Colposcopy Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Colposcopy Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global colposcopy devices market is anticipated to grow with a CAGR of nearly 7.1% during the forecast period.

Due to the high transmission rate of COVID-19 and lack of treatment, many countries have suffered and are continuing to bear a significant burden on both their economies and healthcare systems. Many countries have been in lockdown and have suspended trades with other countries, implemented travel restrictions, etc., leading to declining in market capitalizations of major companies across the world, along with a decline in industrial production, sales of automobiles, and other businesses.​​​ The lockdown measures across the world have resulted in decreased public mobility and have also impacted the cancer therapeutics and diagnostics industry significantly. A study published in the Lancet in March 2021 revealed a high mortality rate for COVID-19 patients with cancer. Patients with cancer appear to be at higher risk of receiving adverse effects from infection, including a greater need for support ventilators.​ A cancer diagnosis can be delayed as screening and diagnostic services have been reduced or suspended in many countries, and patients, avoiding the risk of infection, have been very hesitant to introduce to healthcare services.​ Therapies have been modified to reduce the potential exposure of patients with cancer to SARS-CoV-2 and to reduce the risk during surgery or radiation therapy. Certain aspects of ongoing care have been reduced to enable the health systems to respond to the COVID-19 epidemic, resulting in patients receiving far less care or delay.​ hence, it is observed that COVID-19 hurts the market studied.

As per the National Cancer Institute data published in 2022, cervical cancer cases are estimated to reach 14,100 in the year 2022 in the United States. Due to the rising burden of cervical cancer, developing countries are focusing more on increasing the reach of cancer screening programs, which in turn is expected to trigger the adoption of colposcopes. In addition, technological advancement such as the integration of digital platforms with colposcopy equipment is working in favor of the overall market. Integration is boding well for high-resolution imaging devices, which are likely to replace traditional colposcopes, thereby influencing market dynamics.

However, reimbursement policy coverage in developing countries may hamper the growth of the market.

Key Market TrendsHandheld Colposcope Dominates the Market and is Expected to Continue to Do the Same during the Forecast Period

The handheld colposcope is expected to dominate the global colposcopy devices market throughout the forecast period. This can be attributed to the rising adoption of handheld colposcopes due to a simple interface, improved workflow, enhanced clinical services, superior monitoring capabilities, and advanced modes. Moreover, improved image contrast levels and the merits of each strategy compared to a standard-of-care digital colposcope are expected to boost the market share of this vertical.

The device is believed to transform the colposcopy procedure through its advanced features that include small size, portability, ease of use, versatility, and extended battery life. By costing as little as other stationary colposcopes and offering both anti-fogging and waterproofing features capabilities, the device is ideally suited, no matter what their location or severity. These factors are expected to impel segment development.

The latest advances in handheld colposcopes are augmenting segment growth. For instance, companies are focusing more on developing pocket-sized colposcopy devices that can be used with a lot of ease across health facilities. For instance, as per the article published in the International Journal of Gynecology and Obstetrics in December 2020 titled, 'A systematic review of handheld tools instead of colposcopy for cervical neoplasia and female genital schistosomiasis,' handheld colposcopes are found to be an adequate device for diagnosis of cervical cancer. However, it is stated that more clinical tests are advised to give final confirmation.

Hence, with the above-mentioned factors, the segment studied is expected to witness strong growth over the forecast period.

North America Represents the Largest Market Share

The North American region is believed to hold a significant share in the colposcopy devices market owing to the factors such as the increasing burden of cervical cancer across the United States and Canada and the presence of key companies providing colposcopy devices across the region.

Cervical cancer is found to be one of the most common causes of death among women in the United States. The United States has a very high prevalence rate of cervical cancer, which is a key driving force for the growth of the market. According to the American Cancer Society, in 2020, an estimated number of 13,800 new cases of invasive cervical cancer may be diagnosed and about 4,290 women may die from cervical cancer. The death rate due to cervical cancer is observed to have dropped over the last 40 years, by up to more than 50%, with the increased use of Pap tests. The United States government also introduced many initiatives to prevent cervical cancer. It increased the reach of insurance coverage for cervical screening tests, especially for low-income women. It is also trying to include HPV vaccines in the insurance plans and as a part of the Federal Vaccine for Children (VFC) entitlement program. Hence, these initiatives are helpful in the growth of the market.

In addition, the Pan American Health Organization (PAHO) also launched a communication campaign to prevent cervical cancer, in 2018. This is an online and social media campaign that helps PAHO reach its goal of ending cervical cancer.

Hence, the growing prevalence of cervical cancer in the region and increasing awareness regarding early diagnosis can be attributed to the large share of the US region.

Competitive Landscape

The colposcopy devices market is moderately competitive. Mergers, acquisitions, significant investments in R&D, and the development of new products or product modifications are among the key strategies adopted by market players to gain a competitive edge. The major players include companies such as McKesson Medical-Surgical Inc., Medgyn Products, Carl Zeiss AG, Olympus Corporation, Seiler Instrument Inc., MobileODT, and Coopersurgical Inc.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.