U.S. Uterine Fibroid Treatment Market is Estimated to Witness High Growth Owing to Rising Adoption of Minimally Invasive Treatment Procedures
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U.S. Uterine Fibroid Treatment Market |
Market
Overview:
Uterine
fibroids are benign tumors that grow in or on the walls of the uterus. They are
common in women during their reproductive years. Some women never have any
symptoms, but others experience heavy or painful periods, pain in the pelvis or
lower back, frequent urination, or a feeling of pressure in the pelvis.
Treatment options include medications such as progesterone therapy, hormone
therapy, selective progesterone receptor modulators (SPRMs), minimally invasive
surgeries such as uterine artery embolization, myomectomy, and hysterectomy.
Market key trends:
One of the key trends gaining traction in the U.S. uterine fibroid
treatment market is the rising adoption of minimally invasive treatment
procedures such as myomectomy and uterine artery embolization. Minimally
invasive procedures enable faster recovery and cause less pain and scarring
compared to conventional open surgeries. They can be performed on an outpatient
basis with reduced hospital stay. According to a study published in the Journal
of Minimally Invasive Gynecology in 2019, myomectomy is preferred over
hysterectomy as it preserves the uterus and fertility. The adoption of minimally
invasive procedures is expected to further propel the market growth over the
forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as the U.S.
Uterine Fibroid Treatment Market Demand is mature and consolidated.
However, new technologically advanced therapies pose a threat.
Bargaining power of buyers: The bargaining power of buyers is moderate to high
as substantial buyer population allows buyers to negotiate on price and quality
of care.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as
new alternative treatment options are being introduced by suppliers constantly.
Threat of new substitutes: The threat of new substitutes is moderate as
non-invasive treatment options are gaining popularity over invasive surgical
procedures for uterine fibroids.
Competitive rivalry: Competition in the market is high due to presence of major
players.
SWOT Analysis
Strength: The non-invasive nature of uterine fibroid treatment options like
MRgFUS reduces risk, pain, and recovery time.
Weakness: High costs associated with advanced fibroid treatments limit their
adoption. Lack of awareness about treatment options also hinders market growth.
Opportunity: Rising incidence of uterine fibroid in the US owing to lifestyle
changes and delay in childbearing age offers significant market potential.
Threats: Reimbursement issues related to new uterine fibroid treatment
procedures act as a major restraint. Side effects of hormonal medications also
limit their acceptance.
Key Takeaways
The U.S. uterine fibroid treatment market is expected to witness high
growth, exhibiting CAGR of 4.0% over
the forecast period, due to increasing adoption of minimally invasive
procedures.
Regional analysis: By region, the Western region dominates the U.S. uterine
fibroid treatment market, accounting for over 35% of the US market share in
2023. The dominance is due to increasing adoption of technologically advanced
procedures in this region.
Key players: Key players operating in the U.S uterine fibroid treatment market
are Blue Endo, Boston Scientific Corporation or its affiliates, CooperSurgical,
Inc., Karl Storz SE & Co. KG, Myovant Sciences GmbH (Sumitovant Biopharma
Ltd.), Halt Medical, Inc. (Hologic, Inc.), LiNA Medical ApS, Merit Medical
Systems, Olympus Corporation, and Richard Wolf GmbH.
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