In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWSApril 6, 2022: Cardinal Health is joining hands with Innara Health to make next-generation Neonatal feeding development.
March 02, 2021: Philips joins hands with DiA Imaging Analysis for enhancing ultrasound with AI-based image quantification.
The global pregnancy test kit market is estimated to garner notable CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to increasing health awareness and scientific advancements in the healthcare sector. Furthermore, with the advent of the pandemic, demand for the pregnancy test kit has increased manifold as pregnant women are at higher risk of getting infected with COVID-19. The data released by the US Department of Health & Human Services states that a home pregnancy test can tell whether a woman is pregnant with almost 99% accuracy. Also, people want to eliminate unnecessary hospital visits, on account of this, the global pregnancy test kit market is projected to grow during the forecast period. Furthermore, since the test is quick and easy to perform, it enables women to seek antenatal care as early as possible. Also, pregnancy testing kits allow the user to test instantly and start with maternal care. This eliminates the probability of adolescent deaths. Moreover, according to the data released by World Health Organization, 12 million girls aged 15–19 years give birth each year in developing regions, and complications during pregnancy and childbirth are the leading cause of death for 15-19 years, old girls, worldwide. Such factors are estimated to boost the global pregnancy test kit market growth during the forecast period.
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The market is segmented by distribution channel into pharmacies, drug stores, maternity clinics, and online sales, out of which, the pharmacies segment is anticipated to hold a notable share in the global pregnancy test kit market on the back of the easy availability of kits in pharmacies. The easy and quick testing results given by the kit is also estimated to boost the segment 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.
Regionally, the global pregnancy test kit market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the North America region is estimated to witness modest growth over the forecast period on the back of developed healthcare infrastructure in the region. The USA is the highest spending country in the healthcare sector. It is estimated that in 2020, the US spent approximately 4.1 trillion dollars on healthcare. On the back of the availability of efficient healthcare infrastructure in the region the global pregnancy test kit market is expected to grow during the forecast period.
The global pregnancy test kit market is projected to grow during the forecast period in the Asia Pacific region due to the increasing initiatives taken by the governments and raising awareness amongst the people. The region has a high population and according to data published by UNICEF every day 67,385 babies are born only in India. Hence Asia Pacific region is expected to hold lucrative opportunities for the growth of the global pregnancy test kit market during the forecast period owing to the presence of a larger consumer base.
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The global pregnancy testing kit market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
The Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global pregnancy test kit market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The increasing health awareness amongst women is expected to be the major factor driving the growth of the global pregnancy test kit market during the forecast period.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 - 2031.
The major players in the market are Cardinal Health, Inc., EKF Diagnostics Holdings PLC, and Germaine Laboratories, Inc.
The company profiles are selected based on the 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 type, distribution channel, and by region.
The pharmacies segment is anticipated to hold the largest market size over the forecast period and display significant growth opportunities.
Lack of awareness is estimated to hamper market growth.
The North America region is estimated to provide more business opportunities for growth of the market during the forecast period on the back of well-established healthcare infrastructure.
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