The women’s health diagnostics market will show rapid growth due to the rising incidence of chronic and lifestyle-related disorders, rising number of imaging and diagnostic centers, and increased adoption of point-of-care and rapid diagnostic tests.
Women’s health diagnostics market is growing due to the increasing prevalence of osteoarthritis, ovarian cancer, breast cancer, and cervical cancer. Breast cancer is the most commonly occurring cancer in women and the second most common cancer worldwide. There were around 2 million new cases found in 2018. The increasing cases have resulted in increased sales test kits for home usage that is also expected to drive the revenue growth of the market over the forecast period. Therefore the rise in the rate of adoption of point-of-care diagnostic testing and an increase in the number of diagnostic and imaging devices across the globe are expected to fuel the market growth.
On the other hand, the surge in demand for the development of miniature diagnostic devices, a rise in healthcare infrastructure, and new marketing initiatives by key vendors in emerging countries are expected to provide lucrative opportunities for the market expansion during the forecast period.
Key Market Trends
Diagnostic Tests Segment is Expected to Show the Largest Growth in the Type Segment During the Forecast Period
The diagnostic tests segment is accounted for the largest market share and is expected to remain so throughout the forecast period. The diagnostic tests involve various tests related to women's health such as pregnancy and ovulation tests, breast cancer tests, ovarian cancer tests, and others. There are also factors such as high adoption of point-of-care diagnostics, a rise in the prevalence of women's health-related disorders, and growth in awareness about various tests that drive the market for diagnostic tests.
There are also advancements seen in testing that keeps a check on women-centric conditions that include infectious diseases, osteoporosis, and breast cancer. This is estimated to work in favor of the market.
North America has Recorded the Largest Share During the Forecast Period
North America is expected to constitute a major market share owing to the high prevalence of cancer among women, rising incidence of lifestyle-related disorders. This can be attributed to the high adoption of technologically advanced products, product launches, and government initiatives. The presence of better healthcare infrastructure, rising awareness about women’s health disorders, and increased participation of women in the workforce are some of the other factors poised to positively influence the growth of the regional market.
Europe has been the second-largest market for women’s health diagnostics due to the presence of a large pool of cancer patients, increasing healthcare expenditure, and rapidly developing healthcare infrastructure.
There has been the presence of a large number of companies that are significantly contributing to market growth. Some of the major players are Siemens Healthcare Private Limited, Hologic, Inc., GE Healthcare, F.Hoffmann-La Roche Ltd., and Koninklijke Philips N.V. amongst others. These companies new product developments, mergers and acquisitions are some of the strategies undertaken by these companies to strengthen their market presence.
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