Global Gynecology Devices Market: An Overview
The globally increasing prevalence of diseases such as cervical cancer, uterine fibroids, menorrhagia, and a number of other minor ailments is the key factor boosting the growth and market penetration of gynecology devices. Adding to this is the negative effects of the modern lifestyle on the female body and organs. These changes have imparted a greater deal of social and financial stress, creating a wider scope of women falling prey to gynecological disorders. Another major driver that gynecology devices players can refer to is the growing population of elderly women.
At the same time, expenditures in healthcare are increasing, further improving the research and development investments and therefore, improving the chances of diagnostic success. Owing to these factors, the global gynecology devices revenue generated is expected to increase at a CAGR of 4.8% between 2015 and 2023. This market’s overall revenue generated is expected to increase from US$14.9 bn in 2014 to US$22.5 bn in 2023. Key players absorbing major portions of this revenue include CooperSurgical, Inc., Medtronic PLC, Olympus Corporation, Stryker Corporation, Boston Scientific Corporation, and Hologic, Inc.
Currently, the market for gynecology devices is extremely scattered, as most of the top players in the market are still only regionally dominant. This leaves a large vacancy for new entrants to take up a share in the revenue through innovative efforts and focus on specific market segments.
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Major Players Move From North America to Other Regions for Greater Opportunities
The U.S. and Canada have consistently provided major opportunities for players in the gynecology devices to flourish. Ample investment support, large patient pool, high awareness, and an advanced healthcare infrastructure have led to North America housing some of the biggest names in gynecology devices. While these regions will continue to remain strong in terms of growth, players operating here are rapidly looking to expand their base towards Europe and Asia Pacific, especially the former. Key reasons for this need to shift regional focus include increasing regulatory pressure and macroeconomic complications. As a result, manufacturers are expected to establish their presence in other regions, including the E.U. and emerging economies.
North America has been the leading regional consumer of gynecology devices in 2014, holding 41.1% of the total revenue. This region is expected to retain its dominance till 2023, owing to a number of major advancements in technologies that will be incorporated here first. The second-largest region in terms of gynecology devices revenue generation is Asia Pacific. It is expected to expand at a CAGR of 5.3% from 2015 to 2023, which is the fastest growth rate among all regions.
Gynecology Surgical Devices Show Highest Demand Globally
Gynecological chairs, diagnostic imaging systems, surgical devices, and hand instruments are the four key product gynecology devices product types. Of these, surgical devices are currently undergoing a spike in demand, primarily owing to a rise in the number of minimally invasive surgical devices. Key innovations in surgical devices include the introduction of single port laparoscopic surgery and the Da Vinci robotic platform.
The benefits of minimally invasive surgery go a long way in gynecology. The removal of anesthesia as a necessity, smaller incision scars, smaller hospital stay durations, and faster healing rates are widely welcome benefits and are therefore leading the massive opportunities on a global scale.
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