Global Preterm Birth and PROM Testing Market to Reach US$ 294.2 Mn by 2026; Increase in Preterm Births to Drive Market: Transparency Market Research
Transparency Market Research (TMR) has published a new report titled, “Preterm Birth and PROM Testing - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global preterm birth and PROM testing market was valued at US$ 150.5 Mn in 2017 and is anticipated expand at a CAGR of 8.0% from 2018 to 2026. Increase in number of preterm births, growth of the medical diagnostics industry in emerging economies in regions such as Asia Pacific, and adoption of latest technologies and techniques to access or diagnose preterm births are projected to augment the global market between 2018 and 2026.
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Increase in Preterm Births to Propel Market
Sedentary lifestyle along with several other factors has led to increase in preterm births, which has become a major concern in the past few years. According to the World Health Organization (WHO), nearly 15 million babies are born early every year i.e., around 1 in every 10 babies is preterm. Moreover, complications due to premature births result in fatal outcomes in approximately 1 million cases. One of the major causes of such complications is premature rupture of membranes (PROM), which accounts for roughly 30% of all preterm births. The global preterm birth and PROM testing market is expected to be driven by increase in incidence of such complications during the forecast period.
Rise in Demand for Point-of-Care Testing Devices to Present Significant Opportunities
Increase in demand for effective and early diagnosis and reduction in false positive tests for diagnosis of premature births and PROM drive adoption of point-of-care testing devices. Moreover, high adoption of these devices can be attributed to reduced risk of misdiagnosis, ease of usage, and high sensitivity. Point-of-care testing devices have also assisted in reducing the chances of complications due to preterm births by enabling diagnosis at early stages and allowing health care providers to offer immediate care to mother and fetus at early stages of pregnancy.
Lack of Awareness about Preterm Births to Restrain Market
Lack of awareness about preterm births and PROM could lead to longer hospital stays and preventable expenditure from the perspective of patients. Additionally, lack of awareness about availability of latest technologies available for diagnosis of premature births, resulting in delayed diagnosis and treatment is one of the major factors hampering the growth of the market.
Asia Pacific Market to Grow at a Rapid Pace
In terms of revenue, the preterm birth and PROM testing market in Asia Pacific is projected to expand at a high CAGR during the forecast period. Increase in awareness about the availability of point-of-care testing devices and rise in technology penetration are expected to boost the demand for these diagnostic techniques. Furthermore, surge in awareness about women’s health and increase in expenditure on health care in the region are anticipated to present lucrative opportunities in the market in the next few years.
Collaborative Efforts by Key Players to Boost Market
The report also provides profiles of leading players operating in the global preterm and PROM testing market. These include NX Prenatal, Inc., IQ Products, QIAGEN, Hologic, Inc., The Cooper Companies, Inc., Medix Biochemica, Abbott Laboratories, Clinical Innovations, LLC, Sera Prognostics, Inc., and Biosynex. Launch of new products, focus on developing technologically advanced products, and increase in mergers & acquisitions, expansion, and strategic collaborations with companies and government organizations are expected to drive the global market during the forecast period. In October 2018, Sera Prognostics entered into collaboration with Laboratory Corporation of America Holdings (LabCorp), a life sciences company, to be the exclusive U.S. distributor of Sera’s PreTRM test. In the same month, NX Prenatal, Inc. entered into a collaboration with the Indiana University School of Medicine to validate its early pregnancy biomarker panels predicting spontaneous preterm birth (SPTB) and to develop its biomarker panels for preeclampsia (PE).
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