Investments in women’s health rising demand for women’s health device

calendar_today 28 September, 2022 person_outline Growth Plus Reports

According to the deep-dive market assessment study conducted by Growth+Reports, the global women’s health devices market was pegged at ~US$ 36.23 billion in 2021. The market is expected to witness a CAGR of ~9.2% from 2022 to 2030.

The increased prevalence of chronic diseases such as ovarian cancer, breast cancer, osteoporosis, and infectious diseases caused by unprotected intercourse directly influence the growth of the women’s health devices market. The worldwide increase in the elderly population and improved awareness also drive the market. Certain government initiatives taken in various economies of the world to fulfill the unmet needs of the female population and reduce the economic burden fosters market growth. Furthermore, increased investments in women’s healthcare and the development of various innovative products and devices in the market enhance the growth of the women’s health devices market. The rise in the number of diagnostic centers also drives the market.

However, the high cost of devices with weak reimbursements and lack of skilled professionals especially in poor economies can restrain the market growth. The treatment of cancer can lead to out-of-pocket expenses thus patients refrain from getting the treatment in the first place. This can also be a challenge for market growth.

Ovarian cancer is the fifth in the category of cancers leading to death in females, usually occurring in elderly females. According to an NCBI report, by 2025 there will be around 600 million elderly females worldwide, and most of them would be residing in developing nations. These mixed factors of cancer prevalence and the rate of the aging female population would be increasing the demand for women’s health devices. Since these former factors cause socioeconomic implications, hence there is a need for accurate and early diagnosis of such chronic disorders. Moreover, there is a significant rise in sexually transmitted diseases. According to a WHO report, in 2022, around 1 million individuals acquire STDs every day worldwide, of which the majority of the cases are asymptomatic. Early diagnosis is need for an hour, else leading to a life-threatening condition. Thus, increasing the demand for women’s health devices.

Governments of various economies are taking initiatives to create awareness of women’s health so as to prevent and curb the issue of economic burden, especially in developing countries. In India, around 77000 health and wellness centers are functioning under Ayushman Bharat Scheme, with a goal to provide comprehensive healthcare and screening of women for non-communicable conditions. Such initiatives boost the women’s health devices market by increasing demand.

There is a rise in innovative product launches for women’s healthcare. AOA, a Helm portfolio company developed the first liquid biopsy test which enables the early and accurate diagnosis of ovarian cancer by tumor marker gangliosides, analysis. Many health tech companies are investing in women’s health with a vision to reduce the healthcare gap between male and female employees. A news article by CNBC,2022 VC funding in Femtech companies tripled in the last 5 years. Such increased investments hugely drive the global women’s health devices market.

Europe stood second in the women’s health devices market in terms of revenue share. This is attributed to the increased prevalence of breast cancer cases and robust healthcare infrastructure and health expenditure in the region. According to Breast Cancer Now, around 55000 females were diagnosed with breast cancer in 2021 in the United Kingdom. Also, the rising number of femtech startups focusing on reproductive health in Europe is also a driving factor.

The prominent players operating in the global women’s health devices market are Abbott Laboratories, Cardinal Health, F. Hoffmann-La Roche, CooperSurgical Inc., MedGyn Products, Siemens Healthineers, Hologic Inc., GE Healthcare, Carestream Health, and Caldera Medical among others.

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