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The U.S. Uterine Fibroid Treatment Market is estimated to be valued at US$ 269.4 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Uterine fibroids are non-cancerous tumors that grow in or on a woman’s uterus. They are made of muscle and fibrous tissue. Uterine fibroids are very common in women. It is estimated that up to 80% of women will develop a fibroid tumor by the age of 50. Most uterine fibroids cause no or only minor symptoms, however, in some cases they can cause heavy bleeding, pain, or pressure in the pelvis. Treatments for uterine fibroids include medication, myomectomy (surgical removal of fibroids), uterine artery embolization, and hysterectomy (surgical removal of the uterus). The U.S. uterine fibroid treatment market provides various treatment options to reduce or eliminate fibroid related symptoms.
Market key trends:
The prevalence of uterine fibroid is rising significantly which is a major factor driving the U.S. uterine fibroid treatment market growth. Other key trends include advancements in minimally invasive uterine fibroid treatment procedures and increase in awareness regarding treatments options. Technological advancements in areas such as robotic surgical systems, focal thermal ablation devices, and image guided systems are helping healthcare providers to offer minimally invasive treatment procedures. This is fueling the adoption of procedures such as MRI-guided focused ultrasound ablation and radiofrequency ablation. Increased awareness about treatment options is also encouraging more women to seek medical help for uterine fibroid related symptoms.
Porter’s Analysis
Threat of new entrants: The entry of new players in the U.S. uterine fibroid treatment market is moderately low due to high capital requirements and patents on existing procedures.
Bargaining power of buyers: The bargaining power of buyers is high as there are many alternatives available for treatment such as medications, surgeries, and other minimally invasive procedures.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are numerous device manufacturers and pharmaceutical companies supplying different types of products and drugs in this market.
Threat of new substitutes: The threat of substitutes is moderate as there are several new advanced uterine-sparing procedures and minimally invasive treatment options emerging in the market.
Competitive rivalry: High due to the presence of many large and small players offering different types of uterine fibroid treatment options.
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 prevalence of uterine fibroids and rising number of menorrhagia cases.
The North America region is expected to dominate the U.S. uterine fibroid treatment market during the forecast period owing to availability of advanced treatment options and higher healthcare spending. The Asia Pacific region exhibits the fastest growth rate due to large patient pool and growing awareness regarding uterine fibroid treatment.
Key players operating in the U.S. uterine fibroid treatment market are Blue Endo, Boston Scientific Corporation, 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
