The Digital Pregnancy Test Kits Market is estimated to be valued at US$ 385.61 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.
Market Overview:
Digital pregnancy test kits allow early and accurate detection of pregnancy through a digital yes/no reading on a display screen. These test kits detect the level of hCG hormone in urine, which rises during early pregnancy. Digital pregnancy test kits provide convenience and eliminate error in reading faint lines, which is common in traditional pregnancy tests. The need for early and accurate pregnancy detection is boosting demand for digital pregnancy test kits.
Market key trends:
Digital pregnancy test kits market is driven by rising awareness regarding early pregnancy detection. Most women today are well informed about signs and symptoms of early pregnancy. They are also aware that very early detection allows for timely prenatal care interventions. This is boosting demand for more convenient options like digital pregnancy test kits that provide yes/no results for early and accurate confirmation of pregnancy. advanced technology incorporated in digital pregnancy test kits such as easy-to-read digital display and control panels have made early pregnancy screening more convenient.
Porter's Analysis
Threat of new entrants: Low capital requirements and easy accessibility pose low threat of new entrants. However, established brands enjoy strong brand recognition and customer loyalty.
Bargaining power of buyers: Buyers have high bargaining power due to availability of alternatives and undifferentiated products. Switching costs are low for buyers.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to presence of substitute materials and components. Suppliers include raw material providers and component manufacturers.
Threat of new substitutes: Threat from substitutes is low as there are limited alternatives for reliable home testing. However, laboratory-based diagnostic tests pose competition.
Competitive rivalry: Intense competition exists among existing players due to established supply chains and brand positioning. Players compete on innovation, quality, and pricing.
SWOT Analysis
Strengths: Growing birth rates, rising awareness, accuracy, and convenience of use.
Weaknesses: Limited sensitivity during early pregnancy, risk of inaccurate results, premium pricing.
Opportunities: Untapped rural markets, product line extensions, and technology upgrades.
Threats: Rising inflation squeezing disposable incomes, new regulations, and social stigmas in developing nations.
Key Takeaways
The Global Digital Pregnancy Test Kits Market Size is expected to witness high growth, exhibiting CAGR of 4.9% over the forecast period, due to increasing awareness regarding early detection. The market size for 2023 is US$ 385.61 million.
North America dominates the global market and is expected to continue its dominance owing to growing women workforce, rising median age of first-time mothers, and increasing fertility tourism. The Asia Pacific region is expected to be the fastest growing market due to improving access to diagnostics, large population, and increasing healthcare expenditure in major countries such as India and China.
Key players operating in the digital pregnancy test kits market are Church & Dwight Co., Inc., Swiss Precision Diagnostics GmbH, Procter & Gamble Co., and Abbott Laboratories. Players focus on new product launches, collaborations, and geographical expansion to strengthen their market position. For instance, in 2021, Procter & Gamble launched its Clearblue pregnancy test with new features.
For More Insights, Read: https://www.newswirestats.com/digital-pregnancy-test-kits-market-demand-growth-and-regional-outlook-by-2030/
