Preterm Birth And Prom Testing Market Growth Insights and Analysis

Preterm Birth And Prom Testing Market



The Preterm Birth And Prom Testing Market is estimated to be valued at US$ 1.69 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

The Preterm Birth And Prom Testing Market is witnessing high growth owing to Rising Prevalence of Preterm Birth. Preterm birth refers to any birth before 37 weeks of pregnancy are completed. Preterm birth complications are the leading cause of death among children under 5 years of age. According to WHO, preterm birth complications claim more than 1 million lives each year. Thus, rising prevalence of preterm birth is fueling the growth of the preterm birth and prom testing market.

Market Overview:
The preterm birth and prom testing market comprises testing kits and devices used for detecting the risk of preterm birth. These include fetal fibronectin tests, phazyme-point of care tests, ultrasound imaging, uterine monitoring, and biochemical tests. Growing awareness about the complications of preterm birth and advantages of early diagnosis and management are driving the growth of this market.

Market key trends:
The rising adoption of point-of-care testing is a key trend in the preterm birth and prom testing market. Point-of-care testing provides fetal fibronectin and phazyme testing at the bedside, with quick and easy-to-use assays. This eliminates the need to send samples to the laboratory and waiting for the results. Moreover, it enables timely clinical decision-making and early intervention. Point-of-care testing kits are user-friendly, require minimal training, and provide accurate and rapid results. This increases convenience and accessibility of preterm birth risk assessment. As a result, point-of-care testing solutions are gaining increasing preference over conventional laboratory tests.

Porter’s Analysis
Threat of new entrants: The preterm birth and prom testing market has moderate threat of new entrants due to established brands, requirements for research and development and regulatory approvals.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and price sensitivity of customers.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute raw materials and suppliers.
Threat of new substitutes: Threat of new substitutes is low as preterm birth and prom testing are essential medical diagnostic tools.
Competitive rivalry: High due to presence of many global and local players.

SWOT Analysis
Strength: Availability of advanced screening tests with high accuracy and minimal risk of false positive results. Growing awareness about availability of preterm birth screening.
Weakness: High cost of advanced diagnostic tests limits their widespread adoption. Lack of awareness in low income regions.
Opportunity: Rapidly growing geriatric population prone to preterm births presents an opportunity. Untapped growth potential in developing regions.
Threats: Stringent regulatory approvals delay market entry of new players. Reimbursement issues hamper revenue growth.

Key Takeaways
Global Preterm Birth And Prom Testing Market Demand is expected to witness high growth at a CAGR of 12% over the forecast period, due to increasing awareness about negative health impact of preterm births.

Regional analysis: North America dominates the preterm birth and prom testing market currently due to availability of advanced healthcare facilities and favorable reimbursement policies. Asia Pacific is expected to be the fastest growing market due to rising healthcare spending and improving medical infrastructure.

Key players: Key players operating in the preterm birth and prom testing market are Abbott Laboratories, Biosynex, Qiagen Sciences LLC, Clinical Innovations LLC, Sera Prognostics, The Cooper Companies Inc., Medixbiochemica, Hologic Inc., IQ Products, NX Prenatal Inc., Promega Corporation, Medical Predictive Technologies Inc., Biosynex, Clinical Innovations LLC, NX Prenatal Inc., Medixbiochemica, Qiagen Sciences LLC, Sera Prognostics Inc., Insight Pharmaceuticals LLC, Creative Diagnostics.

Read More- https://www.dailyprbulletin.com/preterm-birth-and-prom-testing-market-value-insights-and-forecast/

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