The global colposcopy devices market is anticipated to grow with a CAGR of nearly 7.1% during the forecast period. The rising patient pool of cervical cancer and the growing demand for early diagnostic techniques are among the key factors that bolster the growth of the market. There is a high mortality rate from cervical cancer worldwide. As per the World Health Organization, in 2018, cervical cancer claims over 570,000 new cases accounting for 6.6% of all female cancers. In addition, around 90% of deaths occurred in low- and middle-income countries. This high mortality rate can be managed by early diagnostics and screening programs helping in detection of disease at an early phase.
Increasing geriatric population is also leading to upsurge in the cases of cervical cancer worldwide. Women are becoming increasingly aware of gynecological diseases, which is followed by a rise in regular checkups and spending on personal health. Supportive government legislation and initiatives in emerging economies coupled with improving healthcare infrastructure to spread awareness about different types of cancer occurring in women is working as a growth stimulant to overall market.
Developing countries are focusing more on increasing reach of cancer screening programs, which in turn is expected to trigger the adoption of colposcopes. In addition, technological advancement such as integration of digital platforms with colposcopy equipment is working in favor of the overall market. Integration is boding a well for high resolution imaging devices, which are likely to replace traditional colposcopes, thereby influencing market dynamics.
However, reimbursement policies coverage in developing countries may hamper the growth of the market.
Key Market Trends
Handheld Colposcope Dominates the Market and is Expected to Continue to Do the Same during the Forecast Period
The handheld colposcope is expected to dominate the global colposcopy devices market throughout the forecast period. This can be attributed to the rising adoption of handheld colposcope due to a simple interface, improved workflow, enhanced clinical services, superior monitoring capabilities, and advanced modes. Moreover, improved image contrast levels and the merits of each strategy compared to a standard-of-care digital colposcope is expected to boost the market share of this vertical.
The device is believed to transform the colposcopy procedure through its advanced features that include small size, portability, ease of use, versatility and extended battery life. By costing as little as other stationary colposcope and offering both anti-fogging and waterproofing features capabilities, the device is ideally suited, no matter what their location or severity. These factors are expected to impel segment development.
North America Represents the Largest Market and Asia-Pacific is Expected to Register Fastest Growth.
Currently, North America dominates the market for colposcopy devices, and it is expected to continue its stronghold for a few more years. Growing demand for colposcope in the region coupled with the increasing prevalence of target disorders, high healthcare spending, and an increase in awareness is anticipated to drive the market growth. Moreover, strong clinical pipeline, favorable reimbursement policies for therapeutic products and higher adoption of these devices are other factors anticipated to promote revenue growth.
The Asia-Pacific is anticipated to witness lucrative growth over the forecast period. Increasing penetration of medical imaging technology and a huge pool of patients suffering from cervical cancer and growing spending on gynecological disorders are playing a vital role in the development of the regional market. Mortality rates and the incidence of cervical cancer is higher in developing countries. It can be reduced by implementing a program that provides effective treatment and early diagnosis.
Competitive Landscape
Mergers, acquisitions, significant investments in R&D, and the development of new products or product modifications are among the key strategies adopted by market players to gain a competitive edge. The major players include companies such as McKesson Medical-Surgical Inc., Medgyn Products, Carl Zeiss AG, Olympus Corporation, Seiler Instrument Inc., MobileODT and Coopersurgical Inc.
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