Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Gynecological devices are an integral part of the medical devices industry. Adoption of specialized gynecological procedures in hospitals and in healthcare centers fuels the need for such devices. Introduction of sophisticated imaging devices, such as 3D endoscopes holds promise for further market progress. High incidence of diseases, such as uterine fibroids and sexually transmitted diseases can propel demand in the years to come.
The global Gynecological Devices market was estimated at USD$ 15.13 billion in 2016, and is anticipated to reach USD$ 19.2 billion by 2021, expanding at a CAGR of 4.9% between 2017 and 2021. Surgical devices hold the highest share in the overall Gynecological Devices Market because of growing demand for female contraceptives & endoscopy devices. Use of endoscopes in gynecology is gradually increasing. Some of their key applications in gynecology are resectoscopes, endoscopic imaging, hysteroscopes, and laparoscopes. Being minimally invasive, procedures, such as hysterectomy, hysterotomy, and laparoscopy may favorably impact demand for endoscopes in the near future.
Gynecological devices market is in emerging state due to increase in elderly female population, and rise in prevalence of diseases related to female reproductive systems. Furthermore, factors such as increase in awareness ratio and sexually transmitted diseases in women also contribute towards the market growth. In addition, introduction of new devices in the market cause minimal discomfort, better efficiency, and increase in healthcare expenditure, and favorable reimbursement policies contribute towards the market growth of gynecological devices. However, factors such as delay in approvals from regulatory authorities and stringent government policies impede the market growth.
The global gynecological devices market was expected to witness the highest growth over the forecast period due to increase in the prevalence of gynecological disorders across the globe. Moreover, the rise in the acceptance of minimally invasive procedures is also considered as a major governing factor which promotes the demand for gynecological devices market. Furthermore, many lifestyle-related factors, such as having multiple sex partners, smoking, obesity, unsafe sex and inherited HPV-positive patient, are estimated to drive the gynecological devices market. In addition, the increase in healthcare expenditure is also considered as a major driving factor for the growth of gynecological devices market. However, delay in the approvals by regulatory authorities would hinder the growth of the gynecological devices market.
North America generates the highest revenues in the overall industry. High concentration of market competitors and widespread adoption of advanced technologies are key regional drivers. Healthcare centers in the region carry out routine check-ups for women to rule out the possibilities of cervical & breast cancers.
Asia Pacific can witness robust growth over the forecast period. Factors that fuel this region are medical tourism and affordable treatment costs. Most manufacturing facilities are increasingly being established in India & China. Reasons that support such a trend are cheap labor costs, availability of skilled healthcare professionals, and advanced manufacturing facilities. This has also lead to low manufacturing costs of medical devices.
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