The global Gynecological Devices Market is marked by a fragmented business landscape as top players mostly cater to the demand in regional markets. This leaves ample room for new companies to foray into the market and focus on niche market segments, says a new report by Transparency Market Research (TMR). The top three companies, namely Boston Scientific Corporation, Olympus Corporation, and Cooper Surgical held over 25.5% revenue of the overall market in 2014. Leading players in the market are vying to serve the demand for innovative products and non-invasive devices that will help expand their market share. Increasing number of patients seeking medical help for women-centric health issues, especially in developing countries is likely to open vast opportunities for vendors in the global gynecological devices market.
While currently, regional and small players account for a significant share in the overall market, increasing entry barriers are limiting new companies to enter the market. Stringent regulations and long hauls for product approval are also limiting the entry of new companies. Furthermore, an insufficient number of venture capitalists willing to provide funding in the gynecological devices sector is posing challenges for new companies to enter this market.
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The TMR report estimates the global gynecological devices market to rise at a CAGR of 4.8% for the forecast period between 2015 and 2023, for the market to become worth US$22.5 bn vis-à-vis revenue by 2023-end. The opportunities in the market translated into a revenue of US$14.9 bn in 2014. By device type, gynecological surgical devices accounted for the leading market share in 2014 and is expected to continue to lead over the forecast timeframe. North America, among the key regions, led the gynecological devices market in 2014. Early adoption of advanced devices will lead the region to maintain its lead position until 2023.
Increasing prevalence of gynecological disorders such as cervical cancer, menorrhagia, uterine fibroids, and a number of small ailments is the foremost factor driving the gynecological devices market. Rising availability of diagnostic services and rising awareness about therapeutics for gynecological diseases is displaying demand for gynecological devices in developing countries. Global health organizations and efforts of voluntary organizations for the betterment of women health in underdeveloped countries is also stoking demand for gynecological devices. These organizations conduct women health check-ups periodically for preventive care.
In addition, modern lifestyle and personal and professional stress have also been key factors behind gynecological disorders. Women in urban areas tend to seek medical help for women-centric ailments that may impact the quality of life. This is fuelling the gynecological devices market. The growing population of elderly women is also a key factor stoking demand for gynecological devices.
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Increasing healthcare expenditure and efforts of governments in developing economies to improve women health is also providing a significant boost to the growth of gynecological devices market in these countries. Women health in these countries have drawn the attention of health departments that are conducting mass health programs and free check-up camps, especially for women of economically weak strata.
Lastly, Increasing R&D initiatives by leading companies for the introduction of highly reliable and non-invasive devices is also stoking the growth of the gynecological devices market.
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