Uterine Fibroid Treatment Market To Generate $6,714.4 Million Revenue by 2030
- Published: August 2023
The uterine fibroid treatment market size is expected to advance at a CAGR of 10.1% during 2023–2030, to reach USD 6,714.4 million by 2030. This can be ascribed to the growing female geriatric population, the increasing healthcare expenditure, the surging prevalence of obesity, the rising launches of technologically advanced fibroid treatment products, and the growing popularity of minimally invasive treatments.
Moreover, the surging prevalence of hormonal disorders or hormonal imbalances leads to fibroid formation. Thus, the adoption of uterine fibroid treatment across the globe, owing to the rising incidence of cancer, is increasing. In addition, the rapid growth in emerging economies and the technological advancements in fibroid treatment are expected to create opportunities for manufacturers of uterine fibroid treatment products.
Increase in Preference of Minimally Invasive and Non-Invasive Surgical Procedures
There has been a significant preference in the choice of minimally invasive and non-invasive surgical procedures, as compared to traditional surgical procedures. This is due to the rising need for incisionless surgical procedure techniques for treating uterine fibroids and related symptoms in women globally. In addition, the non-invasive procedures cause little or no side effects, have a fast recovery time, do not hamper normal day-to-day activities, do not trigger pain, are highly efficacious, and are less infectious. These benefits are positively impacting the growth of the market.
Moreover, many players that are operating in the market are spending on research and development for manufacturing technologically advanced surgical instruments and devices for minimally and non-invasive surgeries, which, in turn, is boosting the need for uterine fibroid treatment.
On a geographical basis, North America held the largest market share in 2022, owing to the increased awareness of people, the established healthcare industry, the easy accessibility to advanced technologies, and the presence of a large number of hospitals, clinics, and ambulatory surgical centers in the region. The U.S. contributes the largest revenue to the North American as well as the global market for uterine fibroid treatment. This is due to the increased patient pool undergoing hormonal disorders, the rise in the prevalence of uterine cancer, and the presence of major industry players in the country.
Europe has been the second-largest market for uterine fibroid treatment, owing to the presence of a large pool of uterine cancer patients, increased healthcare spending, and developed healthcare infrastructure in the region.
In the coming years, the Asia-Pacific market is expected to witness the highest CAGR, of around 12%. This can be attributed to the increasing prevalent cases of abnormal uterine bleeding, irregular menstrual cycles among females, increasing per capita income leading to improved standard of living, rising healthcare spending, surging demand for better quality medical care, and mounting awareness about uterine fibroid treatment in the region. Moreover, the growing acceptance of uterine fibroids surgeries in emerging economies, such as India and China, is opening new growth opportunities for companies operating in APAC.
Some of the major players in the uterine fibroid treatment market are Myovant Sciences Ltd., INSIGHTEC Ltd., Medtronic plc, Gynesonics Inc., Minerva Surgical Inc., Hologic Inc., Boston Scientific Corporation, Abbvie Inc., Pfizer Inc., and ObsEva SA.