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The global women’s health devices market size was USD 34.23 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with women’s health devices witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market witnessed a huge decline of -7.0% in 2020 as compared to the average year-on-year growth during 2017-2019. The market is projected to grow from USD 35.63 billion in 2021 to USD 62.61 billion in 2028 at a CAGR of 8.4% in the 2021-2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth returning to pre-pandemic levels once the pandemic is over.
In terms of the prevailing global scenario, there has been a strong increase in women’s health expenditure. This rise in the expenditure is primarily due to the growing awareness of female health issues and also the sustained increase in the disposable incomes of women across the world. Furthermore, the increased prevalence of female cancers such as breast and ovarian cancer and other diseases such as uterine fibroids is expected to strongly drive the market. All these factors together are expected to greatly lead to women’s health devices market growth in the forecast period.
Such positive developments in the women’s health space have motivated a diverse set of companies with various application areas to engage in the R&D of new products. This had led to a strong number of product launches in the forecast period, ranging from diagnostic and monitoring devices to therapeutic devices. As the female demographics shift in the global scenario, the increasingly younger generation of women is expected to strongly adopt these products. These positive trends are expected to strongly drive growth in the global market.
Limited Hospitals Visits due to COVID-19 Pandemic to Negatively Impact Market Growth
The COVID-19 pandemic has had a negative impact on the global market as the lockdowns imposed across the world limited the visits to various healthcare professionals. For instance, CooperSurgical Inc. (The Cooper Companies, Inc.) witnessed a pronounced negative impact as the global revenues declined by 4.0% in the company’s fertility segment in Q4 2020 due to the pandemic. However, in Q1 2021, the company witnessed a positive performance in the fertility segment with an increase of 12.0% over Q1 2020.
At the same instance, the global market has been experiencing certain trends of sales rebound in the later financial quarters of 2020 due to the gradual opening of hospitals & clinics. In terms of women’s health devices, there is often a requirement for a thorough medical examination by a healthcare professional. Hence, the prescription of oncology diagnostics such as in-vitro diagnostics (IVD) entails regular appointments with the healthcare professionals as the treatment progresses.
As the countries across the world have begun reopening, the global market has witnessed clear trends of a sales rebound. This positive momentum of sales rebound is attributable to the gradual reopening of medical practices worldwide. Furthermore, another key factor that is further aiding the rebound of the global market is the robust ongoing adoption of telemedicine that is enabling the greater adoption of women's health devices in the pandemic.
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Robust Investment Initiatives by Key Players is a Prominent Trend
One of the most prevalent trends witnessed in the women's health devices market is that a number of investment initiatives are being undertaken, which is anticipated to contribute very strongly to the growth of the market in the forecast period. There are numerous advantages of this strong momentum of investment initiatives. Some of the advantages of these initiatives include greater availability of more convenient and affordable options, which leads to greater adoption of these medical devices. Furthermore, these investment opportunities are expected to give rise to the launches of innovative products.
According to an article published in Forbes in 2020, in the past 12 months: female technology market space received almost USD 800.0 million in terms of funding. For instance, Willow, the start-up company engaged in the development of a new, wearable breast pump for women, announced fresh funding of USD 55.0 million as it plans to expand its product line towards new mothers. Hence, these new trends are expected to open up a new female population base for the companies engaged in the market and are expected to significantly contribute to the surge of the market in the forecast period.
Increased Awareness of Women's Health Issues to Strongly Drive Market Growth
In terms of the modern demographics, the female population across the world has experienced significant increases in terms of proportion. Furthermore, the overall healthcare infrastructure across the world, especially in emerging countries, is expected to undergo a significant improvement. Hence, these improvements in overall healthcare parameters across the globe have also significantly heightened the awareness and sensitivity to women’s health issues. Such positive market dynamics have surged the market growth in the forecast period.
The demand for medical devices for the diagnosis & treatment of women's health diseases, such as a wide range of female cancers, has increased tremendously over the past few years owing to the substantial growth in the female patient population. Numerous research studies have indicated that the prevalence of women's health diseases has significantly increased over the past few decades. In order to reduce the mortality rate in female patients suffering from critical diseases, several governments have undertaken initiatives to heighten awareness regarding female diseases.
For instance, the Office on Women's Health at the U.S. Department of Health and Human Services in the United States organizes several awareness programs linked to women’s diseases such as breast cancer, hypertension, human papillomavirus (HPV), and mental health wellness. These awareness campaigns have contributed immensely towards the creation of making women aware of these critical illnesses, especially the younger generation of females. These campaigns have led a number of women to adopt various medical devices such as oncology diagnostics for early and preventive care. All these factors are anticipated to lead to a surge in the patient population, which is expected to drive the growth of the market in the forecast period.
Rise in Prevalence of Diseases Pertaining to Women's Health to Augment Market Growth
The overall prevalence of women's health diseases has increased dramatically over the past few decades owing to a number of factors which include technological improvements in diagnostic devices and heightened awareness leading to the adoption of preventive care. This significant rise in the incidence has led to a large patient population suffering from debilitating and chronic conditions which severely affect the daily functioning of the patients and also have severe implications on their mortality.
For instance, there has been a greater prevalence of female cancers, such as cervical cancer, which can be treated early and effectively if women are screened in an efficient manner. For instance, according to statistics released by the American Cancer Society (ACS), in the United States, an estimated 14,480 new cases of cervical cancer will be diagnosed in 2021. Such a strong prevalence of female diseases has led to an increased demand for a wide range of women’s health devices. Furthermore, this has led to the engagement of a number of medical devices companies in the R&D initiatives for the development of effective devices for the early disease diagnosis, treatment, and management of women's health diseases. These R&D initiatives are anticipated to lead to robust growth for the market in the forecast period.
Lack of Market Penetration in Emerging Regions to Restrain Growth
Despite a critical and increased need for women's health devices, the awareness about various women’s diseases is low amongst the general population in the emerging regions, unlike the developed countries. There is a considerable lack of understanding about various symptoms of women's health diseases that can be treated or corrected easily with proper diagnostics and treatment devices. Individuals in these emerging countries do not visit healthcare professionals on a regular basis unless there is a major or severe symptomatic condition. The symptoms of certain women's health diseases, such as female cancers, often are absent in the majority of the cases and are not accurately diagnosed, which drastically reduces the patient pool that can be treated. These would significantly hamper the women’s survival rates in these countries.
For instance, according to the latest data from the Institute for Health Metrics and Evaluation, the average number of live births per woman across the world stands at 2.4, down from 4.7 in 1950. In emerging regions of sub-Saharan Africa, the average fertility rate has fallen drastically over the past decades. Although, it still stands at 4.6 and is considered unsustainably high. This distinct lack of awareness is attributable to the absence of prominent and more technologically advanced women’s health devices in these regions. This lack of market penetration in the emerging regions severely limits the market growth in the forecast period, as these regions often have untapped market potential.
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Cancers & Other Chronic Diseases Segment Held the Largest Share in 2020
Based on applications, the global market can be segmented into general health & wellness, cancers & other chronic diseases, reproductive health, pregnancy & nursing care, pelvic & uterine healthcare, and others.
The cancers & other chronic diseases segment accounted for the highest women's health devices market share in 2020, which is attributable to the increased prevalence of a wide range of female cancers. This strong surge in cancer cases in women is expected to lead to an increased demand for effective health devices, which is anticipated to further drive the growth of the application segment during the forecast period. For instance, in December 2021, F. Hoffmann-La Roche Ltd announced the launch of the cobas PIK3CA Mutation Test for patients diagnosed with advanced or metastatic breast cancer in countries that accept the CE mark. Such developments are expected to further provide the impetus for growth in the market.
The pregnancy & nursing care segment accounted for the second-highest market share in 2020, owing to the presence of several critical women’s health devices such as pregnancy diagnostics and breast pumps in this segment. The reproductive health segment was expected to account for the third-largest segment in the global market in 2020. One of the contributing factors for the strong market share of the segment was the increased demand for female contraceptive devices. The pelvic & uterine healthcare segment is also expected to witness strong growth prospects due to the strong demand for female urinary incontinence devices. Increased demand for medical devices such as breast implants is expected to drive the general health & wellness segment.
Home Healthcare Segment to Grow at the Highest CAGR in 2021-2028
Based on the end-user, the market is segmented into hospitals & clinics, home healthcare, and others. The hospitals & clinics segment is expected to account as the dominant segment during the forecast period. The dominance of the segment is attributable to the strong flow of patients in these end-user settings for the purpose of the diagnosis and treatment of several diseases linked to women’s health, including various cancers.
The home healthcare segment is expected to grow at the highest growth rate, owing to the increased usage of women's health devices in these settings due to the greater degree of ease and convenience for the patients. The others segment is expected to witness a comparatively lower CAGR in the forecast period.
North America Women’s Health Devices Market Size, 2020 (USD Billion)
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On the basis of region, the global market can be segmented into North America, Europe, Asia Pacific, and the rest of the world.
The market size in North America stood at USD 15.40 billion in 2020, and the region is expected to account for the largest market during the forecast period. Strong healthcare expenditure for women’s health in the region, coupled with the comparatively stronger demand for technologically advanced devices in the region, are some of the factors that contribute to the region’s dominance. For instance, according to the projections by the U.S. Census Bureau, by 2020 in the U.S., the national demand for women's health care is forecasted to grow by 6% in 2020. Such trends are expected to drive the region’s growth during the forecast period.
Europe accounted for the second-highest market revenue share in 2020, which is attributable to the strong women's healthcare expenditure in key European countries and the presence of a substantial female population in Europe. For instance, according to Breast Cancer Now, in 2021, an estimated 55,000 women are diagnosed with breast cancer every year in the United Kingdom. Such a high prevalence of female cancers in key European countries is expected to drive the growth in the region.
The Asia Pacific region is estimated to witness the strongest CAGR during the forecast period of 2021-28. The improvement in healthcare infrastructure in Asian countries, the growing prevalence of women’s diseases, and the increasing awareness about technologically advanced women’s health devices are driving the market growth in the region. In January 2020, Japanese diagnostics company Sysmex announced that they had received Class III approval from China’s National Medical Products Administration for its Lynoamp BC in vitro diagnostic reagent for breast cancer. Such prominent product approvals in the region coupled with an increase in healthcare expenditure are expected to strongly contribute to the growth in the region.
The rest of the world comprises developing regions such as Latin America, and the Middle East & Africa. Together, these regions accounted for a lower share of the global market in the forecast period. However, increased awareness of female health issues coupled with the greater presence of prominent companies in these regions is expected to lead to positive growth rates in the forecast period.
Diverse Portfolio to Help F. Hoffmann-La Roche Ltd. and Boston Scientific Corporation to Dominate
In terms of the competitive landscape, the market has the presence of several companies of various sizes with a diverse product portfolio with wide application areas. In the current market scenario, F. Hoffmann-La Roche Ltd dominates the market, primarily due to the company’s diagnostics portfolio, which has a number of products catering to female health issues. Some of the application areas of women’s health that F. Hoffmann-La Roche Ltd addresses include several types of female cancers and also pregnancy and fertility. Other prominent players include Boston Scientific Corporation, which has a strong portfolio dedicated to pelvic health medical devices.
Other companies such as Coloplast A/S and Hologic Inc. also account for a strong market share of the global market due to their product offerings dedicated to female urinary incontinence and diagnostics. Furthermore, increasing investment initiatives in the women’s health devices industry is expected to give rise to several emerging companies that may increase their market share in the forecast period.
An Infographic Representation of Women’s Health Devices Market
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The market research report provides detailed market analysis and focuses on key aspects such as the prevalence of key disease indications, key countries/ regions, 2020, overview: start-ups and innovations in the market, and key industry developments – mergers, acquisitions, and partnerships. Additionally, it includes an overview of new product launches and the impact of COVID-19 on the global market. Besides these, the report offers insights into women’s health devices market trends and highlights key strategies by market players of the industry. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.
Value (USD billion)
Fortune Business Insights says that the global market size was USD 34.23 billion in 2020 and is projected to reach USD 62.61 billion by 2028.
In 2020, North America stood at USD 15.40 billion.
Registering a CAGR of 8.4%, the market will exhibit steady growth in the forecast period (2021-2028).
The cancers & other chronic diseases segment is expected to lead this market during the forecast period.
The increasing prevalence of women’s diseases, new product launches, and the surging research and development initiatives for women’s health devices are key factors driving the market’s growth.
F. Hoffmann-La Roche Ltd. and Boston Scientific Corporation are the major players in this market.
North America dominated the market in terms of share in 2020.
The increasing demand for these health devices for women, growing awareness of issues relating to female health, and various investment initiatives for developing advanced products are expected to drive the adoption of the products.
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