The global medical devices market is poised for significant growth in the coming years, with the sexual and reproductive health segment expected to experience robust expansion through 2030, said a report on Monday.
The sexual and reproductive health market encompasses a broad range of products, including contraceptives, fertility monitors, pregnancy tests, and devices utilised in gynaecological and urological procedures.
The market is driven by increasing demand for healthcare services and technological advancements that promote the development of safe and effective products, according to GlobalData, a leading data and analytics company.
The GlobalData Market Size and Growth Analytics tool estimates that the reproductive health devices market will grow at a compound annual growth rate (CAGR) of 0.5 per cent between 2015 and 2030.
"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," said Cynthia Stinchcombe, Medical Devices Analyst at GlobalData, in a statement.
In addition, the Covid-19 pandemic also highlighted the need for accessible and effective reproductive healthcare, leading to increased investment in research and development for new products in this market.
"The medical devices market is faced with several challenges, such as ensuring product safety, efficacy, and accessibility. To overcome these challenges, the market should prioritise innovation, research and development, and regulatory oversight," Stinchcombe said.
She also suggested collaboration between healthcare providers, researchers, and industry stakeholders to ensure that new products meet patients' specific healthcare needs and are accessible to everyone. (PB/NewsGram)
