The global fertility test market is estimated to be valued at US$ 579.1 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Fertility Test Market has grown significantly over the past decade due to rising infertility rates globally. Home-based testing kits allow for convenient and private testing. Digital tests are easy-to-use and provide accurate results within a short period.
Weakness: Low accuracy of home-based tests sometimes leads to false positive or negative results. Lack of medical supervision can delay treatment. High cost of Advanced fertility and ovulation kits limits their adoption in low and middle-income countries.
Opportunity: Growing public awareness about fertility issues and treatment presents an opportunity for industry players to educate consumers. Rapid adoption of digital health and mHealth offers potential for development of advanced AI-powered fertility tracking applications.
Threats: Stringent regulations for marketing and sale of diagnostic products pose challenges for market players. Social stigmas still associated with infertility treatment in certain regions act as a hindrance. Substitution threat from generic alternatives once patents expire on blockbuster drugs.
Key Takeaways
The Global Fertility Test Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising rates of infertility, delay in childbearing, growth of the healthcare industry and increasing awareness. The global fertility test market is estimated to be valued at US$ 579.1 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030.
Regional analysis: North America currently dominates the global market due to favorable reimbursement policies, advanced healthcare facilities and growing trend of social freezing of eggs. Asia Pacific is expected to be the fastest growing region owing to rapidly improving medical infrastructure, rising medical tourism and growing medical expenses in nations like China and India.
Key players: Key players operating in the Fertility Test Market are AstraZeneca, Novartis AG, GSP plc, Merck & Co., Inc., Verona Pharma plc, Regeneron Pharmaceuticals Inc., andBoehringer Ingelheim International GmbH.These players are focused on developing innovative ovulation and fertility monitoring products. They are also collaborating with local players to strengthen their distribution networks in emerging markets.
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