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IN THE NEWSAugust 2021- Siemens Healthineers and TeamViewer announced a partnership for enabling new digital models to combat the shortage of skilled radiology technologists in healthcare facilities.
September 2020- GE Healthcare unveiled Voluson SWIFT, an AI-enhanced women’s health ultrasound system with industry first auto recognition tools to improve efficiency.
The global women’s health diagnostics market is estimated to garner a large amount of revenue by growing at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the rising awareness levels about various health disorders across the globe, and increasing prevalence of lifestyle and chronic diseases among women. According to the Pan American Health Organization, in 2019, a total of 534,242 deaths occurred due to chronic respiratory diseases in the region of the Americas alone, out of which 266,725, i.e., 50 percent deaths were among women. Along with these, growing occurrence of infectious disorders such as hepatitis and HIV in women all around the world is also expected to boost the growth of the market significantly in the forthcoming years. Furthermore, since the past few years, immunoassays, a highly popular platforms for diagnosing several conditions among women, are receiving surge in the number of regulatory approvals from medical bodies worldwide. This in turn is projected to offer ample growth opportunities to the market in the near future.
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The market is segmented by application into breast cancer, infectious disease testing, osteoporosis testing, pregnancy & fertility testing, sexually transmitted disease testing, and others. Out of these, the breast cancer segment is anticipated to hold the largest share in the global women’s health diagnostics market. This can be accounted to the increasing burden of breast cancer globally, and rise in investments in research and development for cancer diagnosis. Apart from these, provision of reimbursement and insurance coverage for breast cancer diagnosis in developed nations is also assessed to drive growth to the market segment in the future. Additionally, on the basis of end user, the home care segment is assessed to observe robust growth during the forecast period owing to the growing preference for using self-testing kits amongst women for various conditions, such as ovulation and pregnancy, as a result of their convenience of diagnosis.
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 women’s health diagnostics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the large patient pool, and surging improvements in the healthcare infrastructure in the region. Moreover, the market in North America is expected to grab the largest share during the forecast period, which can be credited primarily to the growing occurrence of cancer among women in the region. As per the National Cancer Institute, the rate of new cases of female breast cancer in the United States was 129.1 per 100,000 women per year. The rate is age-adjusted and based on 2014–2018 cases and 2015–2019 deaths. In addition, increasing demand for fertility test monitors, and high emphasis of pharmaceutical manufacturers on expanding their presence are also predicted to bolster the growth of the market in the region in the coming years.
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The global women’s health diagnostics market is further classified on the basis of region as follows:
Our in-depth analysis of the global women’s health diagnostics market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are rising awareness levels about various health disorders globally, and increasing prevalence of lifestyle and chronic diseases among women.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022-2031.
High cost of diagnostic imaging procedures and systems is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the large patient pool, and surging improvement of the healthcare infrastructure in the region.
The major players in the market are Siemens AG, F. Hoffmann-La Roche Ltd., Cardinal Health, Inc., General Electric Company, Hologic, Inc., and others.
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 application, end user, and by region.
The breast cancer segment is anticipated to hold largest market size and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
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