Gynecological Devices Market to Surpass US$ 4.5 Billion by 2024: Coherent Market Insights
March 20, 2017 in Science
The Global Gynecological Devices Market was valued at US$ 2,667.8 million in 2015 and is projected to expand at a CAGR of 6.3% during the forecast period (2016–2024), as highlighted in a new report published by Coherent Market Insights. Increasing incidence of gynecological disorders is projected to favor the growth for gynecological devices market in the near future.
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Around 10% of the global female population is affected by endometriosis according to the estimates by Endmoetriosis UK (2016). Risk of gynecological disorders increases with age. According to the World Bank, female population aged 65 years and above increased exponentially from 6.8% in 2010 to 8.2% in 2015. Furthermore, changing lifestyle habits and risk of infection is expected to result in high incidence of gynecological disorders. The outlook for the gynecological devices market is therefore bright in the foreseeable future.
Safety is one of the major concerns of healthcare practitioners using gynecological devices. Bayer’s Essure is an intra-uterine device (IUD) that has been linked with skin rashes and pelvic pain in women (in the U.S.) who have inserted it as a permanent contraceptive solution. This has led women to remove the Essure through surgery. The U.S. FDA has called for a black box warning for the device. Furthermore, the FDA has also asked manufacturers of power morcellators to mention a warning that the product ‘has not been proved to reduce the risk of spreading cancer’. Power morcellators are used to dissect and remove uterus or uterine fibroids through small incisions. However, these devices are reported to cause uterine cancer, which remain undetected owing to lack of awareness.
Post-surgical complications are among the most frequent complications in abdominopelvic surgery. Endometriosis and infection in pelvic region can stimulate the formation of adhesions, which may lead to discomfort, chronic pain and infertility. Actamax Surgical Materials LLC (subsidiary of DSM Biomedical), submitted an Investigational Device Exemption (IDE) to the U.S. FDA in February 2017 for its Actamax adhesion barrier to be utilized in in gynecological laparoscopic surgery. Such innovative solutions for the existing concerns on the gynecological surgeries would favor the growth of gynecological devices market globally.
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Being a very intimate category of devices, safety is therefore the priority for users. Manufacturers need to gather enough evidences of safety and efficacy to avoid post-marketing recalls and regulatory hurdles. Specialized speculums, curettes, and forceps ease the surgical procedures. Demand for gynecological chairs is expected to grow rapidly during the forecast period as hospitals upgrade their infrastructure, especially in emerging economies such as India, China, and Brazil.
Key takeaways of the market:
• The global gynecological devices market is expected to expand at a CAGR of 6.3% during the forecast period (2016–2024). Rise in number of gynecological surgeries is expected to favor the growth of gynecological devices market in the near future.
• Surgical devices is expected to dominate the market throughout the forecast period as these devices are in regular demand for gynecological surgeries
• Demand for gynecological chairs is projected to grow gradually with growing investment in infrastructure upgradation and establishment of new surgical and gynecological examination rooms
• Gynecological devices market in the Asia Pacific region would be growing rapidly with increasing incidence of gynecological disorders and the number of gynecological surgeries
• Hospital are the major users of gynecological devices and would be driving the global gynecological devices market
• Major market payers including Ethicon, Inc., Hologic, Inc., Stryker Corporation, Cooper Surgical, Inc., Karl Storz GmbH& Co. KG, Boston Scientific Corporation, and Richard Wolf GmbH need to consider the safety of deices to avoid any post-marketing issues
• These players can opt for emerging nations for a rapid growth in business expansion
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.