The latest market report published by Credence Research, Inc. “Gynecological Devices Market - Growth, Future Prospects, Competitive Analysis, 2018 - 2026,” the global gynecological devices market was estimated at US$ 14,088.8 Mn in 2017 expanding at a CAGR of 5.2% from 2018 to 2026, to reach US$ 22,271.9 by 2026.
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The global gynecological devices market is anticipated to witness steady growth during the forecast period from 2018 to 2026 owing to persistent increase in occurrence of gynecological conditions throughout the world. Furthermore, increase in adoption of minimally invasive procedures is also a prime driver of this market. Lifestyle-associated factors, obesity, increased HPV infections are some important factors that boost the global gynecological devices market. Additionally, delay in regulatory approvals has restrained the commercialization of advanced devices, therefore constraining the growth of this market.
Consistently increasing demand for minimally invasive surgeries due to prime offered advantages such as lesser duration of hospital stay, quicker recovery, less risk of infections and blood loss and overall reduction in treatment expenditure, is a key driver of this market. As the global population is increasing there is an increased importance of appropriate family planning. This has led to a rise in demand for female contraception and sterilization devices. The demand for these devices is estimated to be significantly high during the forecast period. Growing population of females with gynecological diseases is yet another key factor driving the growth of the global growing gynecological devices market. Technological advancement in the nature of devices such as imaging systems and endoscopes and growing demand for easy to sterilize or disposable hand instruments will also support the stability of this market.
Surgical devices will remain the largest revenue-generating segment in the global gynecological devices market. Growing patient population along with increasing efficacy of surgical devices in terms of treatment outcomes form key attributes of this segment. Among the various types of surgical devices, endoscopy devices and endometrial ablation devices will witness stable status during the forecast period, whereas sterilization and contraceptive devices will progress at a faster pace. On the other hand, hand instruments segment will undergo dynamic changes as there is a consistent growth in introduction of new devices that are easy to handle, convenient to sterilize and also the introduction of disposable or single-use instruments.
The diagnostic imaging systems segment will also witness swift market growth during the forecast period. Growing awareness about fatal diseases such as breast and cervical cancer is a key driving factor to this segment. As the incidence of these diseases is significantly high, particularly in developing countries, this disease area is grabbing prominent focus of governments and other associations. The frequency of screening programmes by governments for such diseases is consistently increasing along with corresponding growth in the general awareness. This has therefore led to heightened diagnostic rate and therefore incidence of chronic gynecological diseases. Therefore, the diagnostic imaging systems segment will progress at a rapid rate during the forecast period while simultaneously witnessing rapid technological advancements.
Key Market Movements:
Significant growth in incidence of gynecological diseases and increased awareness Growing disposable incomes of female population Rise in the number of screening programmes by both governments and non-government organizations to facilitate growth in demand for imaging systems High incidence of breast and cervical cancers to facilitated swift adoption of both diagnostic imaging systems and surgical devices Stringent regulatory processes and high costs of surgical procedures may restrain the market growths