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Pregnancy Test Kits Market Overview, Demand And Forecast 2024-2033
Pregnancy Test Kits Market Overview
According to The Business Research Company's, The pregnancy test kits market size has grown strongly in recent years. It will grow from $1.7 billion in 2023 to $1.8 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to development of early pregnancy tests, increased women's health awareness, educational campaigns, global population growth, home testing convenience, rise of e-commerce.
The pregnancy test kits market size is expected to see strong growth in the next few years. It will grow to $2.24 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to rising fertility awareness, market expansion in developing countries, regulatory support for home testing kits, telehealth adoption, customization and personalization. Major trends in the forecast period include digital pregnancy tests, home-based and self-testing options, integration of smartphone technology, integration of artificial intelligence, point-of-care testing.
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Market Drivers and Trends:
The expansion of large-scale energy storage technologies is expected to propel the growth of the vanadium market going forward. Energy storage technologies are systems that store energy for later use to smooth out fluctuations in energy supply and demand, to provide backup power during outages and to store energy for transportation or other applications. Vanadium is used in energy storage technologies like vanadium redox flow batteries (VRFBs) and enables storing and releasing large amounts of energy over long periods. For instance, in July 2023, according to a report published by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, total installed grid-scale battery storage capacity stood at close to 28 GW at the end of 2022 and installations increased by more than 75% over 2021, with roughly 11 GW of storage capacity installed. Furthermore, the installed grid-scale battery capacity for storage is predicted to expand 35-fold, almost 970 GW, between 2022 and 2030. Therefore, developing large-scale energy storage technologies will drive the vanadium market.
Major companies operating in the pregnancy test kits market are developing innovative at-home test kit products such as PregaScreen to increase profitability in the market. PregaScreen is an at-home pregnancy test kit that can detect the presence of human chorionic gonadotropin (hCG) in urine, which is accurate when used correctly. For instance, in June 2022, Mylab Discovery Solutions Pvt. Ltd., an India-based biotechnology research company, launched PregaScreen, an at-home pregnancy test kit. The test kit enables women to determine pregnancy status independently, delivering exact results in minutes, boasting an accuracy rate of 99.99%. Each kit includes a pregnancy stick and a dropper. PregaScreen is a testing approach for women to validate pregnancy after missing the initial menstrual period.
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Major Key Players of the Market:
Johnson & Johnson, Procter & Gamble Co., Abbott Laboratories, Churc*h & Dwig*ht Co Inc, BioMerieux SA, Alere Inc, Piramal Enterprises Ltd, Quidel Corporation, Mankind Pharma, Cardinal Health Inc., Healthpoint, EKF Diagnostics Holdings PLC, Sugentech Inc, Egens Group, INTEC Group, Medsource Ozone Biomedicals, SPD Swiss Precision Diagnostics, Geratherm Medical AG, Princeton BioMeditech Corporation, Cupid Limited, Easy Healthcare Corporation, Axis Medicare Ltd., Gregory Pharmaceutical Holdings Inc, AccuQuik Test Kits, Sara Health Care Pvt Ltd., Hicks Thermometers India Limited, Fairhaven Health LLC, Atlas Medical Group, Germaine Laboratories Inc.
Pregnancy Test Kits Market 2024 Key Insights:
• The pregnancy test kits market is expected to grow to $2.24 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.
• Surge In Unplanned Pregnancies Boosts Demand For Pregnancy Test Kits Market
• Innovative At-Home Pregnancy Test Kits Transform The Market
• North America was the largest region in the pregnancy test kits market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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