Market Overview
Colposcopes are the medical instruments used to magnify the cells of the cervix and vagina. These devices are used for the diagnosis of cervical cancer, vaginal cancer and inflammation of the cervix. Colposcopes consisted of the high-resolution camera and electronic green filter for observing the vagina or cervical cells on the screen.
The colposcopes market valued USD 487.1 million in 2018 and it is expected to grow at a CAGR of 5.5% to reach USD 744.3 million by 2026.
The market is driven by the rising demand for Colposcopes with the rising incidence of Cervical Cancer. According to the World Cancer Research Fund Organization, Cervical Cancer is the fourth most commonly occurring cancer in women and the eighth most commonly occurring cancer overall worldwide. According to the World Health Organization (WHO), approximately 570,000 cases of Cervical Cancer were observed worldwide in 2018. Around 90% of deaths from Cervical Cancer occurred in low-and middle-income countries. Approximately, 266,000 women died due to Cervical Cancer in 2012.
Market Dynamics
Drivers
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Increasing incidence of Cervical Cancer
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Rising awareness & support towards cervical cancer
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Growing Technological innovations and advancements
Restraints
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Threat from direct-to-consumer and lab tests
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Low penetration rate of colposcopes
The market offers moderate opportunities for new players as it is highly fragmented. However, new companies with cost-effective, innovative, and portable colposcopes will have significant opportunities and gain competitive edge over existing vendors.
Market Segmentation
The optical colposcope market is valued at USD 282.2 Mn in 2018 and is estimated to grow at a CAGR of 5.3 % over the forecast period to reach a USD 424.6 Mn by 2026.
The collective revenue of the optical colposcope segment is expected to generate US$ 2,829.2 Million during 2019-2026. The optical colposcope segment holds 57.9% of the market share in 2018.
The optical colposcope segment is expected to have the highest market share owing to the high adoption of optical colposcopes especially in the developing countries due to their cost-effectiveness, easy to install, easy to examine, and requires low maintenance. It is further expected that the optical colposcope segment would lose the market over the forecasted period owing to the introduction of the digital colposcopes.
Optical colposcopes are equipped with binocular magnifying optics, while video models can photograph the area under examination. It also includes variable magnification, either in the form of a continuous zoom or by increments. Optical colposcopes devices are used to detect human papillomavirus infections or dysplasia, which might indicate a precancerous condition in the cervix. They also can be employed to choose the precise location of a biopsy.
Geographical Analysis
The North America segment of colposcopes Market is valued at US$ 150.4 Million in 2018 and is estimated to grow at a CAGR of 6.2% over the forecast period to reach US$ 243.3 Million by 2026.
The collective revenue of the North America segment is expected to generate US$ 1,574.6 Million during 2019-2026. The North America segment holds 30.9% of the market share in 2018, and is expected to be 32.7% by 2026, for the global colposcopes market by region.
North America dominated the colposcopes market due to the higher adoption of colposcopes with the increasing prevalence of Cervical Cancer, and Vaginal Cancer. According to the Surveillance, Epidemiology, and End Results Program, approximately, 13,800 incident cases of Cervical Cancer are expected to be observed in 2020 in the United States. Cervical Cancer is the leading cause of cancer death for women in the United States. Around, 4,290 women died due to Cervical Cancer in 2020. According to the Centres for Disease Control and Prevention (CDC), around 1,293 women i.e. 0.6 per 100,000 women were diagnosed with Vaginal Cancer in 2016. The United States accounts for the highest market share owing to the high technological advancement including the integration of digital platforms with the colposcopes shall stimulate the market growth. The ongoing development of colposcopes with high resolution would replace the traditional colposcopes. The North America region is expected to maintain its dominant position over the forecasted period.
Competitive Landscape
Majority of the companies in global colposcopes market are privately-owned and has their production bases in North America and Europe. The companies are competing based on the price, product specifications, and market presence.
For instance, In June 2019, Mobile ODT had received the 2019 FT/IFC Transformational Business Award in Health, Wellness and Disease Prevention.
In addition to this, In August 2019, Mobile ODT had received an Innovative Technology contract from Vizient, Inc. for the EVA System, an FDA-cleared smart mobile colposcope for the assessment and diagnosis of cervical cancer and for use in forensic examination by Sexual Assault Nurse Examiners..
The companies are entering into the collaborations, mergers, strategic partnerships and acquisitions to increase the demand for Colposcopes Market and their expansion across the globe. For instance, in August 2018, Specialty Surgical Instrumentation Inc., (a subsidiary of Symmetry Surgical Inc.) had acquired the core business segment i.e. Electrosurgical segment of Bovie Medical. The Electrosurgical segment includes the generators, electrodes, cauteries, lighting, colposcopes, accessories, and the Bovie brand.
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