How Will The Gynecological Devices Market Globally Expand In 2023?
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s gynecological devices market report forecasts the gynecological devices market size to grow to $17.04 Billion by 2027, with a CAGR (compound annual growth rate) of more than 8%.
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Gynecological Devices Market Size Forecast
The global gynecological devices market is expected to grow from $11.45 billion in 2022 to $12.44 billion in 2023 at a compound annual growth rate (CAGR) of 8.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global gynecological devices market size is expected to reach $17.04 billion in 2027 at a CAGR of 8.2%.
North America held the largest gynecological devices market share, and Asia-Pacific was the fastest-growing region in 2022.
Key Gynecological Devices Market Driver – Increase In The Prevalence Of Gynecological Disorders
According to the World Health Organisation (WHO), a Switzerland-based intergovernmental organisation, endometriosis will impact approximately 190 million women and adolescents of reproductive age globally in March 2023. Furthermore, cervical cancer was the fourth most common cancer in women worldwide, with 604,000 new cases and 342,000 deaths projected in 2020, accounting for more than 90% of new cases and deaths in low- and middle-income countries. As a result, the rising prevalence of gynaecological illnesses is propelling the gynaecological devices market forward.
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Key Gynecological Devices Market Trend – Technological Advancement
Companies in the gynaecological devices market are embracing new technology in order to maintain their market position. For example, in February 2023, Boston Imaging (Samsung), a medical imaging technology firm based in the United States, launched Hera W10 Elite, an artificial intelligence-enabled women’s health ultrasound system that enables for the visualisation of microcirculatory and sluggish blood in 2D and 3D. The Hera W10 Elite features an enhanced MV-Flow function as well as a larger organic light-emitting diode (OLED) display, allowing for better characterization of various ultrasound pictures utilised in obstetrics and gynaecology procedures to provide doctors with greater diagnosis knowledge. The platform also contains a new transducer for endovaginal imaging of the foetal heart and brain. AI enhancements include HeartAssist, ViewAssist, and BiometryAssist.
Gynecological Devices Market Segment
1) By Device: Surgical Devices, Diagnostic Imaging Systems, Hand Held Instruments, Software, Other Devices
2) By Application: Laparoscopy, Hysteroscopy, Dilation and Curettage, Colposcopy, Other Applications
3) By End User: Clinics, Hospitals, Diagnostic Centers, Research Institutes, Others End Users
Gynecological Devices Market Major Players and Strategies
Major players in the gynecological devices market are Medtronic Plc., CooperSurgical Inc., Richard Wolf GmbH, Hologic Inc., Boston Scientific Corporation, Stryker Corporation, KARL STORZ SE & Co. KG, Ethicon Inc., MedGyn Products Inc., General Electric Company, Fresenius Medical Care AG & Co. KGaA, Gynex Corporation, Bayer AG, Gynemed Medizinprodukte GmbH & Co. KG, Meril Life Sciences Pvt. Ltd., Siemens AG, and Cook Group.
Hologic, Inc, a medical technology business based in the United States, paid $160 million for Bolder Surgical in December 2021. Hologic Inc hopes to acquire a competitive advantage in the women’s health industry by expanding its product line in the laparoscopic segment with this acquisition. Bolder Surgical is a company established in the United States that manufactures gynaecological instruments used in laparoscopy.
The Gynecological Devices Global Market Report 2023 covers regional data on gynecological devices market size, gynecological devices market trends and drivers, opportunities, strategies, and gynecological devices market competitor analysis. The countries covered in the gynecological devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Gynaecological devices are tools used to manage the female reproductive system, delivery, and pregnancy. Gynaecology devices are used to execute a variety of medical treatments for women’s health.
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