Digital Pregnancy Test Kit Market Size to Grow at a CAGR of 5.2% During the Forecast Period 2021-2026

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Digital Pregnancy Test Kit Market Size to Grow at a CAGR of 5.2% During the Forecast Period 2021-2026

Digital Pregnancy Test Kit Market Size to Grow at a CAGR of 5.2% During the Forecast Period 2021-2026
Digital Pregnancy Test Kit Market
The Rising Adoption of Innovative Various Digital Pregnancy Test Kits Owing to the Rise in the Incidence of a Convenient Method of Testing Are Amongst the Major Factor Projected To Impel the Growth of the Digital Pregnancy Test Kit Market

Digital Pregnancy Test Kit Market size was valued at $1,237 million in 2020 and is anticipated to grow at a CAGR of 5.2% during the forecast period 2021-2026. The digital pregnancy test kit industry growth rate is attributed to the rising adoption of innovative various digital pregnancy test kits owing to the rise in the incidence of a convenient method of testing that can be conducted at home which is poised in bringing new opportunities. Digital pregnancy test kits are the medical equipment that is basically used for early evidence of pregnancy in females. A pregnancy test is an indicative test used for the determination of pregnancy, which measures the human chorionic gonadotropin (hCG) in urine samples. HCG is made in a woman’s placenta after a fertilized egg implants in the uterus and is normally made only during pregnancy. Basically, women prefer taking pregnancy tests with the help of these tools, at home rather than visiting a doctor or a hospital using ultrasonography. Since the Digital pregnancy test is an over-the-counter semi-quantitative urine test hence, acceptance regarding the role of hCG hormone in urine to detect pregnancy amongst scientists has led to the development of innovative pregnancy tests over the study period. However, the comparatively high prices of the digital test kits than alternative pregnancy test kits are poised to hinder the digital pregnancy test kit market.

Digital Pregnancy Test Kit Market Segment Analysis – By Test Type

In 2020, on the basis of test type, blood tests for HCG segment accounted for the largest segmental revenue of the Digital Pregnancy Test Kit Market. The blood test for HCG held the largest market on account of the fact that this test type measures the level of hCG hormone present in a sample of the blood and is first detected in the female blood sample about 11 days after conception. Also, the segment is to hold its dominance through the forecast period 2021-2026 as these tests determine the age of the fetus, diagnose a potential miscarriage, and diagnoses an abnormal pregnancy hence; this broad scope of application is also poised to hold the market share. On the contrary, urine test for HCG segment is projected to witness healthy growth throughout the forecast period 2021-2026 with a CAGR of 5.80% since the usage of urine test for HCG has been on the upswing owing to the fact that there is an increasing demand and utilization of Digital Pregnancy Test Kits worldwide. Furthermore, its demand is poised to grow more as these inhalers are acts as an affordable device for multiple places such as cars, homes, and job sites thereby, is to cater the sector growth in the material segment during the forecast period 2021-2026.

Digital Pregnancy Test Kit Market Segment Analysis – By Distribution Channel

On the basis of distribution channel, the retail pharmacies segment accounted for the largest segmental revenue of the digital pregnancy test kit Market in 2020. The large share can be attributed to the consistent increase in the number of retail pharmacies in countries such as Brazil, India, and China coupled with rising trend amongst the market players for the ample availability of digital pregnancy test kits as women prefer taking pregnancy tests with the help of these tools, at home rather than visiting a doctor or a hospital is attributed to positively affect market growth during the forecast period 2021-2026 owing to the presence of strong distribution channels and increased adoption preferences shown by women. On the other hand, the e-commerce segment is projected to dominate over the forecast period 2021-2026 with a CAGR of 5.34%. The e-commerce segment is to witness a surge in growth owing to the prevalence of Covid-29 which has increased the ease of use of retail e-commerce websites coupled with rapid advancement observed in internet penetration, and growth in popularity of e-commerce shopping portals over the last decade. Apart from this, the availability of a wide range of products and the presence of required support and information through expert customer service personnel is anticipated to positively impact the growth of this segmental market during the forecast period 2021-2026.

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Digital Pregnancy Test Kit Market Segment Analysis – By Geography

North America is the major region dominating the Digital Pregnancy Test Kit Market with a market share of 37.90% in the year 2020. This can be attributed to the fact that the rise in demand for digital pregnancy test kits is increasing owing to the availability of advanced features such as connectivity with Bluetooth and smart countdown. Furthermore, the presence of the working-class of the U.S. is boosting the digital pregnancy test kit unit sales as they usually do not have time to visit a physician until an emergency, which further fuels the regional market. However, Asia-Pacific is projected to be the significant-growing market during the forecast period 2021-2026 as several countries such as India and China has a rising expenditure on healthcare followed by a vast set of untapped opportunities in the regional markets which is poised to propel the market growth throughout the forecast period 2021-2026.

Digital Pregnancy Test Kit Market Drivers

Rapid Adoption Of Digital Pregnancy Test Kit

The digital pregnancy test kit market is poised to receive an upswing owing to the rapid increase in demand for several digital pregnancy test kits owing to the fact that these kits are equipped with several cutting-edge innovations, such as a smart countdown and Bluetooth connectivity that has resulted in all major pharmaceutical companies focusing on such innovative formulation technologies. Moreover, there is also a rise in the number of female working professionals over the globe thereby, leaving them with little time to seek medical help hence, there is the rising use of digital pregnancy test kit and is to propel the market growth over the forecast period 2021-2026.

Digital Pregnancy Test Kit Market Challenges

High Price Of Digital Pregnancy Test Kits

One of the major factors lowering the digital pregnancy test kit unit sales is owing to the fact that advanced digital pregnancy test kits are sold at higher prices in comparison with alternative options which is hindering the market growth during the forecast period 2021-2026. Moreover, there is a lack in the availability of digital pregnancy test kits for women in low-income countries which is also acting as a challenge across the globe. 

Digital Pregnancy Test Kit Market Landscape

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Digital Pregnancy Test Kit Market. In 2020, Digital Pregnancy Test Kit Market share is fragmented by the top ten players present in the market. The Digital Pregnancy Test Kit Market top 10 companies are Church & Dwight Co., Inc., Gregory Pharmaceutical Holdings, Inc., Sugentech, Inc., Diagnosis S.A., Accuquik Test Kits, Mankind Pharma Ltd., Sara Health Care, Hicks Thermometers India Limited, SPD, Clarity Diagnostics and others.

Key Takeaways

The factors such as the rising adoption of innovative various digital pregnancy test kits owing to the rise in the incidence of a convenient method of testing are amongst the major factor projected to impel the growth of the Digital Pregnancy Test Kit market.

Additionally, factors such as improved design and distinct benefits of digital pregnancy test kits over the conventional ones are to create opportunities paving a way for the growth in the market during the forecast period 2021-2026.

Relevant Reports:

A. Cell-Free Fetal DNA Testing Market

https://www.industryarc.com/Report/15742/cell-free-fetal-dna-testing-market.html

B. Prostate Specific Antigen (PSA) Testing Market

https://www.industryarc.com/Report/5340/Prostrate-Specific-Antigen-(PSA)-Testing-Market-Research-Report.html

For more Lifesciences and Healthcare Market reports, please click here

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