Global Gynaecological Devices Market
The global gynaecological devices market is marked by a high degree of fragmentation due to the presence of numerous large manufacturers, reports Transparency Market Research (TMR) in a new business intelligence study. This leaves ample scope for market consolidation in the near future. Top companies like Cooper Surgical, Boston Scientific Corporation and Olympus Corporation hold distinction on account of their widespread product portfolio and geographical outreach. These companies are struggling to introduce non-invasive devices to serve a larger consumer base which will eventually help expanding their geographical outreach.
The increasing demand for medical help for women- centric health issues is bringing in immense scope for growth in the gynaecological device market. The small regional players play an important role and hold a significantly higher share in the gynaecological device market. The increasing entry barriers and stringent rules and regulations for approval of a product are limiting the entry of new companies. Insufficient funding from venture capitalists is also creating a challenging situation for the entrance of newer companies.
As per projections of a TMR report, the global gynaecological devices market will clock 4.8% CAGR between 2017 and 2023. This will translate opportunities in the market to generate revenue of US$22,589.9 mn by 2023 from US$17,015.9 mn in 2017. In terms of device type, gynaecological surgical devices hold prominence in the market. Rising prevalence of single incision laparoscopic surgeries and advances in conventional endoscopic surgeries account for advances in gynaecological surgical instruments. Geography-wise, North America is a lucrative market for gynaecological devices due to the early adoption of advanced gynaecological devices.
Product Insights
Based on the product type, the global market is segmented into gynaecological imaging devices, surgical devices, and hand instruments. In 2016, surgical devices dominated the market with largest share. High usage of endoscopy devices and female contraceptives is the factor which can be attributable to the largest share.
The need for highly durable and easily autoclavable surgical instruments has been growing increasingly owing to the growing number of surgical procedures globally. Advancement in technology and introduction of highly efficient devices which can provide quick and accurate diagnosis and minimize the operating time are the factors expected to give boost to the market growth in the upcoming years.
Global market for Women’s Health
The global market for women’s health therapeutics will grow from nearly $33.0 billion in 2015 to nearly $40.6 billion by 2020, with a compound annual growth rate (CAGR) of 4.2% for the period of 2015-2020.
The infertility treatment devices market is expected to reach USD 3,698.92 Million by 2020 from USD 1,822.32 Million in 2015, at a CAGR of 15.21%. Infertility treatment devices are used in assisted reproductive technologies (ART) like in vitro fertilization, intracytoplasmic sperm injection, and surrogacy for the treatment of infertility.