Viral Gandhi, Chairman, Voxtur Bio Mumbai, shares insights on various factors that influence the pregnancy test kit market and the need for its innovation
Motherhood is a woman’s dream and she anticipates the moment with lot of anxiety and enthusiasm. The news of pregnancy is undoubtedly a joy of a lifetime. Hence a pregnancy test to confirm this news without any botheration at the earliest assumes importance. The growing penchant for tests at home, driven by a number of inherent and external factors, is thus fuelling an industry of pregnancy test kit market in India.
The global pregnancy rapid test kits market has been estimated to be valued at $1,100 million in 2016, and is expected to expand at an average rate of 4.1 per cent CAGR over the next ten years down the line, with Asia-Pacific region to top the chart with a CAGR of 5.1 per cent.
With an ever growing population of 1.30 billion and nearly a fifth of world’s population, India stands as one of the largest pregnancy test kit markets in the world. Estimates suggest that the domestic market grows at a rate of 5 per cent, compounding to a CAGR of 5.1 per cent for the next ten years, riding on several factors.
There are numerous factors, both inherent and external, that is fuelling this growth. First of all, it is the strong tilt for fast and self-contained tests by consumer herself that drives this industry. Secondly, increasing incidence of gynaecological disorders and infertility indirectly boost the market across the globe.
There are many more reasons which are particular to Indian conditions. These include the rise in popularity of pregnancy testing because of the product innovation, enhancement in accuracy, value-added benefits and increased marketing tactics. Many of the Indian manufacturers are constantly on the task of innovating further their own existing portfolio. Also many women opt for convenient and private pregnancy testing, instead of waiting and spending a day at a clinic as people used to do several years back. Before deciding to take an advice from the physician, they can now buy a home pregnancy test kit which is reliable, cost-effective and time saving.
The pregnancy test market dynamics are prompting existing players to innovate further and lures new players to offer quality products at affordable prices. There is also a huge responsibility on both the government and manufacturers to scale up the efforts for creating awareness, especially in the rural folks. The government should also think of making available test kits for the under privileged among the rural populations in far-flung areas.