PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1403421
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1403421
According to Stratistics MRC, the Global Women's Health Devices Market is accounted for $52.4 billion in 2023 and is expected to reach $110.1 billion by 2030 growing at a CAGR of 11.3% during the forecast period. Products for fertility, family planning, and maternal and menstrual health are classified as women's health gadgets. These gadgets include a broad variety of medical equipment made especially to treat illnesses or health problems that are exclusive to women. These devices address a number of women's health issues, including menopause, pregnancy, delivery, and reproductive health. They also address illnesses including breast and cervical cancer, pelvic floor problems, and more.
According to the International Agency for Research on Cancer, the female breast cancer has become the most diagnosed type of cancer by surpassing the lungs cancer. Around 2.3 million new cases of breast cancer were reported in 2020. Around 9.2 million new cases of cancer and 4.4 million cancer deaths in female were reported in 2020.
The creation of gadgets that meet particular medical demands has been aided by increased awareness of women's health concerns and activities cantered around them. The need for these gadgets has also grown as a result of public health initiatives and educational initiatives. Women may follow changes in their health markers using these gadgets, which generally highlight preventative health measures and encourage early intervention and preventive activities. These are the aspects fostering the market's expansion.
Despite a crucial and increasing demand for women's health equipment, awareness of many women's diseases is poor among the general public in emerging regions, as opposed to industrialized countries. A great deal of knowledge is lacking on the many signs of disorders affecting women's health that are readily treated or resolved with the right diagnosis and treatment tools. These seriously impair women's survival rates in these nations. Therefore, this factor might impede market expansion.
The general incidence of women's health problems has risen considerably in recent decades as a result of numerous reasons, including technical advances in diagnostic technologies and improved awareness, which has led to the adoption of preventative care. Due to the notable increase in incidence, there is now a substantial patient population with chronic and crippling illnesses that have a negative impact on daily functioning and significantly increase the risk of death. These are the aspects affecting the market's expansion.
These gadgets require pricey routine upkeep and repairs. Higher expenses may result from the demand for specialized technicians or parts. There may be a period of inactivity when equipment needs to be serviced or maintained. This might affect arranged appointments or healthcare services. Some gadgets are difficult to maintain because they are complicated and sophisticated. Lengthier repair durations may also result from this complexity. As a result, this factor may prevent market growth.
The COVID-19 epidemic caused a reduction in income for major participants in the industry. During the pandemic, there was a decrease in the demand for female contraceptive goods, including ovulation monitors, intrauterine devices, menstrual pain management, and female condoms. Sales of female contraceptive devices fell as a result of consumer mobility constraints and stringent social distance rules that discouraged socializing.
The chronic diseases segment is expected to be the largest during the forecast period. The incidence of chronic illnesses, including diabetes, cancer, heart disease, and other conditions, is increasing among women due to dietary changes, physical inactivity, and altered lifestyles. The most common chronic illness affecting women is cancer. This sector has grown dramatically as a result of the increasing incidence of lung cancer, ovarian cancer, colon cancer, and breast cancer among women.
The hospitals & clinics segment is expected to have the highest CAGR during the forecast period. This may be attributed only to the population's growing inclination towards using hospitals for treatment of most illnesses. The main drivers of the segment's growth have been the increased use of both public and private hospitals, the growth of private clinics, the availability of specialized wards for women at hospitals, and the strength and development of the hospital's infrastructure for diagnosis and treatment.
North America is projected to hold the largest market share during the forecast period owing to the presence of huge female population in the region. High spending on women's health care and a correspondingly high demand for high-tech devices are expected to contribute to the region's dominance. It is anticipated that the leading market players in the area will continue to increase their spending in R&D, clinical studies, and the introduction of innovative health gadgets, which will further increase demand in the market.
Asia Pacific is projected to hold the highest CAGR over the forecast period. The increased government initiatives to promote gender equality in the nation have resulted in a surge in the women population. Moreover, the rising participation of women in the workforce is resulting in the increased disposable income of the women. The rising prevalence of various chronic diseases such as cancer, diabetes, cardiovascular diseases, and respiratory disorders among the women population is expected to augment the growth of the market.
Some of the key players in Women's Health Devices market include Koninklijke Philips, Siemens AG, Prestige Consumer Healthcare, Inc., Caldera Medical, MedGyn Products, Medline Industries, Abbott Laboratories, Carestream Health, GE Healthcare, F. Hoffmann-La Roche, Hologic, CooperSurgical, Inc. , Innovative Health Diagnostic and BioSkryb Genomics.
In December 2022, CooperSurgical, Inc. partnered with Ostro to launch a new consumer engagement solution for CooperSurgical's hormone-free IUD, Paragard. Paragard is an FDA-approved intrauterine device that prevents pregnancy up to 10 years.
In October 2022, BioSkryb Genomics signed a multi-year agreement with Cooper Genomics to license BioSkryb's proprietary genomic amplification technology. Cooper Genomics will utilize BioSkryb technology to enhance its preimplantation genetic testing (PGT) capabilities.