Gynecological devices hold a prominent place in the overall medical devices industry. The increasing prevalence of gynecological conditions has fueled the need for gynecological procedures, leading to a heightened demand for gynecological devices. The technological advancements of these devices have also boosted the global market for gynecological devices significantly in the past few years.
According to a research report published by Transparency Market Research (TMR), the worldwide gynecological devices market stood at US$15 bn in 2014. Experts at TMR project this market to expand at a CAGR of 4.80% during the period from 2015 to 2023 and reach an expected value of US$22.6 bn by the end of 2023.
Increasing Female Geriatric Population Fuels Demand for Gynecological Devices in North America and Europe
Europe and North America have always been the key regional markets for gynecological devices, owing to the early adoption of technology in these regions. In 2014, both the regional markets jointly held an approximate share of 66% in the global market.
North America has reported the highest demand for these devices over the last few years on account of the rapid rise in the female geriatric population, the increase in the disposable income of people, and the presence of appropriate reimbursement policies. Europe has also registered significant growth due to similar reasons.
Asia Pacific: Creating a Stir in Global Gynecological Devices Market
Although both North America and Europe, with many developed economies, are doing well in the global gynecological devices market, it is, however, Asia Pacific that has stirred the whole market substantially.
The presence of untapped opportunities, combined with the availability of skilled workforce at a cheaper rate, is luring major international gynecological devices manufacturers to shift their bases to Asia Pacific. India, China, and South Korea have become the preferred destinations for manufacturing and trading low cost gynecological devices.
A large pool of patients, a rise in the preference for minimally invasive procedures, improvement in the healthcare infrastructure, and economic development are likely to help maintain the most lucrative status of the Asia Pacific gynecological devices market.
The top three factors influencing the gynecological devices market in Asia Pacific are:
- The cost consciousness among people in the Asia Pacific region, specifically in India and China, is providing ample opportunities for small-cap manufacturers to expand their businesses.
- The increasing investment in the Asia Pacific medical and healthcare industry is stimulating research and development activities in the field of gynecological devices.
- The rising preference for minimally invasive gynecological procedures among patients and medical professionals is fueling the demand for minimally invasive hand-held gynecological instruments.
By 2023, analysts estimate the Asia Pacific gynecological devices market to reach a valuation US$6 bn.
Boston Scientific Corp., Medtronic Plc, Richard Wolf GmbH, Karl Storz Gmbh & Co. KG, Ethicon Inc., CooperSurgical Inc., Hologic Inc., Olympus Corp., and Stryker Corp. are some of the key manufacturers of gynecological devices in