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.
Market Overview:
The preterm birth and prom testing market involves products and services used for monitoring the risk of delivering babies preterm. Some key use cases include vaginal progesterone therapy, cervical cerclage, labor inhibition and elective deliveries. These methods help curb preterm birth risks and improve fetal outcomes.
Market Dynamics:
As per the World Health Organization (WHO), over 15 million babies are born preterm annually, amounting to more than 1 in 10 infants. This has increased the need for accurate risk assessment and preventive measures. Additionally, growing awareness about prenatal care and rising healthcare investments are also expected to support market growth over the forecast period. However, high product costs may limit wider adoption in developing regions.
Segment Analysis
The preterm birth and porm testing market can be segmented based on product type into consumables and instruments. Among these, the consumables segment currently dominates the market due to frequent requirement of assay kits, reagents, and other consumables for conducting various preterm birth and prom tests.
PEST Analysis
Political: Governments across various countries are focused on lowering preterm birth rates and introducing newer diagnostic technologies, which is positively impacting the market growth.
Economic: Rising healthcare expenditures coupled with growing focus on women’s healthcare is fueling the demand for advanced preterm birth diagnostic tests, thereby supporting the market expansion.
Social: Increasing awareness about complications arising from preterm births is creating social pressure to adopt reliable diagnostic methods and preventive measures, which is propelling the market ahead.
Technological: Rapid technological advancements in molecular diagnostic testing are leading to introduction of novel, accurate, and easy-to-use preterm birth diagnostic kits and instruments, boosting the market.
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 awareness campaigns about preterm birth risks and preventive measures.
Regionally, North America dominates the global market and is expected to retain its pole position throughout the forecast period owing to rising healthcare expenditures, ongoing research activities, and growing number of preterm births in the region.
Key players operating in the preterm birth and porm 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
