The market for uterine fibroids treatment market is fragmented in nature with a high number of players operating in it across the U.S., states a new market research report by Transparency Market Research. The estimated entry of new players and the increasing research and development activities are some of the key factors that are projected to strengthen the competitive scenario of the market throughout the forecast period.
The leading players in the U.S. market are emphasizing on collaborations and mergers and acquisitions in order to broaden their product portfolio. In addition, they are also focusing on development of new product in order to maintain their leading position in the coming years. Some of the key players operating in the U.S. uterine fibroids treatment market are Smith & Nephew, Boston Scientific Corporation, and Hologic, Inc.
As per the report published by Transparency Market Research, in 2015, the U.S. market for uterine fibroids treatment was worth US$211.6 mn. The market is estimated to reach a value of US$273.6 mn by the end of 2024, exhibiting a healthy 2.90% CAGR between 2016 and 2024.
Hospital Segment to Account for High Share in U.S. Uterine Fibroids Treatment Market
On the basis of end user, the U.S. market for uterine fibroids treatment has been categorized into ambulatory surgical centers and hospitals. As per the study, the hospitals segment is likely to observe a high growth over the forecast period. The high growth of this segment can be attributed to the fact that hospitals are highly developed and are capable to handle complicated emergency situations and matters related to uterine fibroids.
The increasing demand for hospitals and the rising focus on training interventional gynecologists and radiologists for the application of robotic minimally invasive procedure and radio frequency ablation are some of the major factors that are estimated to accelerate the growth of this segment in the next few years. Furthermore, the ambulatory surgical centers is estimated to grow at a sluggish pace throughout the forecast period.
In terms of type of procedure, the hysterectomy segment is projected to account for a large share of the U.S. market throughout the forecast period. This procedure is being recommended highly by doctors to women, who have a large size fibroid and have completed their fertility. On the other hand, in the next few years, there might be a downfall in the demand for hysterectomy treatment, due to the injury to healthy tissues and the increasing risks of having benign neoplasms after the procedure of hysterectomy.
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Demand for Minimally Invasive Surgeries to Encourage Market Growth
The rising demand for minimally invasive surgeries for treating the excruciating painful uterine fibroids is one of the major factors anticipated to encourage the growth of the market throughout the forecast period. Reduced chances of infections, minimal recovery time, and shorter hospital stays are some of the major advantages of the treatment, thanks to which the market is likely to witness significant growth in the next few years. Technological advancements and the increasing research and development activities are projected to accelerate the overall growth of the market throughout the forecast period.