ALBANY, N.Y., Dec. 24, 2020
- Minimally Invasive Therapies to Attract Attention of Device Manufacturers in the Gynecological Devices Market, Delay in Approvals and Product Recalls Key Challenges for Stakeholders
- Incorporation of Robotics in Surgeries to Expand the Horizon for Market Participants, North America Held Major Regional Share Market in 2018 Propelled by High Awareness about Morbidity of Gynecological Disorders
ALBANY, N.Y., Dec. 24, 2020 /PRNewswire/ -- Gynecological diseases are the primarily the diseases that involve women's reproductive system. Globally, these have a high burden and also mortality, such as the prevalence of endometrium cancer and cervical cancer. Sexually transmitted disease (STD) have been particularly prevalent in the patient population. All these trends shape the prospects of the gynecological devices market.
Rapid advances have been made in both the clinical expertise of surgeons and the devices that are used for minimally invasive surgeries. A case in point is the growing demand for new technologies in devices used in minimally invasive hysterectomies.
Growing demand for gynecological devices in laparoscopy and endoscopy has helped propelled revenue expansion in the market. Globally, the gynecological devices market is expected to reach worth of US$ 25,267.43 Mn, clocking CAGR of 3.8 % from 2019 to 2027.
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Key Findings of Gynecological Devices Market
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Gynecological Devices Market: Competitive Dynamics and Key Impediments for Stakeholders
The regulatory outlook does not seem very favorable to gynecological devices market players in key regions. For instance, the approval policies of the U.S Food and Drug Administration (FDA), such as 510(k) and premarket approval (PMA) norms, need to be more conducive to the marketing of pioneer products. On the other hand, there have been significant number of product recalls vis the PMA processes in the U.S. in the last few years. Moreover, even large medical device manufacturers may be reluctant to bear the cost of stringent documentation.
Nevertheless, medical device makers are leaning on leveraging the strength of robotics surgeries to expand their revenue-earning potential. A large number of players make the landscape increasingly fragmented. Some of the well-entrenched players are Karl Storz Gmbh & Co., Hologic, Inc., Olympus Corporation, Stryker Corporation, and Johnson & Johnson Services.
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