According to Future Market Insights (FMI), the global Preterm Birth Diagnostic Test Kits Market was worth US$ 121.3 Mn in 2021 and is expected to grow 1.6X during the forecast period. During the forecast period of 2022-2028, the market is expected to grow at a CAGR of 7.6%, with sales of US $ 203.2 Mn in 2028.
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Europe is expected to remain the primary source market for preterm birth diagnostic test kits, as the majority of these facilities are located in this region. However, rising demand for cost-effective diagnostic options in countries such as China and India, as well as other Asia Pacific and Middle Eastern countries, is fueling the growth of the preterm birth diagnostic test kits market.
Key Findings Presented in the Report on the Preterm Birth Diagnostic Test Kits Market
According to the report, approximately 115.4 million births occurred in 2017, with 11.1% of those births being preterm, or approximately 12.8 million births. According to the WHO, preterm birth complications are the leading cause of death among children under the age of five, accounting for approximately 1 million deaths in 2015. Three-quarters of these deaths can be avoided with low-cost interventions. Adoption rates for preterm birth diagnostic test kits ranged from 2% to 15% across different geographies. Because the majority of the existing patient pool is unaware of the cost-saving benefits of preterm birth diagnostic test kits, a large portion of the preterm birth test kits market remains untapped, leaving room for preterm diagnostic test kit manufacturers to exploit the preterm birth diagnostic test kits market over the forecast period.
Analysis of the Preterm Birth Diagnostic Test Kits Market
A blood sample is the most common sample taken for preterm labour and premature rupture of membranes diagnostic test kits. In preterm cases, blood sample-based preterm birth diagnostic tests are the most common and widely accepted by preterm birth diagnostic test kit end users. However, for preterm birth diagnostic test kits, vaginal discharge sample type preterm birth diagnostic tests are gaining popularity.
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Patients experiencing preterm birth symptoms should contact hospitals, outpatient clinics, and diagnostic laboratories that use preterm birth diagnostic tests. Because hospitals are the primary healthcare facility for preterm cases, hospitals are expected to account for the majority of the revenue share in the end users segment for preterm birth diagnostic test kits market in 2017. The prevalence of preterm birth, rising demand for cost-effective diagnostic options and preterm birth test kits, and clinical trial success in developing rapid preterm birth diagnostic test kits are expected to drive the global preterm birth diagnostic test kits market over the forecast period.
Activities across the preterm birth diagnostic test kits manufacturers are restricted to efficiency and specificity testing. The top activity associated with preterm birth diagnostic test kits manufacturers is joint collaboration with various organizations in order to spread awareness, further development, and test the sensitivity, specificity and efficiency of preterm birth diagnostic test kits.
Factors Impacting Growth of the Preterm Birth Diagnostic Test Kits Market
Rising focus on cost-effective diagnosis using preterm birth diagnostic test kits is expected to boost the growth of the preterm birth diagnostic test kits market. Preterm birth diagnostic test kits manufacturing companies focusing on spreading awareness about preterm birth diagnostic test kits and marketing preterm birth diagnostic test kits through campaigns and joint research studies is expected fuel the growth of the preterm birth diagnostic test kits market during the forecast period. However, Preterm birth diagnostic kits experience stiff competition from alternative product lines. Trans-vaginal scans, advanced ultrasound are some of the examinations adopted by healthcare providers over preterm birth diagnostic kits and would pose challenges to the growth of the preterm birth diagnostic test kits market.
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Preterm Birth Diagnostic Test Kits Market: Companies
Some of the key preterm birth diagnostic test kits companies analyzed in this report titled Preterm birth diagnostic test kits market include Creative Diagnostics, Qiagen, Medixbiochemcia, Hologic Inc, Sera Prognostics, IQ Products, Biosynex, Nanjing Liming Biological Preparations Co Ltd, Clinical Innovations LLC, BIOSERV Diagnostics GmbH, Wuxi BioHermes Biomedical Technology Co. Ltd, and Anhui Deep Blue Medical Technology.