Gynecological Devices Market Benefits from Rising Awareness for Gynecological Conditions in Developing Countries
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On the flip side, stringent regulations and long hauls for product approval especially in developed countries are challenging the growth of gynecological devices market.
Owing to a multitude of positive factors, the global market for gynecological devices is likely to register a CAGR of 4.8% between 2017 and 2023.
The global gynecological devices market is studied based on product type and geography. In terms of product type, surgical devices, hand instruments, diagnostic imaging systems, and gynecological chairs are the key segments into which the gynecological devices market is divided. Surgical devices, among them, accounts for the leading share in the overall market. Rising preference for minimally invasive gynecological procedures along with recent advances in conventional endoscopic surgeries bode well for surgical devices segment. The surgical devices market is projected to be worth US414, 956.8 mn by 2023.
The surgical devices segment is further sub-segmented into endoscopy devices, fluid management systems, endometrial ablation devices, and female sterilization and contraceptive devices. Endoscopy devices hold prominence due to their capability to diagnose common female disorders and pathologies such as infertility problems and small vaginal hemorrhages. Technological advancements leading to design upgrades and miniaturization of endoscopy devices along with role of modern anesthetic medicine have been instrumental in growth of endoscopic procedures.
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Endometrial ablation devices hold significance due to their usability to treat all areas of endometrial cavity with minimal operation of the device. The segment was valued at US$510.5 mn in 2014; going forward the segment is predicted to display notable growth rate between 2017 and 2023.
Fluid management sub-segment within surgical devices hold prominence as change in fluid volume that occurs during surgery and as a response to trauma needs to be maintained. However, high cost of fluid management systems limit their use especially in developing countries.
Female sterilization and contraceptive devices within surgical devices holds notable share as they are most commonly used methods for family planning. The segment is anticipated to be worth US$7,802.9 mn by the end of 2023.
Hand instruments segment holds significance due to their use in both examination and surgical settings. Vaginal speculum, tenaculum, curetttes, trocars, and biopsy forceps are the sub-segments into which hand instruments segment is divided.
Diagnostic imaging systems segment in gynecological devices market is bifurcated into ultrasound devices and mammography devices. Ultrasound devices hold significance as it is the first-line imaging technique to detect pregnancy, miscarriage, and benign and malignant tumors.
Gynecological chairs segment hold prominence for gynecology and urological examinations. The segment is anticipated to be valued at US$281.1 mn by 2023.
Geography-wise, North America, Europe, Asia Pacific, Latin America, and Rest of the World are the key regions into which the global gynecological devices market is divided. North America held supremacy holding 41.1% share of the market in 2014; the region is anticipated to hold dominance in the years ahead too.
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Prominent companies currently operating in the gynecological devices market include Boston Scientific Corporation, Cooper Surgical Inc., Hologic Inc., Ethicon Inc., Karl Storz GmbH & Co. KG, Richard Wolf GmbH, Medtronic plc, Olympus Corporation, and Stryker Corporation.
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