Published Date : Nov 15, 2016
With the top three companies holding a mere 25.5% share, the global gynecological devices market exhibits a highly fragmented vendor landscape. Because the leading enterprises have access to larger revenue pools that can be used for research and developed or outsourced, their command over the market trends is higher. Meanwhile, the smaller companies struggle to develop products in-house. Lengthy FDA approval process and limited funds major bottlenecks for smaller companies, especially new entrants. Their situation in the market is further complicated by the stagnancy of venture capitalists. The inadequate financial sources has left the smaller companies struggle for sustainable growth in the global gynecological devices market.
Nevertheless, the advent of the latest technologies in gynecological devices is expected to create opportunities for growth of the smaller companies. Furthermore, patients around the world are increasingly preferring minimally invasive surgeries (MIS), which is considered a new brand of effective treatment resulting in lesser pain, reduced risk, and faster recovery. Recent technological advances have enabled gynecological devices cater to the current demand for MIS, thus creating opportunities for growth for the market.
Moderate Growth Projected for Global Gynecological Devices Market
According to Transparency Market Research (TMR), the global gynecological devices market is likely to exhibit a CAGR of 4.4% from 2015 and 2023. Expanding at this rate, the market is projected to reach US$22 bn by the end of 2023. The market stood at a valuation of US$14.9 bn in 2014. Among the various surgical products available in the global gynecological devices market, the endoscopy devices segment is projected to report the highest CAGR at 7.9% between 2015 and 2023. Regionally, North America dominated the global gynecological devices market with a share of 47.4% in 2014.
Market Sees Growth Opportunities in Launch of Disposable Devices
In the near future, the market is projected to gain significantly from the use of disposable equipment. The devices in gynecology that were needed to be properly sanitized and sterilized before use are now being replaced with newer disposable versions. This trend is already popular across developed countries. Use of disposable versions of medical devices is considered to be safer and more hygienic. These devices are also lesser in price. The trend is expected to create significant growth opportunities for the market in the near future.