Colposcopy Market Revenue to Surpass US$ 700 Mn by 2030 | CAGR 5%
According to Acumen Research & Consulting, the Global Colposcopy Market size is projected to grow at a CAGR of above 5% during the projected years and reach a value of over US$ 700 Mn by 2030.
Cervical cancer was formerly one of the leading causes of cancer death among women in the United States. With the increased adoption of the colposcopy, the mortality-rate from cervical cancer decreased considerably. Cervical cancer is most commonly diagnosed in women between the ages of 35 and 44, with a median age of 50 upon diagnosis. As reported by WHO, cervical cancer was diagnosed in over 5,70,000 women globally with roughly 3,11,000 women losing their life due to the disease in 2018. As a result, the growing burden of cervical cancer cases throughout the world is the topmost driving factor of the colposcopy industry.
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Global Colposcopy Market Growth Factors
The increasing technological advancements in the gynecological devices are fueling the global colposcopy market. For decades, women who had a gynecological checkup were frequently forced to a lengthy and often inconvenient clinical procedure including outmoded equipment and an uncomfortably uncomfortable visit. Fortunately, significant technological advancements in the field of women's health have occurred in recent years.
Colposcopy is an extremely effective procedure for early diagnosis of wounds and selecting biopsy sites because of its great precision, the convenience of use, versatility, and non-invasive approach. Thus, colposcopy facilitates accurate diagnosis and can help prevent cervical cancer. It allows early detection of cancer thus saving thousands of women lives suffering from cervical cancer around the world. This factor is extensively pushing the market forward in terms of growth. Another factor driving market demand is that colposcopy is a painless, non-invasive procedure with minimal blood loss, as well as a cost-effective procedure.
The market was negatively impacted due to the emergence of COVID-19 pandemic. A large number of cervix cancer diagnoses stopped due to the strict lockdown guidelines imposed by governments and fear of getting infected by the coronavirus. However, only emergency cases were taken into consideration. Thus, the industry did not perform well during the pandemic time. In addition to that, the complications related to the colposcopy procedures are also expected to limit the market from growing.
On the other hand, increasing government initiatives for women’s health and robust demand from emerging countries such as China and India due to the huge base of women population are the aspects that are generating several growth opportunities for the market during the forecast period 2022 – 2030.
Global Colposcopy Market Segments
The colposcopy market is divided into five categories: product type, portability, application, end-use, and region. Based on product type, the market is bifurcated into optical and digital. Based on our analysis, the digital colposcopy segment is expected to lead the market with a considerable market share in 2021. The digital colposcopy method is now more streamlined, precise, easier to handle and operate, and less taxing on the body, with an integrated, nearly painless, and totally state-of-the-art data uploading, storage, and retrieval process. However, the optical products are expected to attain a steady growth rate in the coming years.
By portability, the market is divided into handheld, portable, and stationary. Based on them, the portable segment is likely to account for a considerable share during the projected years 2022 - 2030. Meanwhile, the handheld segment achieved a noteworthy growth rate during the forecast period.
Based on application, the market is split into pelvic and oral. In 2021, the pelvic segment achieved a substantial market share while the oral segment accounted for a substantial growth rate.
The end-use segment can be categorized into hospitals, ambulatory surgical centers, gynecology clinics, diagnostic centers, specialty clinics, and research and academics. By end-use, the diagnostic centers segment is expected to attain the fastest compound annual growth rate (CAGR). On the other hand, the hospital segment is expected to lead the industry with respect to market share due to the presence of well-equipped medical equipment.
Colposcopy Market Regional Stance
North America, Latin America, Europe, Asia-Pacific, the Middle East, and Africa are covered under the regional category. Among all the regions, North American generated the largest revenue during the projected period 2022 to 2030. The increasing number of cervix cancer cases in the region is the leading factor that fuels the market demand. For instance, the American Cancer Society predicts that more than 14,000 new cases of cervical cancer will be identified in 2022, with more than 4,200 women deaths due to the cancer. On the other hand, the Asia-Pacific region is expected to witness the highest growth rate in the coming years.
Major Players
The colposcopy industry involves many key players. The top players presented in the report include ATMOS Medizin Technik GmbH & Co. KG, Carl Zeiss Meditec AG, Ecleris, DYSIS Medical Inc, CooperSurgical, Inc, Kaps GmbH & Co. KG, McKesson Medical-Surgical Inc., Optomic, Olympus Corporation, and Seiler Instrument Inc.
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