Cooper Surgical, Boston Scientific Corporation, and Olympus Corporation – the three biggest names in gynecological devices, held a collective share of 25.5% in revenue, in 2014, finds Transparency Market Research (TMR) in a new study. Although a majority of the market is shared by regional players and new entrants, it does not imply that these players have it easy.
According to Transparency Market Research, all gynecological devices players are currently facing the issue of going through a very slow regulatory approval process. Additionally, FDA approval fees are constantly on the rise, making it increasingly difficult for regional new entrants to apply for it. Complicating this matter further is the stagnant state of venture capitalists in gynecological devices. Their low presence has left new entrants struggling to procure feasible venture capital.
However, all players alike can still look forward to high rate of innovations in gynecological devices. Moreover, the number of patients approaching gynecology for diagnostics and counselling are increasing rapidly, showing a growth in the number of gynecological disease. All players need to focus their efforts on regions where these diseases are most prevalent.
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Patients Show High Preference towards Minimally Invasive Gynecology Surgical Devices
“The need for minimally invasive surgical devices has existed for a long time now, but only in the recent decades have we actually been able to come close to achieving this,” explains a TMR analyst. “Thanks to modern achievements in technology and materials, a large number of healthcare fields – including gynecology – have at their disposal a wide array of minimally invasive surgical devices,” he added.
Owing to the technological advancements, surgical gynecological devices have earned the status of highest grossing product segment.
Innovations Create Greater Growth Opportunities in Gynecological Devices
“The advent of minimally invasive surgery in gynecology is undoubtedly the biggest improvement this field has witnessed in recent times including the introduction of the single port laparoscopic surgery and the Da Vinci robotic platform,” the analyst said. “Yet there are several other improvements that are expected to shine for their players and providers,” he added. These include the increasing use of robotic surgery and 3D imaging solutions.
Meanwhile, gynecological diagnostic imaging devices as a products segment is showing the fastest growth rate. It is expected to expand at a CAGR of 5.8% from 2014 to 2023. This segment has shown major improvements in lighting technology, making these devices highly efficient in early detection and prevention of diseases.
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In terms of gynecological chairs, medical professionals are showing a higher preference towards adjustable-height chairs, both manual and motorized. Players therefore need to shift their focus on manufacturing similar products and move away from the conventional rigid gynecological chairs.
Surgical Devices to Rally Gynecological Devices Revenues till 2023
The global gynecological devices market is expected to cross US$22 bn by 2023, after being valued at US$14.9 bn in 2014. A major chunk of this revenue is being contributed by the product segment of surgical devices, which is expected to expand at a CAGR of 4.4% between 2015 and 2023.
A wide array of gynecological surgical devices, including fluid management systems, hysteroscopes, colposcopes, and sterilization and contraceptive devices are in high demand all over the world and especially in developing economies, enabling their players to make their foray in newer regions and emerging markets.
The above data was collated from a research report released by TMR, titled “Gynecological Devices Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”
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