The global market for gynecological devices features a highly fragmented vendor landscape, with the leading three companies, namely Olympus Corporation, Boston Scientific Corporation, and Cooper Surgical accounted for over 25.5% of the market’s overall revenue in 2014, observes Transparency Market Research in a recent report. Although regional players and new vendors account for a significant share in the market’s revenue presently, entry barriers are becoming more intense for new companies. Increasingly stringent, slow, and expensive regulatory approval procedures are increasing operational challenges for companies in the market.
Furthermore, the lack of venture capitalists willing to fund companies in the gynecological devices sector has made matters worse for new companies in the market. Nevertheless, the market offers vast growth opportunities in the form of the rising demand for innovative products and the increasing adoption of noninvasive devices across the globe. Moreover, with the rise in the number of patients opting for regular check-ups, especially across developing economies, is also expected to create a vast set of opportunities for vendors in the global gynecological devices market.
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Transparency Market Research estimates that the global gynecological devices market will exhibit a healthy CAGR of 4.8% over the period between 2015 and 2023 and rise from a valuation of US$14.9 bn in 2014 to US$22.5 bn by 2023.
North America to Continue to Account for Dominant Share in Global Market Revenue
In terms of device type, the segment of gynecological surgical devices held the dominant share in the global gynecological devices market in 2014 and is expected to retain its dominance over the report’s forecast period as well. The segment is projected to exhibit a 4.4% CAGR over the report’s forecast period. Geographically, the market in North America is presently leading the global gynecological devices market. Driven due to the vast growth opportunities provided by the U.S. and Canada and the presence of a large number of companies, the North America market for gynecological devices held a nearly 41.1% of the overall market in 2014 and is expected to retain dominance over the report’s forecast period as well.
Increased Preference to Minimally Invasive Gynecology Devices to Drive Global Market
Some of the key factors driving the global market for gynecological devices are the rising prevalence of a number of gynecological disorders, the increased adoption of noninvasive or minimally invasive gynecological procedures, and the increase in healthcare expenditure across emerging economies. Owing to the presence of a large number of companies and the intense level of competition in the market, focus on R&D activities and the increased energy directed towards the introduction of innovative devices are leading to the development of highly advanced and reliable noninvasive devices for the gynecological devices sector.
Increase in healthcare expenditure, especially across emerging economies in regions such as Asia Pacific and Latin America, is also providing significant boost to the overall demand for gynecological devices in the region. Continued efforts aimed at the improvement of the healthcare infrastructure in these regions will also boost the demand for advanced gynecological devices in the near future.
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