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Global Myomectomy Market Is Set to Grow CAGR Of 9.1% From 2021 To 2028

Sheryl Dias
Global Myomectomy Market Is Set to Grow CAGR Of 9.1% From 2021 To 2028

The global myomectomy market size was valued at USD 555.1 million in 2019 and is expected to grow at a CAGR of 9.1% from 2021 to 2028. Increasing number of patients suffering from uterine fibroids and associated conditions, and rising adoption of technologically advanced devices for safe and effective myomectomy procedures are the major factors expected to drive the myomectomy market.

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Myomectomy is the surgical removal of fibroids from the uterus and allows the uterus to be left in place, which makes pregnancy more likely than before for women. Myomectomy is the preferred fibroid treatment for women who want to become pregnant. Common noncancerous growths, which appear in the uterus, are known as fibroids. Uterine fibroids usually develop during childbearing years, but they can occur at any age.

Market Trends, Drivers, Restraints, and Opportunities:

  • Rising prevalence of uterine fibroids is increasing the demand for myomectomy procedures around the world.
  • Increasing number of myomectomy procedures for uterine fibroids has led to the launch of technologically advanced products, which is likely to boost the market.
  • Technological advancements such as use of robots in myomectomy surgery procedures is driving the myomectomy market.
  • Increasing competition among existing key market players is restraining the myomectomy market.
  • High cost of new medical devices is hampering the myomectomy market.
  • The myomectomy market holds several opportunities for growth in innovation and product developments.

The Abdominal Myomectomy Segment Is Expected to Occupy a Significant Share over the Forecast Period

On the basis of types, the myomectomy market is segmented into abdominal myomectomy, hysteroscopic myomectomy, and laparoscopic myomectomy. The abdominal myomectomy segment dominated the market with a significant revenue share in 2019, due to increasing number of uterine fibroids patients, which in turn, increases the demand for myomectomy procedures for treatment. This procedure is widely preferred and performed for fibroids.

The laparoscopic myomectomy segment is expected to register a high CAGR of 9.3% during the forecast period. The technique offers less invasive procedures and fast patient recovery as compared to other procedures. This procedure allows the surgeon to remove fibroids by placing small instruments through several small incisions.

Product Insights held a substantial share in the market

Based on products, the myomectomy market is fragmented into laparoscopic power morcellators, harmonic scalpel, laparoscopic sealer, and others. The others segment accounted for a revenue share of 36.6% in 2019. The segment is expected to register a CAGR of 9.5% over the forecast period, owing to several benefits offered by this segment such as same-day procedure, less invasive treatment, and fast recovery. Furthermore, this procedure preserves the uterus, cervix, and ovaries, which are helpful for childbearing and reproductive women. Thus, these factors are anticipated to increase the demand for myomectomy during the forecast period, 2021-2028.

North America is Expected to Dominate the Myomectomy Market Over the Forecast Period

North America dominated the market with a share of 53.1% in 2019, due to increasing number of patients suffering from uterine fibroid problems, high medical reimbursement facilities in the region, rising government initiatives, and increasing myomectomy-related surgical procedures/hospital visits.

The market in Asia Pacific is expected to register a CAGR of 10.4% during the forecast period, due to factors such as increasing women population suffering from uterine fibroids, rising awareness about disease diagnosis and treatment, and modernization of healthcare infrastructure. Moreover, growth in medical tourism industry in developing economies such as India, China, and Japan is likely to boost the myomectomy market. Additionally, rising healthcare expenditure by the government and increasing number of hospitalizations due to rising cases of uterine fibroids are other factors responsible for growth of the market in the region.

Competitive Landscape

Key players in myomectomy market include Medtronic plc, Stryker Corporation, ConMed Corporation, INSIGHTEC Ltd, Cooper Surgical Inc, Hologic Inc, KARL STORZ SE & Co. KG, B Braun, Richard Wolf Medical Instruments, and Minerva Surgical Inc. For instance, in October 2018, Cooper Surgical Inc. announced the unveiling of the Cooper Genomics PGTai technology platform to utilize the power of Artificial Intelligence (AI), machine learning, and ERPeak endometrial receptivity test and provide precise detection of the receptivity condition of a female's endometrium.

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Sheryl Dias
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