by The Preterm Birth and Prom Testing Market is estimated to be valued at US$ 1.69 billion in 2023 and is expected to exhibit a CAGR of 12.5% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The preterm birth and prom testing market involves products utilized for monitoring risk of premature delivery and determining fetal fibronectin levels. Key products include fetal fibronectin tests, ultrasound devices, intrauterine pressure catheters, uterine contraction monitors, and biochemical tests. Preterm birth, also known as premature birth, is the birth of a baby at less than 37 weeks gestational age. Prom or fetal fibronectin is a protein produced by fetal membranes. Its presence in vaginal secretions after 22 weeks of gestation indicates an increased risk of spontaneous preterm birth. Regular monitoring helps in early detection and timely intervention.
Market Dynamics:
The preterm birth and prom testing market is driven by the growing incidence of preterm births globally and increasing awareness about importance of prom testing. As per the World Health Organization (WHO), preterm birth complications are the leading cause of death among children under 5 years of age, with approximately 1 million children dying each year due to preterm birth complications. Early identification of at-risk pregnancies allows timely management and reduces mortality risks. Additionally, rising healthcare expenditure and technological advances in testing products are expected to support market growth over the forecast period. While increasing accessibility and adoption remains important, collaborations between players for new product development and geographic expansion could further aid the market expansion.
SWOT Analysis
Strength: The Global Preterm Birth And Prom Testing Market has various tests available for monitoring preterm birth risks. Tests such as Fetal Fibronectin test (fFN), Phosphate regulated gene product (pPROM), Insulin like growth factor binding protein-1 (IGFBP-1) helps in detecting uterine infections and cervical changes respectively.
Weakness: Limited awareness about prom testing in underdeveloped regions increases preterm birth risks. High cost of advanced testing solutions restricts their adoption in low income countries.
Opportunity: Rising maternal age worldwide has increased preterm birth risks, driving need for reliable prom testing solutions. New technologies for integrated analysis of multiple biomarkers can improve prediction of preterm birth.
Threats: Stringent regulations for new product approvals increase costs of prom test development. Reimbursement issues in some countries pose challenges to market growth.
Key Takeaways
The global preterm birth and prom testing market is expected to witness high growth, exhibiting CAGR of 12.5% over the forecast period, due to increasing preterm birth rates worldwide. As per WHO, prematurity is the leading cause of death among children under 5 years globally.
Regional analysis: The US accounts for the largest share of the global preterm birth and prom testing market due to presence of major players and advanced healthcare infrastructure. Europe follows US owing to rising initiatives to reduce preterm birth risks. Asia Pacific region exhibits fastest growth supported by growing healthcare spending, increasing maternal age and developing healthcare systems.
Key players operating in the preterm birth and prom testing market are Abbott Laboratories, Biosynex, Qiagen Sciences LLC, Clinical Innovations LLC, Sera Prognostics, The Cooper Companies Inc., Medixbiochemica, Hologic Inc., IQ Products, NX Prenatal Inc., Promega Corporation, Medical Predictive Technologies Inc., Biosynex, Clinical Innovations LLC, NX Prenatal Inc., Medixbiochemica, Qiagen Sciences LLC, Sera Prognostics Inc., Insight Pharmaceuticals LLC, Creative Diagnostics. These players are focused on new product launches, partnerships and geographical expansion to strengthen market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
