Gynecology Device Market to Exceed US$ 25,131.22 million by 2028 says, The Insight Partners

The Insight Partners 2023

Gynecology Device Market is estimated to reach US$ 25,131.22 Million by 2028

NEW YORK, UNITED STATES, January 11, 2023 /EINPresswire.com/ -- According to The Insight Partners new research study on "Gynecology Device Market¹ Forecast to 2028 – COVID-19 Impact and Global Analysis – By Product (Surgical Devices, Hand Instruments, and Diagnostic Imaging System); End User (Hospitals, Diagnostic Centers, Clinics, and Others), and Geography. The global Gynecology Device market is expected to reach a value of US$ 25,131.22 Million in 2028 from an estimated value of US$ 13,658.41 Million in 2021. The market is projected to grow with a CAGR of 10.7% from 2021 to 2028. Major factors driving the market growth are the rising number of gynecological diseases and increasing advancements in devices used for women. However, the limited access to contraception hampers the market growth. The report highlights the key factors driving the market and prominent players with their developments. With rising investments by companies, the demand for gynecology device-based new techniques is increasing, thereby driving the market growth.

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The gynecology device market majorly consists of players, such as Cooper Surgical, Inc.; Hologic, Inc.; Medtronic; Stryker; Karl Storz SE&CO. KG; Olympus Corporation; General Electric Company; Richard Wolf GMBH; and Ethicon.

The global healthcare system was severely challenged with an explosive surge of COVID-19 positive cases, propelling the demand for medical care. The Increased need for treatment and solution for Coronavirus has increased the demand for the management of COVID-19 cases in hospitals and other healthcare facilities. The medical device industry is facing the negative impact of the COVID-19 pandemic. The pandemic had a significant impact on the gynecology market, as the majority of gynecological procedures are considered elective. In March 2020, the American College of Surgeons recommended the delay of all nonessential invasive procedures.. In 2019, about 1,545 gynecologic surgeries were performed compared with 942 cases in 2020, a decline of 39% was witnessed. In addition, about 502 hysterectomies were performed in 2019, while only 286 procedures were performed in 2020. Hysterectomy decreased by 60.5% and resection of endometriosis decreased by 90.4%.

According to the American Society of Clinical Oncology (ASCO) data, ~417,367 people were diagnosed with uterine cancer in 2020. Women diagnosed with endometrial cancer are typically aged between 60 years and above. As per the American Cancer Society, ~65,950 new cases of uterine cancer will be diagnosed by 2022, with ~12,550 associated deaths among women patients in the US. Moreover, according to global cancer observatory data, cervical cancer is the 7th most common cancer globally, with more than ~604,000 new cases diagnosed in 2020. Cervical cancer is a type of cancer that can be prevented and treated. The early detection of cervical cancer can be prevented with human papillomavirus (HPV) vaccination and managed effectively.

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Therefore, the global gynecology device market fell by more than 30% in 2020, compared to 2019. In addition, disrupted supply chains, extended lockdowns, and canceling of other medical procedures have also negatively affected the growth of the gynecology devices market. However, following the relaxation of lockdown restrictions, most countries resumed treatment of the patients. Resuming ART treatments was seen as a priority in most countries due to the time-sensitive nature of infertility and the potential long-term impact on population growth. Also, hospitals have started resuming elective procedures because the COVID-19 recovery rate is increasing. Therefore, there is a rising demand for medical equipment, such as gynecology devices.

The gynecology device market is segmented on the basis of products and end-user. Based on products, the market is segmented into surgical devices, hand instruments, and diagnostic imaging systems. Based on end-user, the gynecology device market is segmented into hospitals, diagnostic centers, clinics, and others.

By geography, the global gynecology device market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Spain, Italy, and the Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and the Rest of APAC), the Middle East & Africa (Saudi Arabia, the UAE, South Africa, and the Rest of MEA), and South & Central America (Brazil, Argentina, and the Rest of south and central America).

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¹ https://www.theinsightpartners.com/reports/gynecological-devices-market
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