The women’s health diagnostics market is expected to register a CAGR of 7.5% over the forecast period.
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 falling in demand due to uncertainty in the capital market and the global economy. 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.
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 healthcare 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 high cost of diagnostic imaging systems and stringent regulatory guidelines are among some of the factors hampering the growth of the market.
Key Market Trends
The Breast Cancer Segment is Expected to Show the Significant Growth During the Forecast Period
People with underlying diseases conditions like breast cancer are at a high risk of acquiring COVID-19 infection. Thus, many of the organizations took definite measures for the management of these diseases. According to a research article by Dafina Petrova et al., published in Medicina Clínica Journal September 2020, the Spanish Society of Medical Oncology (SEOM), the European Society for Medical Oncology (ESMO), and the Spanish Society of Radiation Oncology (SEOR) published recommendations on how to modify treatment protocols to reduce risks in cancer patients. Such instances are expected to support the growth of breast cancer diagnosis in this market.
Certain factors that are expected to drive the segmental growth are the growing burden of breast cancer, increasing investments in research and development, and advancements in cancer diagnosis. According to Globocan, in 2020, around 2.26 million new cases of cancer were reported across the world that accounts for around 11.7% of the total cancer cases. A significant increase in the patient pool of breast cancer is expected to further accelerate the demand for breast cancer diagnostics.
Additionally, the growth in breast cancer diagnostics reimbursement and insurance coverage is expected to drive verticle growth. For instance, in June 2019, the Genomic Health’s Oncotype DX Breast Recurrence Score test was approved by the German Federal Joint Committee for nationwide reimbursement. Thus, the above-mentioned factors are likely to boost the segmental growth over the forecast period.
North America Recorded the Largest Share During the Forecast Period
North America is expected to constitute a major market share, owing to the high prevalence of cancer among women, rising incidence of lifestyle-related disorders, the high adoption of technologically advanced products, product launches, and government initiatives. A strong foothold of key market players offering technologically advanced products in the arena of women’s health diagnostic is likely to boost regional growth. For instance, Philips offering innovative ultrasound products, such as Philips Affiniti 70, EPIQ 7, and EPIQ 5 ultrasound systems, to ensure earlier, easier, and more reliable diagnoses. This launch is likely to help expand its presence in this region.
The presence of better healthcare infrastructure, rising awareness about women’s health disorders, and increased participation of women in the workforce are poised to positively influence the growth of the regional market.
The contagious coronavirus had a potential economic impact and implications on most sectors, including the women’s health diagnostic market. Governments across the region are now responding to the threat of COVID-19 with all the essential measures, such as social distancing, nationwide lockdown, travel restrictions, and large-scale quarantines, which are anticipated to negatively impact businesses and consumer spending.
There has been the presence of a large number of companies that are significantly contributing to the market growth. Some major players are Siemens Healthcare Private Limited, Hologic Inc., GE Healthcare, F.Hoffmann-La Roche Ltd, and Koninklijke Philips NV. These companies’ new product developments, mergers, and acquisitions are some of the strategies undertaken by these companies to strengthen their market presence.
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Point Of Care Testing
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