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The Global Uterine Fibroid Treatment Device Market size is estimated to increase by USD 3.03 billion at a CAGR of 9.45% between 2023 and 2028. Market growth in the healthcare sector hinges on several critical factors: rising healthcare expenditure, a mounting prevalence of uterine fibroids, and heightened awareness surrounding treatment options for this condition. As healthcare expenditures continue to escalate globally, there is a corresponding increase in investment and demand for effective treatment solutions, particularly in addressing prevalent conditions such as uterine fibroids. The growing incidence of uterine fibroids among women further drives market dynamics, necessitating innovative approaches and therapies to meet healthcare needs. Concurrently, heightened awareness among both patients and healthcare providers about the available treatment options fosters early diagnosis and intervention, thereby enhancing patient outcomes and driving market expansion. These factors collectively shape the landscape for uterine fibroid treatments, stimulating research, development, and adoption of new therapies to cater to the growing healthcare demands globally. Stakeholders in the healthcare, pharmaceuticals, and medical technology sectors are poised to capitalize on these opportunities, contributing to sustained market growth and improved patient care.
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The market addresses the growing demand for minimally invasive procedures in managing conditions like benign tumors affecting smooth muscle cells in the uterus. These tumors often cause symptoms such as excessive menstrual bleeding, pelvic pain, and infertility, affecting middle-aged women predominantly. Risk factors include hypertension, overweight, and dietary factors, influencing the prevalence among different races and those with familial predisposition in a premenopausal state. Traditional approaches like surgical removal of the uterus are being supplanted by less invasive procedures and technologically sophisticated technologies, such as morcellators and collagen-degrading enzymes, which offer non-surgical alternatives with reduced risks of severe complications. Contemporary OB/GYN practices increasingly adopt these devices to provide effective treatment options that enhance patient outcomes and recovery, reflecting advancements in medical technology catering to the specific needs of UF patients globally.
An increase in healthcare expenditure is the key factor driving the growth of the market. According to the National Health Institute (NIH), it was estimated that in 2021, global healthcare expenditure was expected to grow by 5.8% and reached USD 8.8 trillion. The healthcare spending of countries such as India and China will continue to increase in line with their economic growth. Hence, developing economies become major markets for healthcare companies. Serving these countries will require technological innovations as well as innovations in delivery and business models by healthcare companies.
Moreover, with the increase in healthcare expenditure, the demand for medical devices will rise, which will increase the demand for devices. Thus, rising public and private healthcare expenditure in both developed and developing countries is expected to drive the growth of the global market during the forecast period.
Improving healthcare systems in emerging economies is the primary trend in the global UF treatment device market. Developing and emerging economies, such as Brazil, Russia, India, China, Saudi Arabia, and Mexico, represent significantly underserved markets for healthcare products and services, including medical devices. These emerging and developing economies account for more than 50% of the global GDP. Brazil, Russia, India, China, and South Africa, known as the BRICS, are among the fastest-growing economies in the world. Population growth in these countries will lead to an increase in demand for medical devices, during the forecast period.
Further, although emerging local companies in developing countries are making efforts toward creating innovative products with local materials at affordable prices, there is still a huge potential for established global companies in these developing markets. Healthcare infrastructure has caught the attention of global institutional investors. Hence, with improving healthcare infrastructure, these emerging economies will witness huge growth potential for medical devices, including tumor ablation technologies. Tumor ablation, which involves the destruction of tumors using techniques like radiofrequency or microwave ablation, is crucial in the treatment of cancer and is expected to see increased adoption in developing regions. This advancement in medical technology is likely to have a positive impact on the growth of the market in focus during the forecast period, as it addresses critical healthcare needs in these expanding markets.
The high cost of treatment of the fibroid is a major challenge to the growth of the global UF treatment device market. The devices and procedures can be expensive, and the high cost of treatment can be a significant barrier to the growth of the global market. The high cost of these devices and associated procedures often lead to a reduction in demand, as it is a significant financial burden for many patients, particularly those without insurance coverage. The high cost of these devices can limit their availability and adoption, affecting the ability of healthcare providers and hospitals to invest in these technologies.
Moreover, the cost of purchasing, maintaining, and upgrading these devices may also be prohibitive for some healthcare providers, leading to delays in the adoption of new and innovative devices. The lack of insurance coverage, particularly in developing economies such as India, for fibroid treatment procedures is another significant challenge in the market, as many patients may be unable to afford these treatments. This may also lead to non-adherence to prescribed treatments, further hampering Uterine Fibroid (UF) treatment device market growth. Thus, the high cost associated with the treatment of fibroids will hamper the growth of the global market during the forecast period.
The market market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the Uterine Fibroid (UF) treatment device market industry report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Boston Scientific Corp.: The company offers uterine fibroid treatment device such as Bead Block device.
The market research report also includes detailed analyses of the competitive landscape of the market and information about 15 market players, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the invasive treatment segment will be significant during the forecast period. The invasive treatment segment of the global market includes surgical methods that involve invasive procedures to remove or destroy the fibroids. This segment currently holds a significant share of the market, as many women continue to opt for surgical methods as the standard treatment for fibroids. Examples of invasive fibroids treatment include hysterectomy, myomectomy, and others.
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The invasive treatment segment was valued at USD 1.74 billion in 2018. The demand for invasive treatment is increasing due to several reasons, including an increase in incidences of uterine fibroid among women. Moreover, traditional surgical procedures provide an opportunity for physicians to accurately remove the fibroids with minimal risks compared with any other alternative treatments. Invasive treatment methods also offer a permanent solution to fibroids and can provide relief from debilitating symptoms.
However, the preference for invasive treatment methods also depends on the size, number, and location of fibroids, the patient's age, reproductive status, and other related factors. Despite the advantages of invasive treatment methods, minimally invasive and noninvasive treatments such as MRgFUS are gaining popularity due to their reduced recovery time, lower risk of complications, and minimal scarring. Thus, the increasing popularity of minimally invasive and noninvasive treatment will hamper the growth of the invasive treatment segment of the global market size during the forecast period.
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North America is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In the market in North America, the US and Canada are the highest contributors to the growth of the regional market. The regional market has been witnessing steady growth in the past few years due to several factors. One of the key drivers is the high prevalence of uterine fibroids among women in the region. According to the National Health Institute, about 80% of women in the US will develop fibroids at some point in their life during the forecast period. Additionally, the increasing adoption of minimally invasive techniques and noninvasive treatments is fueling regional Uterine Fibroid (UF) treatment device market growth. Moreover, government initiatives supporting women's health in terms of research funding and healthcare initiatives are also driving regional market growth. Thus, such initiatives are driving the growth of the market in North America.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
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The market addresses the diverse needs of patients suffering from benign tumor in the muscular wall of the uterus, known as uterine myomas or leiomyomas. Symptoms include heavy menstrual bleeding (HMB), abdominal pressure, pain, and increased urinary frequency, impacting reproductive health and quality of life. Traditionally treated with surgical removal of the uterus or open surgeries, the market now emphasizes minimally invasive fibroid surgeries like radiofrequency ablation (RFA) and MRI-guided focused ultrasound, offering smaller incisions, reduced post-operative pain, and speedy recovery. Non-invasive treatments such as collagen-degrading enzymes, Gonadotropin-releasing hormone agonists (e.g., leuprolide, goserelin, triptorelin), and uterine artery embolization (UAE) are gaining popularity for their efficacy and minimal side effects. Initiatives like Fibroids Awareness Month and advocacy groups such as White Dress Project and Healthy Women promote awareness and support for UF patients through education and access to innovative treatments via outpatient centers, home healthcare services, and telemedicine platforms. Non surgical alternative utilizing collagen-degrading enzyme are being explored as an alternative to surgical removal of the uterus.
Market Scope |
|
Report Coverage |
Details |
Page number |
157 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.45% |
Market growth 2024-2028 |
USD 3.03 billion |
Market structure |
Concentrated |
YoY growth 2023-2024(%) |
8.42 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 33% |
Key countries |
US, Japan, Germany, China, and Canada |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Boston Scientific Corp., Conmed Corp., Gynesonics Inc., Hologic Inc., INSIGHTEC Ltd., KARL STORZ SE and Co. KG, Lumenis Be Ltd., Medtronic Plc, Merit Medical Systems Inc., Minerva Surgical Inc., Olympus Corp., and The Cooper Companies Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecasting period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Therapeutic Area
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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