The three biggest names in the global gynecological devices market – Boston Scientific Corporation, Olympus Corporation, and Cooper Surgical, cumulatively held a share of 25.5% in the overall revenue generated by the market in 2014. The competitive rivalry prevailing in the market is thus very high, finds Transparency Market Research (TMR) in a new study. A majority of the companies share similar sources of technology and finances, which has resulted into neck-to-neck fight among leading players looking to establish dominance in the market.
According to TMR, the global gynecological devices market holds promise for a moderate 4.4% CAGR between 2015 and 2023. At this pace, the market, which stood at US$14.9 bn in 2014, is projected to reach US$22 bn before 2023 ends. Among products available, the demand for endoscopy devices is projected to rise at a pace of 7.9%, registering higher CAGR than other surgical devices available in the gynecological devices market over the course of the forecast period. Regionally, North America emerged dominant in 2014 with a share of 47.4%.
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High Preference for MIS to Create Demand for Advanced Gynecological Devices
Patients around the world are showing a higher acceptance of minimally invasive surgeries (MIS). As MIS has become a new cadre of effective treatment resulting in faster recovery, less pain, and lower risk of infection, their use in treating gynecological conditions is expected to rise considerably. “Devices used for minimally invasive surgeries have existed for a long time, but only the technological advancements in the recent decades have enabled them emerge at the highest-grossing product segment,” observed the TMR report’s author. The advent of MIS in gynecology is thus one of the biggest improvements witnessed in recent times. This also includes the launch of Da Vinci robotic platform and 3D imaging solutions used in complex cases.
Lack of Venture Capital Leaves New Entrants Struggling for Feasible Financial Sources
“Since bigger companies have large revenue pools that be used for R&D purposes and outsourced, they naturally enjoy a higher competitive strength,” said a lead TMR analyst. Smaller medical firms on the other hand are struggling to develop products in-house due to lengthy FDA approval as well as limited funds. Complicating the situation more is the stagnancy of venture capitalists in the gynecological devices market. Their inadequate presence has left smaller companies, especially new entrants struggling for feasible sources for venture capital.
Nevertheless, these smaller establishments are looking to gain from the development of novel technologies. Moreover an increasing number of patients worldwide are approaching gynecological diagnostics and counseling, showing growth in the demand for gynecological devices. Hence players, irrespective of their business size, focusing on regions with high prevalence of the gynecological diseases will leverage higher benefit.
In addition, the presence of myriad gynecological surgical devices such as hysteroscopes, sterilization and contraceptive devices, colposcopes, and fluid management systems has enabled the market cater to the demand arising from developing markets. This has in turn enabled players penetrate into emerging economies and capitalize on opportunities prevalent therein.
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