by The global 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.
Market Overview:
The preterm birth and PROM testing market comprises of diagnostic tests used for the prediction and diagnosis of preterm birth and preterm rupture of membranes (PROM). Some of the key diagnostic tests are fetal fibronectin test, biophysical profile, ultrasound, etc. These diagnostic tests help in ruling out preterm birth risks in pregnant women and helps physicians to manage high-risk pregnancies accordingly. Early diagnosis plays a crucial role in decreasing preterm birth rates and improving neonatal outcomes. Hence, rising awareness regarding the benefits of early disease diagnosis is expected to drive the growth of the market over the forecast period.
Market key trends:
Point-of-care testing offers real-time results outside the conventional laboratory setting and helps in quick clinical decision making. This has helped drive early diagnosis and treatment of preterm births. For instance, fetal fibronectin point-of-care tests provide swift results to doctors in 15 minutes helping them decide on further treatment. Companies are focusing on developing advanced point-of-care testing kits and devices with high accuracy and sensitivity which is expected to propel the market growth during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the preterm birth and prom testing market is moderate. It requires significant investment for R&D to develop new testing kits and technologies. Regulations for entering this market are also stringent.
Bargaining power of buyers: The bargaining power of buyers in the preterm birth and prom testing market is moderate to high. Buyers have a choice of products from different manufacturers. They can negotiate on the pricing and products features.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate. There are multiple suppliers for raw materials required to manufacture kits. Suppliers cannot influence prices.
Threat of new substitutes: The threat of new substitutes is low as there are no major substitute available for preterm birth and prom testing currently. Companies are focused on innovations to improve the current testing methods.
Competitive rivalry: The competitive rivalry is high among existing players. Players differentiate products based on technology, accuracy, ease of use and price.
Key Takeaways
Global Preterm Birth And Prom Testing Market Demand is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing adoption of testing kits by hospitals, diagnostic centers and gynecological clinics for predicting preterm birth risks.
Regionally, North America dominated the global market in 2023 and is expected to maintain its dominance over the forecast period. High awareness among patients regarding health and availability of advanced medical infrastructure are propelling the regional market growth. Asia Pacific is projected to be the fastest growing market during the forecast period owing to rising women population, increasing healthcare expenditure and growing medical tourism.
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. Players are focusing on new product launches, partnerships and expansions to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
