European Gynecological Device Market to reach more than $300 Million by 2021 Revenues Fueled by Growing Popularity of Minimally Invasive Gynecological Procedures, According to Millennium Research Group
TORONTO, May 16, 2013 /PRNewswire/ -- According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, the gynecological device market in Europe will be fueled by the growing preference for minimally invasive gynecological procedures that can be performed in physician offices. Instead of a highly invasive hysterectomy, patients are opting for more comfortable and convenient treatments, such as global endometrial ablation (GEA), uterine fibroid embolization (UFE) and endometrial resection, for uterine conditions.
Although hysterectomies are declining in favor, their procedure volumes will still vastly outnumber GEAs, UFEs, and endometrial resections because hysterectomies are less costly for facilities, which will continue to be an important factor given the ongoing economic difficulties in Europe. Similarly, other less expensive treatment alternatives such as pharmaceuticals will also limit the growth of the markets for these products.
Some cost-conscious patients may also choose to forgo any treatments until the economy recovers; this will impact more elective procedures such as female sterilization and in vitro fertilization (IVF). In addition, some budget-conscious facilities may delay the purchase of expensive capital equipment such as hysteroscopes, fluid management devices and colposcopes. These limiting factors will continue to impede the gynecological device market while the economy remains unstable.
"Some competitors are offering less costly devices to appeal to cost-conscious facilities. This presents an opportunity for smaller manufacturers to compete with the multinational companies that are entrenched in the market," said MRG Analyst Jennifer Smith. "For instance, in the United Kingdom, industry sources noted that Idoman is gaining some ground with its less costly Thermablate EAS in the GEA device market, an area currently dominated by large firms."
Nonetheless, market leaders in the highly competitive European gynecological device market will continue to be large players such as KARL STORZ, Conceptus and Olympus. Companies that compete in multiple segments of the market have an advantage in that they can offer convenient and cost-effective product bundles with many types of gynecological devices.
Millennium Research Group's European Markets for Gynecological Devices 2013 report includes unit, procedure, average selling price and revenue information, along with market drivers and limiters and a competitive landscape for GEA devices, UFE devices, endometrial resection devices, assisted reproduction consumable devices, female sterilization devices, hysteroscopes, fluid management devices and colposcopes in France, Germany, Italy, Spain and the UK.
About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources Group company (www.DecisionResourcesGroup.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack™ projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.
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SOURCE Millennium Research Group