According to a new report published by Allied Market Research, titled, Vaginal Slings Market by Type, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global vaginal slings market was valued at $628 million in 2016, and is projected to reach $1,626 million by 2023, growing at a CAGR of 14.5% from 2017 to 2023. The conventional vaginal slings accounted for three-fifths share of the global market in 2016.
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Vaginal sling procedures have witnessed an increase in demand owing to the rise in preference for the treatment of urinary incontinence. Women suffering from severe urinary incontinence lose bladder control and are hence advised to undergo vaginal sling surgeries. Women suffering from urinary incontinence experience urine leakage after coughing or sneezing, and severe urinary incontinence affects the patients daily life, where vaginal sling procedure becomes essential.
Rise in the number of women experiencing urinary incontinence, especially stress urinary incontinence across the globe is set to propel the market growth. In addition, soaring female geriatric population boosts the market growth. Moreover, increase in developments pertaining to materials utilized in constructing advanced vaginal slings supplements the growth of the market. However, lack of awareness among patients regarding vaginal sling procedures hamper the market growth. Moreover, increase in the technological advancements regarding vaginal slings offer profitable opportunities for the expansion of the market.
The vaginal slings utilized in other medical settings such as gynecological centers, and ambulatory surgical centers have recorded significant growth rate from 2017 to 2023, and is attributed to the increase in preference for the same by patients. In addition, hospitals have accounted for approximately half of the share of the global vaginal slings market in 2016, and is anticipated to do so throughout the forecast period. Hospitals adopt advanced vaginal slings at the earliest as compared to clinics, and ambulatory surgical centers which increases the number of vaginal sling surgeries performed in the hospitals.
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Key Findings Of The Vaginal Slings Market:
- The clinics segment holds the second position among the end users of vaginal sling market in 2016, and is expected to grow at a CAGR of 14.7% from 2017 to 2023.
- North America dominated the global vaginal sling market, accounting for maximum share of overall market in 2016, and is anticipated to do so throughout the forecast period.
- India is the fastest growing country of the Asia-Pacific vaginal sling market during the forecast period.
- The advanced vaginal slings are anticipated to grow at the fastest rate registering a CAGR of 16.0% from 2017 to 2023.
Asia-Pacific witnessed highest growth rate for the vaginal slings market throughout the forecast period. Asia-Pacific serves to be an emerging market with a high population density, rise in disposable income, and increase in healthcare expenditure. In addition, increase in incidence of urinary incontinence in China and India, boosts the market growth.
The key players operating in the vaginal slings market have adopted type launch as one of their key developmental strategy, among many others such as business expansion, type development, and business acquisition. The major companies profiled in the report include Coloplast, Boston Scientific Corporation, C. R. Bard, Inc., Ethicon, Inc., American Medical Systems, Caldera Medical, Cook Medical, Covidien (Medtronic), Prosurg, Inc., and Cogentix Medical.