Gynecological devices comprise medical equipment required for examination, diagnosis, and treatment of conditions associated with the female reproductive system. Introduction of advanced techniques and devices such as magnetic resonance imaging, computed tomography, and ultrasound has resulted in tremendous growth of the global gynecological devices market across the globe.
In 2014, the global market for gynecological devices was worth US$14.9 bn and is estimated to reach a value of US$22.6 bn by the end of 2023. The market is expected to exhibit a healthy 4.80% CAGR between 2015 and 2023.
Rising Prevalence of Gynecological Diseases to Drive Global Gynecological Devices Market
The changing lifestyle of the female population in the modern world has abruptly augmented its healthcare requirements. These healthcare requirements are majorly due to delayed marriages, delayed childbirth, and lower fertility rates. In addition, the growing awareness regarding healthy lifestyles has resulted in increased demand for advanced gynecological treatments around the world. Moreover, the prevalence of gynecological diseases such as uterine fibroids, menorrhagia, and cervical cancer has been increasing tremendously, resulting in high demand for gynecological procedures and devices. These factors have offered opportunities to medical device manufacturers to introduce devices providing quick recovery, minimal discomfort, and better efficiency for patients. However, delay in the approvals from regulatory authorities is the major restraining factor for the growth of the global gynecological devices market.
Based on product type, the global market for gynecological devices can be broadly classified into surgical devices, diagnostic imaging systems, hand instruments, and gynecological chairs. Presently, the surgical devices segment holds the largest share in the global gynecological devices market. Technological advancements in the medical devices industry have offered several devices such as fluid management systems, endometrial ablation devices, contraceptive devices, endoscopy devices, and female sterilization devices. These devices have helped in providing minimally invasive surgical procedures resulting in a reduced risk of infection and minimal bleeding. On the flip side, the diagnostic imaging systems segment is anticipated to exhibit a progressive 5.80% CAGR between 2015 and 2023. Technological developments in ultrasound systems such as color imaging, spectral Doppler, and 3D imaging are some of the major factors that are driving the diagnostic imaging systems segment.
Presence of Large Patient Pool to Drive Asia Pacific Market for Gynecological Devices
Based on geography, the global market for gynecological devices can be divided into Latin America, North America, Europe, Asia Pacific, and Rest of the World. In 2014, the North America gynecological devices market accounted for the largest market share and is estimated to remain in the leading position in the next few years. On the other hand, the Asia Pacific gynecological devices market is expected to grow substantially in the next few years owing to several factors such as the developing macroeconomic environment, growing preference for minimally invasive procedures, and the presence of a large patient pool. The Asia Pacific gynecological devices market is anticipated to reach a value of US$6.2 bn by the end of 2023.
The prominent players operating in the global gynecological devices market are Hologic, Inc., Medtronic, Inc., Boston Scientific Corporation, Richard Wolf GmbH, CooperSurgical, Inc., Ethicon, Inc., Karl Storz GmbH, Stryker Corporation, and Olympus Corporation.
