by The Preterm Birth And Prom Testing Market is estimated to be valued at US$ 1.69 billion in 2023 and is expected to exhibit a CAGR of 12.5% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Preterm birth testing involves laboratory diagnostic tests to determine if a woman is at risk of preterm birth. This allows doctors to take preventive measures to reduce the odds of preterm birth. Testing for PROm can detect fetal fibronectin in cervical secretions or vaginal fluid that may be a sign of early preterm labor. This helps doctors monitor fetal health and make crucial decisions about the care and treatment for mother and baby.
Market key trends:
The rising cases of preterm births have increased the focus on fetal health monitoring. According to the Centers for Disease Control and Prevention (CDC), about 1 of every 10 babies is born preterm in the United States. Factors such as multiple pregnancies, maternal chronic conditions, low income levels are increasing the risk of preterm birth. Therefore, healthcare providers are increasingly adopting preterm birth and prom testing kits to accurately diagnose the risk and take timely intervention. Furthermore, technological advancements in testing kits allowing results in minimum time with high sensitivity and specificity is further driving the Global Preterm Birth And Prom Testing Market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The preterm birth and prom testing market requires substantial R&D investments and regulatory approvals to introduce new products which poses high entry barriers.
Bargaining power of buyers: The buying power of buyers is low as the testing products available have differentiated characteristics. Switching costs are also high.
Bargaining power of suppliers: Major players dominate the supply chain. However, the threat is moderate as suppliers can shift to other players in case of unfavourable terms.
Threat of new substitutes: No major substitute treatments exist currently.
Competitive rivalry: High due to presence of global key players.
SWOT Analysis
Strength: Wide product portfolio and strong brand reputation of key players. Growing awareness about importance of early diagnosis.
Weakness: High cost of testing limits adoption in low income countries. Limited insurance coverage.
Opportunity: Untapped growth potential in developing regions. New product launches catering to specific patient needs.
Threats: Stringent regulatory approvals. Reimbursement issues.
Key Takeaways
The global preterm birth and prom testing market is expected to witness high growth, exhibiting CAGR of 12.5% over the forecast period, due to increasing awareness about complications of preterm birth and benefits of early diagnosis. The market was valued at US$ 1.69 billion in 2023.
Regionally, North America dominated the market accounting for over 30% share in 2023. This is attributed to developed healthcare infrastructure, favourable reimbursement policies, and rising awareness regarding diagnosis. Asia Pacific is anticipated to witness fastest growth owing to rising healthcare expenditure, growing patient population, and increasing initiatives by market 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. The market is consolidated in nature with top players launching innovative products to gain higher shares.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.