Colposcopy Market - Forecast(2021 - 2026)

sneha Patel

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Colposcopy Market - Forecast(2021 - 2026)

Colposcopy Market Size Estimated to Grow at a CAGR of 6.9% During the Forecast Period 2021–2026

Posted on Jul 1 2021 10:14 AM

"The Increasing Prevalence of Cervical Cancer Is Driving the Growth of Colposcopy Market"

Colposcopy Market size is estimated at $598 million in 2020, projected to grow at a CAGR of 6.9% during the forecast period 2021-2026. A colposcopy is a device that allows doctors to get a closer look at a woman's vaginal area in diagnosing diseases. The instrument is extremely useful in detecting cervical cancer. The device functions similarly to an electronic microscope complete with proper lighting and magnification. The optical colposcopy is the standard one, but it has developed into a digital version with video assistance.

The market demand is growing due to increased awareness and the availability of a wide variety of diagnostic tools. Assessment of diethylstilbestrol (DES) sensitivity in utero, human papillomavirus, immunosuppression, and irregular cervix appearance triggers for a patient to undergo a colposcopy. Colposcopes are often used to diagnose cervical cancer, vaginal cancer, and cervix inflammation.

The advanced colposcope has a high-resolution camera and an electronic green filter, allowing doctors to view the vaginal or cervical canal on a tablet. While colposcopy is a painless operation, the patient can experience some pressure when the speculum of the colposcope enters the vaginal canal. The gynaecologist uses the colposcope to provide more precise and important details about the patient.

A gynaecologist normally performs a colposcopy if the patient's pap test is irregular or if the patient is bleeding during an encounter driving the colposcopy market growth. The persistent launch of medical devices for cancer detection by leading manufacturers is also propelling the Colposcopy Industry.

Colposcopy Market Segment Analysis - By Portability Type:

Based on Portability Type, Handheld System accounted for the largest revenue market share in 2020 owing to new product launches and technological advances in the market. MobileODT, for instance, has released EVA COLPO, a user-friendly, compact, internet-enabled system. The segment is also expected to develop at the fastest pace during the forecast period attributed to an easy interface, improved workflow, superior monitoring capabilities, enhanced clinical facilities and advanced modes, handheld colposcopes are becoming increasingly popular.

The demand for these products are expected to be strong in doctors' offices for the test of human papillomavirus, where the amount of space taken up by a computer is a key consideration. Clinical preference grew as a result of the highly sensitive and fast test results immunosuppression compared to other techniques is expected to drive Colposcopy market growth. Stationary segment is anticipated to grow with the second fastest CAGR of 7.5% in the forecast period 2021-2026. These are traditional pieces of equipment that are less expensive than their counterparts, making them more common in organizations with small budgets, driving the Colposcopy Industry.

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Colposcopy Market Segment Analysis – End Use:

Based on End Use, Hospitals/Clinics accounted for the largest revenue market share in 2020 owing to higher adoption of portable colposcopes in hospitals and gynaecological clinics and the growth in women population that are suffering from cervical cancer around the world. According to the National Center for Biotechnology Information (NCBI), the introduction and widespread use of colposcopy has resulted in immunosuppression and a significant reduction in uterine cervix cancer and human papillomavirus mortality in developing countries. As a result, the demand will expand as people become more conscious of the importance of early cancer detection, as well as government programs and equal reimbursement policies.

The demand for medical devices is expected to expand as awareness and affordability rise, as it is already the case in many developed countries, where healthcare services contribute significantly to GDP growth, resulting in Colposcopy Industry growth. Ambulatory Surgical Centres is projected to witness the fastest CAGR of 7.8% during the forecast period 2021-2026. Market growth is being fueled by a growing array of procedures offered by ASCs, as well as increased reimbursement benefits. ASCs all over the world are constantly attempting to expand their range of facilities in order to increase the number of patients served, thereby, driving the segment growth.

Colposcopy Market Segment Analysis - By Geography:

Based on Geography, North America Colposcopy Market accounted for the 35% revenue share in 2020 attributed to a number of factors, including an aging population that is more susceptible to infections due to reduced immunity, Colposcopy resulting in a high demand for early cancer detection and successful care. The market is also expanding in this region owing towards growing demand for colposcopes, as well as the prevalence of target disorders and increased awareness regarding human papillomavirus. Additionally, a strong clinical pipeline, favorable reimbursement strategies for therapeutic products, and increased acceptance of these devices are expected to boost revenue growth.

The major players are working on modern Colposcopy systems that are technologically advanced is accelerating Colposcopy Industry expansion across the region. Asia-Pacific is predicted to be the fastest growing region during the forecast period 2021- 2026 owing towards presence of a large elderly population, increasing disposable income, and rising awareness about these procedures. Also, owing to differing regulatory factors, the market is highly diverse, resulting in differences in product availability across region. Improvements in healthcare infrastructure, as well as an increase in the number of hospitals and testing centers with advanced medical equipment, all lead to market growth.

Colposcopy Market Drivers

The Increasing Prevalence of Cervical Cancer:

The market is developing owing to increased awareness of cervical cancer screening among the general public and an increase in the number of target populations. As per, World Health Organization, cervical cancer is the fourth most common cancer in found in women, accounting for about 6.8 percent in 2019, with 59,300 new cases. Furthermore, technological advances in colposcopes in diethylstilbestrol (DES) and the availability of technologically advanced screening tools, increased immunosuppression are driving Colposcopy Industry development.

For instance, in 2017, Duke University researchers created a ‘Pocket colposcope,' which eliminates the need for a speculum and allows self-screening. This speculum-free colposcope allows images to be viewed on a laptop or smartphone, making cervical cancer screening more accessible to women in low-resource areas and the demand for colposcopes. Furthermore, cancer prevention campaigns implemented by the government, equal reimbursement strategies, and the introduction of newer technology will all contribute to the Colposcopy industry's development.

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Colposcopy Market Challenges

Lack of Skilled Professional and Product Complications:

The Colposcopy Market is projected to be hampered by the constant rise in patient numbers, as well as the number of tests conducted with upgraded equipment, has made it difficult to find qualified clinicians who can conduct these tests. The high cost of installation of this product, as well as a scarcity of skilled clinical users to operate the colposcope, limits the market's growth. Furthermore, in low-income countries, a lack of knowledge of cervical cancer would restrain the evolution colposcope market over the forecast period.

Colposcopy Market Landscape:

The Colposcopy Market's main strategies include product launches, mergers and acquisitions, joint ventures, and regional expansion. Colposcopy Market top 10 companies are MedGyn Products, Inc., Wallach Surgical Devices, Carl Zeiss Meditec, Inc., DYSIS Medical, ATMOS MedizinTechnik GmbH & Co. KG, BOVIE MEDICAL, Cooper Surgical, Edan Instruments, Inc., Kernel Medical Equipment Co. Ltd and Alltion Co., Ltd.

Acquisitions/Product Launches:

In September, 2020, MedGyn Products, Inc. acquired Thomas Medical. By continuing to offer trusted services and products in women's health, MedGyn is demonstrating its deep dedication to both patients and healthcare professionals. MedGyn's portfolio of US-made instruments for healthcare professionals around the world is bolstered by Thomas Medical's single-use HS Catheters and women's reproductive health product offerings.

Key Takeaways

Colposcopy market growth is being driven by technological advances, adoption of new techniques, such as high-quality video and enhanced detection accuracy.

Geographically, North America Colposcopy Market held the largest revenue share of 35% in 2020 owing to the involvement of potential players who are developing innovative products, advances in medical device technology, high investments in R&D and support of government. In the final report, the scope of the Colposcopy Market for various regions will be given.

The Colposcopy Industry is expanding owing to enhanced R&D efforts by companies to develop quick, cost-effective, and new technology-based Colposcopy for the treatment of Cervical Cancer.

The industry is gaining popularity as the number of cases of cervical cancer continues to rise. This has raised awareness, and patients are now more likely to learn about their health and want to take preventative steps, which are fuelling the Colposcopy industry.