New York, May 25, 2022 (GLOBE NEWSWIRE) — The Insight Partners published latest research study on “Gynecology Devices Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Product (Surgical Devices, Hand Instruments, and Diagnostic Imaging System) and End User (Hospitals, Diagnostic Centers, Clinics, and Others)”, the global gynecology devices market growth is driven by the rising number of gynecological diseases and the increasing number of advanced medical devices used for women. However, the limited access to contraception and stringent regulatory approval procedures hamper the market growth.
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|Market Size Value in||US$ 13.65 Billion in 2022|
|Market Size Value by||US$ 25.13 Billion by 2028|
|Growth rate||CAGR of 10.7% from 2022 to 2028|
|No. of Pages||334|
|No. of Charts & Figures||104|
|Historical data available||Yes|
|Segments covered||Product, and End User|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
Gynecology Devices Market: Competitive Landscape and Key Developments
Companies operating in the gynecology devices market implement various organic strategies, such as product launch and product development, to propel the market growth. Several companies are implementing numerous inorganic strategies, such as partnerships and mergers and acquisitions.
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In September 2021, Ethicon launched industry’s first powered circular stapler for colorectal, gynecological, gastric, and thoracic surgery. It helps address a serious complication associated with colorectal and gastric surgery. The Echelon Circular Powered Stapler reduces leaks by 61% at the staple line, compared to Medtronic’s DST Series Eea Stapler.
In May 2021, Hologic Inc. acquired Biotheranostics, a developer of two highly differentiated molecular diagnostic tests for breast and metastatic cancers – Breast Cancer Index (BCI) and CancerTYPE ID (CTID). Breast Cancer Index predicts which early-stage hormone receptor positive (HR+) breast cancer patients are likely to benefit from extended endocrine therapy and is included in clinical practice guidelines from prominent organizations including the National Comprehensive Cancer Network (NCCN) and the American Society for Clinical Oncology (ASCO).
In September 2020, GE Healthcare unveiled Voluson SWIFT, an AI-enhanced women’s health ultrasound with industry-first auto recognition tools to help improve efficiency. Voluson SWIFT redefines the ultrasound experience for women’s health practitioners by integrating intelligent features that can reduce patient scanning time by as much as 45% and automate exam measurements resulting in significant time savings for users.
Global Gynecology Devices Market: Key Insights – Future Trends
Artificial intelligence (AI) will be growing exponentially in various fields, such as gynecology. For instance, in a report by Norwitz et al., an AI software was created to predict prognosis in patients with ovarian cancer more precisely than current methods and predict the effective treatment per each patient diagnosis. Researchers at Brigham and Women’s Hospital and Dana-Farber Cancer Institute have been using AI to change large amounts of micro ribonucleic acid (RNA) data to develop models that can potentially diagnose early ovarian cancer. AI can improve patient outcomes, reduce healthcare costs, and decrease operative time that reduces operative complications using augmented reality, and decrease the workload for clinicians.
In addition, robotics is one of the examples of computer systems assisting in surgery. Incorporating robotics by trained gynecologists is boosting the demand for various surgical instruments. Cancer and other gynecologic conditions can be successfully treated with the innovative robotic technology. Moreover, medical device makers are leaning on leveraging the strength of robotics surgeries to expand their profit. Thus, the rapidly increasing traction of automation technologies, such as robotics, in the treatment of gynecological disorders is expected to boost the growth of the gynecology devices market.
In North America, the US holds a significant share of the gynecology devices market. The market growth in the US is primarily driven by increasing demand for gynecological surgeries, rising prevalence of reproductive disorders among women, and growing technological advancements in gynecology devices. Cancer is one of the major health issues among the women in the US. As per the Centers for Disease Control and Prevention (CDC), breast, colorectal, endometrial, lung, cervical, skin and ovarian cancers are the most common cancers affecting women, and more than 270,000 women die due to cancer.
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As per the American Cancer Society, in 2019, about 1,762,450 new cancer cases were diagnosed in the US, and an estimated 65,950 people will be diagnosed with endometrial cancer in 2022. Uterine cancer is the fourth most common cancer for women in the country. Additionally, an estimated 13,800 people were diagnosed with cervical cancer across the country in 2020. Thus, the rising number of gynecological cancers requires early diagnosis and surgical procedures to be performed, which would favor the growth of the gynecology devices market during forecast period.
Gynecology Devices Market: Segmental Overview
Based on end user, the gynecology devices market is segmented into hospitals, diagnostic centers, clinics, and others. The hospitals segment held the largest market share in 2022. Moreover, the same segment is anticipated to register the highest CAGR during the forecast period. Hospitals are the largest entities that have all facilities. In hospitals, all the equipment and instruments required for ECG, MRI, CT scan, and X-ray are available.
Due to the development in the healthcare facilities, hospitals are upgraded with the modernized equipment and are installed with the digital pathology and artificial intelligence. These technologies assist in communicating among inter departments and allow to share data across the domain. Hospitals are associated with various doctors, specialist doctors, and other professionals that provide better healthcare services. All the gynecological diseases can be treated in the hospitals, and the better nursing services are being provided by the staffs. Therefore, owing to all the above-mentioned factors, the gynecology devices market for the hospital segment is likely to grow in the coming years.
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