Gynecological Devices Market Growth, Trends and Forecasts to 2024 | Hexa Research
Growing healthcare awareness and changing lifestyles are key factors that fuel the global Gynecological Devices Market. The industry is poised to surpass USD 21 billion by the end of the forecast period (2016 to 2024). Rising income levels in developing countries, such as Indonesia, Vietnam, and India may significantly contribute to industry demand in the years to come. High incidence of gynecological anomalies, like menorrhagia, uterine fibroids, and cervical cancer could positively influence global demand.
Gynecological devices are an integral part of the medical devices industry. Adoption of specialized gynecological procedures in hospitals and in healthcare centers fuels the need for such devices. Introduction of sophisticated imaging devices, such as 3D endoscopes holds promise for further market progress. High incidence of diseases, such as uterine fibroids and sexually transmitted diseases can propel demand in the years to come.
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The global gynecological devices market is segmented as per products and regions. On the basis of products, the industry is trifurcated into surgical devices, hand instruments, and diagnostic imaging systems. Hand instruments are further segmented into biopsy forceps, vaginal speculum, trocars, tenaculum, curettes, and others. Surgical devices comprise gynecological endoscopy devices, endometrial ablation devices, fluid management systems, and female contraceptive/sterilization devices.
Surgical devices hold the highest share in the overall Gynecological Devices Market because of growing demand for female contraceptives & endoscopy devices. Use of endoscopes in gynecology is gradually increasing. Some of their key applications in gynecology are resectoscopes, endoscopic imaging, hysteroscopes, and laparoscopes. Being minimally invasive, procedures, such as hysterectomy, hysterotomy, and laparoscopy may favorably impact demand for endoscopes in the near future.
Awareness about the importance of early detection of gynecological disorders and use of lighting in diagnostics solutions could play a key role in fuelling industry growth in the years to come.
Geographically, the gynecological devices industry is segmented into Latin America, Europe, North America, Asia Pacific, and the Middle East & Africa. North America generates the highest revenues in the overall industry. High concentration of market competitors and widespread adoption of advanced technologies are key regional drivers. Healthcare centers in the region carry out routine check-ups for women to rule out the possibilities of cervical & breast cancers.
Asia Pacific can witness robust growth over the forecast period. Factors that fuel this region are medical tourism and affordable treatment costs. Most manufacturing facilities are increasingly being established in India & China. Reasons that support such a trend are cheap labor costs, availability of skilled healthcare professionals, and advanced manufacturing facilities. This has also lead to low manufacturing costs of medical devices.
Key companies operating in the global gynecological devices market are Medtronic plc; Stryker Corporation; Cooper Surgical Inc.; Boston Scientific Corporation; and Richard Wolf Gmbh among many others. In September 2016, Aqueduct Medical received FDA (Food and Drug Administration) approval for a device that creates cervical dilation within a few minutes. Aqueduct Medical is an Israel based startup dealing in medical devices. The process is carried out without general anesthesia. At present, the company is conducting clinical trials in Europe. The product would soon be available in Israel once it is approved by the Health Ministry.
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