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.
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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.
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.
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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.
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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