Technavio analysts forecast the global cervical cancer diagnostic testing market to grow at a CAGR of over 6% during the forecast period, according to their latest market research report. The growth momentum of the market is expected to accelerate in the year-over-year growth.
Rising incidence of cervical cancer is one of the major trends being witnessed in the global cervical cancer diagnostic testing market 2019-2023. Cervical cancer is one of the most common cancers in women. Over 500,000 cases of cervical cancer were reported worldwide. In recent years, the weakened immune system has also been considered as one of the major factors associated with the increased risk of cervical cancer. However, several scientific achievements and new developments in the field of HPV vaccines have aided in the efficient screening of cervical cancer. This has further led to increased awareness worldwide. In addition, the use of cervical cancer diagnostics testing products and methods has increased.
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According to Technavio analysts, one of the key factors contributing to the growth of the global cervical cancer diagnostic testing market is increased adoption of HPV home testing kits:
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Global cervical cancer diagnostic testing market: Increased adoption of HPV home testing kits
Market vendors have developed innovative home-based products that provide quick and accurate test results. This helps in reducing costs for patients and managing cervical cancer. The presence of such products in the market has enabled people to perform cervical cancer diagnostic testing. The increasing awareness of the benefits of the timely screening of cervical cancer and the adoption of home testing kits in developed and emerging economies is driving the market growth.
According to a senior analyst at Technavio for research on Oncology, Breakspear medical offers the at-home HPV testing kit in the UK priced at $64.90, while an HPV test conducted in a laboratory cost around $300-$500. The cost-effectiveness of home screening kits has led to their increased adoption. The SoloPap test kit by SoloPap is awaiting FDA approval in the US. It can be potentially used for the early diagnosis of cervical cancer. Similarly, QIAGEN has developed the careHPV test, especially for countries that lack healthcare infrastructures such as laboratories and specialized clinics. This is expected to drive the market growth in the future.
Global cervical cancer diagnostic testing market: Segmentation analysis
The global cervical cancer diagnostic testing market research report provides market segmentation by type (Pap smear test and HPV testing) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2018, accounting for close to 55% share. It was followed by EMEA and APAC respectively. The Americas will continue to lead the market due to the growing market demand for cervical cancer diagnostic testing products.
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Five Forces Analysis
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