by The preterm birth and prom testing market consists of devices and equipment used for evaluating risks of premature birth. Prenatal screenings help identify women at high risk for preterm delivery and allow physicians to provide preventive measures. Advances in rapid testing kits have enabled accurate and early detection of preterm labor symptoms from the comfort of home.
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 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the primary drivers propelling growth in this market is the increasing availability of simple and easy-to-use rapid testing kits for preterm birth screening. Major market players are focusing on developing novel diagnostic solutions that can accurately identify preterm birth risks within a short span. For instance, certain rapid kits use biomarkers found in vaginal fluids or blood to detect hormonal changes associated with preterm labor within 10 minutes. Wider availability of such convenient home testing options is boosting early diagnosis and management of preterm births.
SWOT Analysis
Strength: Rapid technological advancements in diagnosing preterm birth and its causes have boosted the market growth. Advances in proteomics and genomics have enabled accurate prediction and prevention of preterm birth.
Weakness: High cost of diagnosis and treatment procedures limits widespread adoption, especially in low and middle-income countries. Lack of awareness about available testing options in remote areas also hinders the market.
Opportunity: Rising investments by government and private bodies in research for developing novel molecules and diagnostic techniques present significant opportunity. Growing health awareness and demand for early detection and personalized care will drive the market.
Threats: Stringent regulatory approvals and post marketing surveillance for new tests pose threats. Reimbursement challenges also act as a threat to market growth.
Key Takeaways
The Global Preterm Birth And Prom Testing Market Size is expected to witness high growth. Regional analysis comprises Regional analysis comprises North America currently dominates the market and is expected to continue its dominance over the forecast period. This can be attributed to presence of advanced healthcare infrastructure and aggressive adoption of new diagnostic technologies.
Key players operating in the preterm birth and prom testing market includes Huawei Technologies Co., Ltd., ZTE Corporation, Nokia Corporation, ADTRAN, Inc., Calix, Inc., Cisco Systems, Inc., Ericsson AB, FiberHome Technologies Group, Fujitsu Ltd., NEC Corporation, Sumitomo Electric Industries, Ltd., Dasan Zhone Solutions, Inc., Iskratel d.o.o., and Mitsubishi Electric Corporation, Tellabs, Inc. These key players are focused on expanding their product portfolios and presence in different geographies through mergers, partnerships, and expansions. For instance, in 2022, Huawei Technologies partnered with NEC Corporation to launch 5G solutions for private networks across Japan.
The global preterm birth and prom testing market size was valued at US$ 1.69 billion in 2023 and is expected to reach US$ 2.81 billion by 2030, expanding at a CAGR of 6.4% during the forecast period. Rising incidence of preterm birth, increasing preference for non-invasive techniques, and growing awareness are some factors expected to drive the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
