing infertility rate globally, along with the growing investment in the innovation of technologically improved products are expected to fuel the development of this market. The growth of the market can also be attributed to factors such as the increasing awareness among the population towards gynaecological problems and the rising middle-class population in the emerging economies on a global level. According to the data collected from the World Health Organization (WHO), in September 2020, approximately 48 million couples and 186 million individuals across the globe lives with infertility. Such increasing number of infertility rate has rapidly increased the requirement for human chorionic gonadotropin (hCG) test in the market. The rising shift of traditional lifestyles to western lifestyle adoption along with poor dietary habits among individuals are expected to make a significant contribution to the soaring revenue of the human chorionic gonadotropin (hCG) test market. Gynaecology is one of the important branch of medicine concerned with medical issues among women. As a result, it includes conditions associated to wellbeing of women and their testing and screening methodology. Women’s body is predominantly prone to various types of cancer, including, breast cancer, cervical cancer, and ovarian cancer. Other rising medical conditions such as polycystic ovarian disorder, infertility, menopause, depression, osteoporosis, and obesity. Human chorionic gonadotropin (hGC) is a hormone produced by placenta in a pregnant women and is a type of gonadotropin hormone.
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The market is segmented based on technology into natural source extraction, and recombinant technology, out of which, natural source extraction segment is anticipated to grab the largest share by the end of 2021 on account of increased number investments by the major players to extract gonadotropins from natural source. However, increasing government approval of digital devices globally is also projected to contribute to the growth of the recombinant technology segment is expected to increase with a rapid growth rate on the back of increasing availability of recombinant hCGs during the forecast period.
Based on therapeutic area, the female infertility segment held the largest share in the global Human Chorionic Gonadotropin (hCG) Test market on the back of growing concern and awareness for infertility among the couples and individuals across the developing and under-developed countries.
Major Macro-Economic Indicators Impacting the Market Growth
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.
Human Chorionic Gonadotropin (hCG) Test Market Regional Synopsis
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 growing population, increasing concern and awareness among the individuals in the region. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the increasing incidence of infertility among the women aged between 15-44 years in the region. According to the report published by the Centers for Disease Control and Prevention (CDC), annually approximately 10% of the women which accounts for 6.1 million in the United States face difficulty to conceive or staying pregnant. Such increasing issues during the reproductive age among the individuals and couples is further expected to drive the demand for Human Chorionic Gonadotropin (hCG) Test in the North American countries. Alternatively, the market in Europe is also anticipated to occupy a significant share in the global Human Chorionic Gonadotropin (hCG) Test market on account of its proven success in terms of technology development in the region.
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The global Human Chorionic Gonadotropin (hCG) Test market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Our in-depth analysis of the global Human Chorionic Gonadotropin (hCG) Test market includes the following segments:
- Natural Source Extraction
- Recombinant Technology
By Therapeutic Area
- Female Infertility Treatment
- Male Hypogonadism
- Oligospermic Treatment
- Fertility Clinics
- Research Institutes
- Rising Cases of Infertility
- Increasing in the Incidence of Male Hypogonadism
- Regulations & Warnings Issued by FDA
- Lack of Accuracy & Specificity
Top Featured Companies Dominating the Market
- Merck & Co.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Lee BioSolutions
- Swiss Precision Diagnostics GmbH
- Abbott Laboratories
- Quidel Corporation
- Geratherm Medical AG
- bioMérieux SA
- CIGA Healthcare Ltd