Uterine Fibroids Treatment Market To Experience Excellent Growth Potential Over 2016 – 2024
U.S. Uterine Fibroids Treatment Market: Snapshot
The rising occurrence of uterine fibroids among women is the primary stimulant of the growth of the U.S. market for uterine fibroids treatment. The Society of Interventional Radiology states that around 30% to 40% of women aged 35 and above suffer from uterine fibroids. Moreover, the advent of minimally invasive and effective alternatives to open surgeries is working in favor of the market. The presence of favorable reimbursement policies is also encouraging patients to undergo uterine fibroids treatment. Medicare & Medicaid services – a national social insurance program in the U.S. – covers reimbursement policies and payments for ambulatory surgical centers and hospitals.
Furthermore, technological advancements and frequent product innovations coupled with an increase in regulatory approvals of novel products are stoking the growth of the market. However, the presence of substitutes such as drug therapy to uterine fibroid treatment procedures is hampering the growth of the market. Moreover, stringent regulations pertaining to treatment devices delay their launch, which in turn adversely affects the growth of the market. With all these factors put together, the U.S. market for uterine fibroid treatment is poised to reach a valuation of US$273.6 mn by the end of 2024 from US$217.6 mn in 2016, rising at a CAGR of 2.9% between 2016 and 2024.
Hysterectomy to Remain Most Preferred Uterine Fibroid Treatment Procedure through 2024
Based on type of procedure, the hysterectomy segment will continue to represent the lion’s share in the U.S. market for uterine fibroids treatment until 2024. The segment can be further classified into laparoscopic hysterectomy, abdominal hysterectomy, robotic hysterectomy, vaginal hysterectomy, and hysteroscopic morcellation. Hysterectomy is the commonly recommended procedure by doctors to women who have large fibroid size and have completed their fertility. According to the American Congress of Obstetricians and Gynecologists, every year nearly 600,000 hysterectomy procedures are performed. However, the segment is expected to register sluggish growth owing to the injury to healthy tissue and risk of having benign neoplasms after a hysterectomy procedure.
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The demand for radiofrequency ablation, on the other hand, is likely to increase at a significant pace over the coming years. The increasing demand for minimally invasive procedures is one of the primary factors contributing to the growth of the segment. The fast recovery associated with this procedure coupled with the low complications and risk factor is translating into the greater adoption of this procedure. The segment is estimated to exhibit a CAGR of 7.4% during the forecast period.
Highly Developed Infrastructure Ensures Strong Demand across Hospitals
On the basis of end user, the U.S. uterine fibroids treatment market is divided into hospitals and ambulatory surgical centers. The demand for uterine fibroids treatment is higher in hospitals, owing to the fact that they are highly developed to handle complicated matters and emergencies related to uterine fibroids. Large hospitals are increasingly focusing towards training interventional radiologists and gynecologists for application of radiofrequency ablation and robotic minimally invasive procedure, which is likely to provide a significant boost to the growth of the segment. Owing to these factors, the segment is expected to post a CAGR of 3.1% during the forecast period.
The ambulatory surgical centers segment is anticipated to rise at a sluggish pace during the same period, owing to the high cost of procedures in these centers along with the lack of favorable reimbursement scenario.
Some of the prominent players in the U.S. uterine fibroids market are Richard Wolf Medical Instruments, Blue Endo, Halt Medical Inc., LiNA Medical USA, Cooper Surgical, Merit Medical Systems, Karl Storz, Olympus Corporation, Richard Wolf GmbH, and Boston Scientific Corporation.
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