The U.S. uterine fibroids treatment market is consolidated with top four companies enjoying almost half of the market in 2015, as per findings of a new report by Transparency Market Research. These are Boston Scientific Corporation, Hologic Inc., Smith & Nephew., and Cooper Companies Inc.
A TMR analyst says, “Focus on mergers and acquisitions is the key growth strategy that market players in the U.S uterine fibroids treatment market are adopting,” An excellent example is Boston Scientific Corporation. In 2014, Boston Scientific Corporation acquired IoGyn Inc., a gynecological device maker for US$65 million. This enabled the former to develop IoGyn Inc.’s FDA-approved Symphion system device.
Focus on product development to enhance product portfolio and augment market foothold is another key growth strategy that market players are focused on. Market players are striving to develop hi-tech devices that address the loopholes of predecessor devices. Top players in the U.S. uterine fibroids treatment market are also focused on collaborating with gynecologic surgeons to invent novel products.
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The U.S. uterine fibroids treatment market is expected to reach a valuation of US$273.6 mn by 2024 increasing from US$211.6 mn in 2015 at a CAGR of 2.9% between 2016 and 2024.
Preference for Shorter Hospital Stay Favors Growth of Hospitals End-user Segment
By procedure type, the U.S. uterine fibroids treatment market is segmented into endometrial ablation, hysterectomy, uterine artery embolization, MRI guided procedures, myomectomy, radiofrequency ablation, and others. Hysterectomy held a share of 79.6% in the U.S. uterine fibroid treatment market in 2015. However, endometrial ablation, radiofrequency ablation, and uterine artery ablation are the expected to display the fastest growth rate due to less invasive procedure and high patient satisfaction.
Hospitals and ambulatory surgical centers are the end user segments of the U.S. uterine fibroid treatment market. Of the two, hospital is the most attractive end user segment and is expected to display a CAGR of 3.1% from 2016 to 2024.
Increasing Incidence of Non-cancerous Tumor in Women Fuels Market Growth
“An increasing prevalence of uterine fibroid disease among women in the U.S. is one of the major factors driving the U.S. uterine fibroid treatment market,” points out a TMR analyst. Uterine fibroids are the most common form of non-cancerous tumor prevalent among women in the reproductive years in the in the U.S. and the incidence of uterine leiomyomas is on the rise. This is further supplemented by the increasing geriatric female population in the country.
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The increasing demand for less invasive surgical techniques, which are as effective as conventional hysterectomy procedures is also driving the U.S. uterine fibroids treatment market.
However, the use of power morcellators for hysterectomy and myomectomy procedures has received alerts from the FDA for causing complications such as the spread of metastatic leiomyosarcoma cancer tissue. This is challenging the growth of the U.S. uterine fibroid treatment market. The availability of several alternative cost-effective treatments such as drug therapy is posing a challenge for companies involved in the manufacture of medical devices for the treatment of uterine fibroids. This is restraining the development of the devices used for the treatment of uterine fibroid conditions.
Nevertheless, the focus of medical device manufacturers to develop novel technologies for power morcellators that will address the issues of predecessor devices will open growth opportunities for the U.S. uterine fibroids market.
The review is based on the findings of a Transparency Market Research report, titled “Uterine Fibroids Treatment Market End User – Hospitals and Ambulatory Surgical Centers – U.S. Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 – 2024″