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Pregnancy point of care testing is a method of medical diagnostic testing, which is set at or near the point of care for the patient. This trend is relatively new and is widely in contrast with the traditional method of wholly or mostly restricting the testing processes to medical laboratories. Unlike this old system, which required samples to be sent off site for hours or days, the new point of care testing system for pregnancy allows care to take place with the desired information in a shorter period of time.
The global pregnancy point of care testing market is growing steadily at a healthy CAGR of ~4.5 per cent, which is expected to continue through the forecast period till 2028. The growth can be attributed to growing awareness among doctors and patients about the efficiency and accuracy of pregnancy point of care testing products, and the growing incidences of fertility disorders and gynecological issues around the world.
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Pricing Issues Restrict Expansion of Point of Care Pregnancy Systems
The pregnancy point of care testing market is witnessing the emergence of numerous new entrants into the industry. These players are pushing to penetrate into the consumer demographic by offering innovative product features at extremely competitive prices. As a result, there is a major gap in the prices of products from leading players and those from new entrants. This trend is expected to have a restrictive effect on the market in the long term.
Further, experts have raised doubts about the accuracy of point of care testing systems, and the risks arising from getting inaccurate results, which is stopping end users from relying on such products, thereby hampering the growth of the market.
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Product Launches and Smartphone Integration Key to Future of Industry
A key strategy being followed by a growing number of businesses in the industry is to push out novel new product offerings for their portfolios. These can include new variants of placental growth factor tests, ovulation testing systems, and disease assays, among others. The trend is expected to be augmented by an increase in the funding for research and development purposes.
In addition, companies are also seeking to enter into collaboration, merger, and acquisition deals, with the aim of building on knowledge sharing, production facilities, widening product portfolios, and expanding distribution networks, all of which are expected to aid in the growth of the pregnancy point of care testing market. In addition, these new systems and devices are becoming available in lower prices, smaller sizes, and reduced complexity, which are factors that are gaining importance in the market.
Manufacturers are also taking advantage of the widespread proliferation of smartphones, through the introduction of the next generation devices, which can be integrated to smartphone based applications. These applications are being found to be promising alternatives to conventional laboratory based diagnostic testing procedures, to meet the demand from users for pregnancy test kits that can be used even in home settings.
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