Asia Pacific is expected to account for the highest CAGR for players operating in the diagnostics market
Northbrook, IL -- (SBWIRE) -- 02/22/2021 -- According to the new market research report "Women's Health Diagnostics Market by Application (Biopsy, Cervical & Ovarian Cancer Testing, PAP Smear, HPV, TORCH, Prenatal Testing, Hepatitis, Ultrasound, Obstetrics), End User (Hospitals, Clinics, Home Care), COVID-19 Impact – Global Forecast to 2025", published by MarketsandMarkets™, the global Women's Health Diagnostics Market is projected to reach USD 36.6 billion by 2025 from USD 25.0 billion in 2020, at a CAGR of 7.9% during the forecast period. In the past decade, the demand for various health diagnostic tests has increased significantly across the globe.
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Currently, the market is mainly driven by growing awareness about various health-related disorders, rising incidence of chronic and lifestyle disorders, and the high prevalence of infectious diseases such as HIV and hepatitis in women across the globe. The increasing adoption of POC diagnostic testing and the growth in the number of diagnostic and imaging centers are also expected to support the growth of this market during the forecast period. However, the high cost of diagnostic devices, tests, and procedures; shortage of skilled laboratory technicians; and insufficient reimbursements for diagnostic tests are expected to restrain this markets growth to a certain extent.
Since the beginning of 2020, more and more countries across the globe shut down their borders and limited transportation and travel to contain the coronavirus (COVID-19) outbreak, thus, creating impediments for international trade and transportation. This had disrupted the supply chains for the women's health diagnostics market, temporarily leading to fall in demand due to uncertainty in the global economy and capital markets.
The prenatal genetic screening & carrier testing segment is expected to grow at the highest CAGR during the forecast period
Based on application, the women's health diagnostics market is segmented into osteoporosis testing, OVC testing, cervical cancer testing, breast cancer testing, pregnancy & fertility testing, prenatal genetic screening & carrier testing, infectious disease testing, STD testing, and ultrasound tests. The prenatal genetic screening & carrier testing segment is projected to witness the highest growth in the market during the forecast periods (2020-2025). Growth in this segment is driven mostly by the adverse effects of Down's syndrome, Edwards' syndrome, CF, and TORCH infections in infants, and increasing awareness among women regarding prenatal screening for these disorders.
The hospitals & clinics segment is expected to account for the largest share of the diagnostics market
Based on end user, the women's health diagnostics market is segmented into hospitals & clinics, diagnostic & imaging centers, and home care settings. The hospitals & clinics segment accounted for the largest share of the market in 2019. The large share of this segment can be attributed to a greater proportion of patients (women) visiting hospitals to diagnose/treat health issues. Other factors such as growing consolidation among hospitals and the implementation of ACOs in the US are also expected to support the growth of this end-user segment in the coming years.
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The Asia Pacific women's health diagnostics market is expected to grow at the highest CAGR from 2020 to 2025. Improving healthcare infrastructures, growing per capita incomes, and the rising focus of key market companies in this region are major factors driving the growth of the APAC market. Countries like India, China, and South Korea are expected to offer significant growth opportunities for companies operating in this market. This can primarily be attributed to rapid growth in the overall disease population in these countries, the epidemiological shift from infectious diseases to chronic diseases, and the increasing income of the middle-class population in these countries.
The prominent players in this women's health diagnostics market are Quest Diagnostics Incorporated (US), Hologic, Inc. (US), Abbott Laboratories (US), Siemens AG (Germany), F. Hoffmann-La Roche Ltd. (Switzerland), Cardinal Health, Inc. (US), General Electric Company (US), and Becton, Dickinson and Company (US).