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Uterine Fibroids Treatment Market Is Expected To Be Worth US$273.6 mn By The End Of 2024

Press Release   •   Jan 23, 2017 17:05 IST

The U.S. uterine fibroids market shows a strong presence of players. The top three players in the market are Boston Scientific Corporation, Smith & Nephew, and Hologic, Inc., who hold a share of nearly 50% in the overall market. The players are focused mergers and acquisitions to broaden their product portfolio and integration of knowledge base. To remain dominant players are anticipated to lay emphasis on product differentiation. The report published by Transparency Market Research states that the U.S. uterine fibroid treatment market was valued at US$211.6 mn in 2015 and is expected to be worth US$273.6 mn by the end of 2024. During the forecast years of 2016 and 2024, the overall market is anticipated to progress at a CAGR of 2.9%.

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Hysterectomy Segment to Lead Global Market

Out of all the procedures, the hysterectomy segment is showing a promise of good growth rate in the near future. This segment is projected to account for a share of 79.6% by the end of 2016. The benefits of hysterectomy such as alleviation of pelvic pain, excessive menstrual bleeding, and physical morbidity are driving this segment. Furthermore, hospitals will emerge as the leading end users of uterine fibroid treatment options in the coming years. By the end of 2016, the hospitals segment is projected to account for a share of 67.1% in the U.S. uterine fibroids treatment market.

Technological Advancements in Minimally Invasive Surgeries Augurs Well for Market

The introduction of a minimally invasive surgeries to treat the excruciatingly painful uterine fibroids is expected boost the market’s growth in the coming years. “Advantages of such procedures such as minimal recovery time, reduced chances of infections, and shorter hospital stays are also encouraging patients and hospitals to choose these treatments,” states the lead author of this research report. The market is also benefitting from the regulatory approvals being granted to newer types of treatment and surgeries. Thus, the introduction of newer technologies that offer efficient results is creating a positive influence on the U.S. uterine fibroids market. The remarkable changes in technology have also played their supportive part in the growth of the market over the past few years. For instance, Halt Medical, Inc. introduced Acessa Guidance System in 2016. This technology enhances the radiofrequency ablation and electromagnetic tracking technology to treat uterine myomas laparoscopically.

The supportive reimbursement policies are also expected to augment the demand for uterine fibroids treatment in the near future. Favorable policies are helping the patients to cover their expenses in hospitals as well the ones incurred in ambulatory surgical centers. Statistics state that there are 20% to 40% chances of development of uterine fibroids in women around the age of 35. Thus, the high prevalence of uterine fibroids amongst women in the reproductive age bracket has become the very basis of the growth of this market. Furthermore, African American women are more likely to develop fibroids, which is also a key population base contributing to the steady rise in the revenue of the U.S. uterine fibroids market.

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Possibility of Complications due to Procedures Tugs at Market in Opposite Direction

The uterine fibroids treatment market is likely to be hampered by the announcement made by the FDA that power morcellators can lead to complications such as spreading metastatic leiomyosarcoma cancer tissue. Availability of wide range of alternative treatments is also anticipated to hinder the market’s growth in the near future. The market is also being restrained by the possibility of urinary tract injury while performing minimally invasive procedures.

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.