Women’s Health Market to Touch USD 41.05 Billion at 3.2% CAGR by 2027; Growing Focus on Women’s Health Worldwide to Positively Impact the Market:…
Posted: December 22, 2020 at 5:53 pm
Pune, India, Dec. 21, 2020 (GLOBE NEWSWIRE) -- The global womens health market size is projected to reach USD 41.05 billion by 2027, exhibiting a CAGR of 3.2% during the forecast period. The COVID-19 pandemic is likely to reemphasize the importance of woman health and boost the market, observes Fortune Business Insights in its report. The infection caused by the coronavirus, which has affected more men than women across the globe, has brought the issue of health of women in the spotlight. A UN policy brief released in April 2020 stated that women hold less secure jobs and earn lower wages, which makes them highly vulnerable to the adverse effects of this pandemic. More importantly, as the pandemic intensifies, womens health will inevitably suffer.
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Increasing Prevalence of Women-centric Diseases to Aid Growth
A leading factor aiding the womens health market growth is the rising incidence of women-specific diseases and disorders around the globe. For example, the 2018 GLOBOCAN report by the International Agency for Research on Cancer (IARC) revealed that female breast cancer diagnoses stood at 2.1 million in 2018, accounting for approximately 11.6% of the total global cancer burden.
Further, female breast cancer was the fifth leading cause of death, contributing to 6.6% of the total global deaths in 2018. Another prime example is osteoporosis in women, a disease that generally afflicts menopausal women, causing reduction in bone density. The National Osteoporosis Foundation, for example, estimates that 20% of Caucasian women aged 50 and above have osteoporosis.
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As a result of their complex internal body dynamics, management of womens health, especially post-pregnancy and post-menopause, when hormone imbalances are known to occur, requires high level of efficiency and accuracy. Products designed to facilitate effective management of women-centric diseases will, thus, play a crucial in augmenting this market in the forthcoming years.
Robust Spending on Womens Healthcare to Stoke Market Growth in North America
North America is expected to emerge as a major revenue generator for this market during the forecast period, having registered a market size of USD 18.00 billion in 2019. The primary reason for the regions dominance in the market share is the large amount of funds allocated to enhance womens healthcare across the US and Canada. This is a result of the spreading awareness about health issues and the growing prevalence of women-specific diseases in the region.
Improving healthcare infrastructure, especially in Eastern European countries, is anticipated to bolster Europes position as the second-largest region in this market. Asia Pacific is expected to grow at the highest CAGR on account of the rising awareness about the importance women health.
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Launch of Digital Health Solutions for Women to Fuel Innovation
Some of the leading players in this market that specialize in female wellness and health are coming out with path-breaking digital solutions to address the unique health issues faced by women. These solutions are aimed at enabling women to take care of their independently without affecting their daily routines.
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