Market Trends of Global Obstetrics Devices Industry
This section covers the major market trends shaping the Obstetrics Devices Market according to our research experts:
Caesarean Delivery Segment Expects to Register a High CAGR in the Obstetrics Devices Market Over the Forecast Period
The Cesarian Section (C-Section) segment is expected to witness significant growth in the obstetrics devices market over the forecast period owing to the factors such as the rising number of cesarean deliveries and the rise in technological advancements.
The increasing cesarean deliveries is the key factor driving the segment's growth. For instance, according to 2022 statistics published by the Centers for Disease Control and Prevention, in 2021, the cesarean delivery rate rose to 32.1% and the low-risk cesarean delivery rate increased to 26.3%. This is expected to propel the segment growth over the forecast period.
Additionally, as per the data published by the World Health Organization, in June 2021, titled 'Caesarean section rates continue to rise, amid growing inequalities in access, the use of cesarean sections in deliveries is continuously rising globally, accounting for 21% of all childbirths and this number is projected to increase to 29% by 2030. Thus, the expected increase in the number of cesarean deliveries among the population is expected to fuel the demand for obstetrics devices that are required for performing a cesarean delivery, thereby propelling the segment's growth.
Thus, owing to the aforementioned factors, the market is expected to grow significantly during the forecast period.
North America Dominates the Market and Expects to do Same Over the Forecast Period
North America is expected to hold a significant share in the obstetrics devices market over the forecast period owing to the factors such as increasing birth rate, technological advancements in obstetrics, high healthcare expenditure in the region, and the presence of well-established healthcare infrastructure.
The rising number of cesarean deliveries in the region is also expected to fuel market growth. For instance, according to the data published by the National Vital Statistics Report, in July 2022, the overall cesarean delivery rate in the United States has increased from, 31.8% in 2020 to 32.1% in 2021. This is expected to increase the demand for obstetrics devices, thereby fuelling market growth. Additionally, as per the data published by the Centres for Disease Control and Prevention, in February 2022, it has been observed that in 2020, non-Hispanic Black women had the highest rate of cesarean deliveries (36.3%). Also, from the same source, the low-risk cesarean delivery rate increased from 25.6% in 2019 to 25.9% in 2020.
Additionally, according to the Organization for Economic Co-operation and Development (OECD), in June 2022, United States healthcare spending in 2021 was 17.8% of the total GDP of the country and Mexico's health spending as a share of GDP was 6.2% in 2020, This is expected to positively impact market growth. Additionally, as per the Centers for Medicare and Medicaid Services, National Health spending is projected to grow at an average annual rate of 5.4% for 2019-2028 and to reach USD 6.2 trillion by 2028. As national health expenditure is projected to grow 1.1% points faster than gross domestic product per year on average over 2019-2028 the health share of the economy is projected to rise by 19.7% in 2028. Thus, the increasing healthcare spending in the region is expected to increase the company's activities in developing technologically advanced obstetrics products, thereby propelling market growth.
Furthermore, the rising product launches in the region are also expected to boost market growth. For instance, in September 2021, Hologic, Inc. launched an expanded Omni suite, a comprehensive gynecological surgical offering designed to optimize diagnostic and operative hysteroscopy, in Europe, Africa, and the Middle East (EMEA). It includes a versatile Omni 30° hysteroscope, the Omni Lok cervical seal, and the Omni 5 French seal. Also, in November 2020, Hologic launched a comprehensive surgical offering, the Omni Suite, which can optimize diagnostic and operative hysteroscopy. The Omni Suite includes Omni 30° and 0° hysteroscopes, Omni 4K video system, and the Omni Lok cervical seal. The suite helps to customize operative capabilities and powerful visualization to diagnose and treat patients.
Thus, owing to the aforementioned factors, the market is expected to grow significantly during the forecast period.
