The women health devices market is anticipated to record sturdy growth by 2027 owing to notable technological advancements in healthcare devices around the world.
Health devices refer to any machine, instrument, apparatus, or implant that assist medical health professionals in diagnosing, monitoring, and treating diseases. Increasing awareness among women regarding routine health checkups, along with the booming femtech industry worldwide, has propelled industry expansion in recent years.
Moreover, to monetize emerging trends in the market, key companies have been adopting lucrative strategies, which has favorably impacted overall business outlook. For instance, in December 2021, Caldera Medical, a prominent medical device manufacturer, launched its novel surgical product for the treatment of polyps, stress urinary incontinence, and pelvic organ prolapse, dubbed the Desara?(R) TVez. The novel health device has been designed to simplify the surgical procedure that are involved in the treatment of pelvic health disease.
The women health devices market has been divided on the basis of end-use, type, application, product, and region. With respect to type, the market has further been categorized into consumables and devices.
The devices sub-segment is projected to garner considerable gains by 2027, registering a CAGR of about 6.7% over the analysis period owing to development of innovative and technologically advanced devices. In addition, soaring demand for effective disease treatment is estimated to drive segmental growth over the forthcoming years.
On the product spectrum, the women health devices market has been bifurcated into critical care, surgical, labor & delivery, diagnostic, contraceptives, and others. In 2020, the labor & delivery sub-segment attained a valuation of more than USD 4.0 billion and is expected to witness steady growth over 2021-2027. Rising occurrences of fatal maternity complications and high availability of consumables for labor & delivery that offer ease in complex procedures are set to boost product demand.
Based on application, the women health devices market has been segmented into female sterilization, cancer, pregnancy, osteoporosis, post-menopausal syndrome, infectious diseases, uterine fibroids, and others. The uterine fibroids sub-segment accounted for nearly 9% market share in 2020 and is anticipated to expand at a robust CAGR through the review period.
Rising prevalence of uterine fibroids and growing awareness among women regarding early diagnosis of the disease are likely to support segmental expansion. Moreover, continuous developments in ultrasound devices are set to further fuel product adoption in uterine fibroids treatment over the assessment timeline.
In terms of end-use, the women health devices market has been classified into ambulatory surgical centers, hospitals, diagnostic laboratories, obstetrics & gynecology clinics, and others. In 2020, the diagnostic laboratories sub-segment held above 23% revenue share in the market and is slated to gain notable traction over 2021-2027.
Burgeoning number of diagnostics & pathology laboratories, along with widespread adoption of advanced diagnostic methods, is estimated to support segmental development. Additionally, organizational efforts to boost accessibility and favorable regulatory landscape are expected to accelerate product uptake in diagnostic laboratories in the forthcoming years.
On the regional front, the LATAM women health devices market is poised to expand at approximately 6.1% CAGR through the forecast timeframe owing to the developing healthcare infrastructure. Supportive government initiatives to ensure enhanced women health care, coupled with rapid business expansion by key market participants to broaden product accessibility in Latin America are slated to foster regional market growth in the future.