The colposcopy market is projected to reach USD 740.1 million by 2023 from USD 532.6 million in 2018, at a CAGR of 6.8% from 2018 to 2023.
The growth of the market can largely be attributed to factors such as the heavy burden of cervical cancer, the rapidly growing geriatric population, and technological advancements in colposcopy.
The colposcopy market is consolidated in nature due to the presence of a number of large players. The key players in the market are DySIS (US), CooperSurgical (US), Atmos (Germany), Olympus (Japan), Karl Kaps (Germany), McKesson (US), Danaher (US), and Carl Zeiss (Germany).
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Most companies in the colposcopy market adopted agreements, expansions, and product launches as the key growth strategies. Some of the leading players who adopted these strategies include CooperSurgical (US), Olympus (Japan), and Carl Zeiss (Germany).
Carl Zeiss has a worldwide presence and focuses on investing in innovation, research and development, and expanding its presence in Germany. The company also focuses on agreements and expansions to enhance its presence in the market. For instance, in 2017, Carl Zeiss developed a new integrated high tech site in Jena, Germany.
Danaher offers colposcopes through one of its key subsidiaries—Leica Microsystems. Over the last three years, the company has grown inorganically by acquiring its distributors in Turkey and by collaborating with premier academic institutes such as Yale University (US). The company focuses on expanding geographically, which can be seen from the increasing investments the company is making in Turkey and Japan. The company adopts inorganic and organic growth strategies to strengthen its position in the market. For instance, in 2014, the company acquired Mikro-Optik and Gantenbein to develop its business in Turkey further. Similarly, in 2017, the company acquired Alere Medical (US).
Olympus Medical’s business accounts for a major share of the parent company’s revenue. To provide advanced procedures to patients, the company acquired Image Stream Medical (US) in 2017. The company also focuses on expanding its presence in emerging economies and training medical professionals. In 2017, the company established its Olympus Korea Medical Training & Education Center to provide product education and demonstration facilities to Korean health and medical professionals. The company mainly focuses on organic strategies to strengthen its position in the market.
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