GlobalData, a data and analytics company, on Monday predicted that the sexual and reproductive health segment expected to experience robust expansion through 2030. According to the company, the global medical devices market is poised for significant growth in the coming years.
This growth will be driven by increasing demand for healthcare services and technological advancements that promote the development of safe and effective products, forecasts GlobalData.
According to GlobalData Market Size and Growth Analytics tool, the reproductive health devices market is forecast to grow at a compound annual growth rate (CAGR) of 0.5% between 2015 and 2030. The sexual and reproductive health market encompasses a broad range of products, including contraceptives, fertility monitors, pregnancy tests, and devices utilized in gynecological and urological procedures.
“Factors driving the growth include increasing awareness and adoption of contraceptive methods, a rise in sexually transmitted infections, and growing demand for innovative and effective reproductive health products. Additionally, the COVID-19 pandemic has further highlighted the need for accessible and effective reproductive healthcare, leading to increased investment in research and development for new products in this market,” Cynthia Stinchcombe, Medical Devices Analyst at GlobalData, said in a statement.
“The medical devices market is faced with several challenges, such as ensuring product safety, efficacy, and accessibility. To overcome these challenges, the market should prioritize innovation, research and development, and regulatory oversight. Collaboration between healthcare providers, researchers, and industry stakeholders is also crucial to ensuring that new products meet patients’ specific healthcare needs and are accessible to everyone,” Stinchcombe concluded.
