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Women’s Health Market Growth Continues

Women’s Health Market Growth Continues

The women’s health diagnostics market is projected to reach $36.6 billion by 2025 from $25 Billion in 2020, at a compound annual growth rate (CAGR) of 7.9%, according to a report from Research and Markets.

In the past decade, the demand for various health diagnostic tests has increased significantly across the globe.

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, a news release about the report stated in February.

“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 market’s growth to a certain extent,” the report said.

“Based on application, the women’s health diagnostics market is divided into nine segments – osteoporosis testing, OVC testing, cervical cancer testing, breast cancer testing, pregnancy and fertility testing, prenatal genetic screening and carrier testing, infectious disease testing, STD testing, and ultrasound tests. The breast cancer testing segment accounted for the larger market share in 2019. The large share of this segment can be attributed to the increasing incidence of breast cancer and rising awareness around advanced breast cancer diagnostic techniques, such as ABUS,” according to the report.

A Medtech 360 report offers additional insights. Although the U.S. women’s health imaging system market is saturated and unit sales are largely limited to replacement contracts, the growing popularity of emerging breast imaging technologies, such as DBT, will spur modest growth in this market, according to the Medtech 360 report.

Mordor Intelligence issued a report on the market with 2021 to 2026 forecast period.

“The women’s health diagnostics market is expected to register a CAGR of 7.5% over the forecast period,” it reported.

During the pandemic, limited transportation and travel restrictions created impediments for international trade and transportation, which disrupted the supply chains for the women’s health diagnostics market, temporarily leading to decreased demand due to uncertainty in the capital market and the global economy, Mordor Intelligence said. The unfavorable changes in guidelines and regulations are impeding the growth of this sector. Major regulatory authorities identified that breast cancer patients are at greater risk of COVID-19 infection than healthy adults. Thus, screening, surgical procedures and diagnostic exams are being postponed and severely restricted at hospitals and breast centers. According to an article appearing in the JAMA Network in August 2020, there has been a significant decline in breast cancer diagnoses (by as much as 51.8 percent) in the United States from March 1, 2020, to April 18, 2020. The delay in the diagnosis of breast cancer also impacted the treatment of the same, which is expected to cause disruption in the breast cancer treatment and diagnosis market.

“The market will show rapid growth due to the rising incidence of chronic and lifestyle-related disorders, the rising number of imaging and diagnostic centers, and the increased adoption of point-of-care and rapid diagnostic tests,” Mordor Intelligence reported. “The 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 in 2018. The increasing cases resulted in increased sales of test kits for home usage, which is also expected to drive the revenue growth of the market over the forecast period. The rise in the rate of adoption of point-of-care diagnostic testing and an increase in the number of diagnostic and imaging devices worldwide are expected to fuel the market growth. However, the surge in demand for the development of miniature diagnostic devices, a rise in health care infrastructure, and new marketing initiatives by key vendors in emerging countries are expected to provide lucrative opportunities for market expansion during the forecast period.”

However, the reports added that the high cost of diagnostic imaging systems and stringent regulatory guidelines are among some of the factors hampering market growth.

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