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.
Uterine fibroids are benign tumors that grow in or on the walls of the uterus. They are common in women during their reproductive years. Some women never have any symptoms, but others experience heavy or painful periods, pain in the pelvis or lower back, frequent urination, or a feeling of pressure in the pelvis. Treatment options include medications such as progesterone therapy, hormone therapy, selective progesterone receptor modulators (SPRMs), minimally invasive surgeries such as uterine artery embolization, myomectomy, and hysterectomy.
Market key trends:
One of the key trends gaining traction in the U.S. uterine fibroid treatment market is the rising adoption of minimally invasive treatment procedures such as myomectomy and uterine artery embolization. Minimally invasive procedures enable faster recovery and cause less pain and scarring compared to conventional open surgeries. They can be performed on an outpatient basis with reduced hospital stay. According to a study published in the Journal of Minimally Invasive Gynecology in 2019, myomectomy is preferred over hysterectomy as it preserves the uterus and fertility. The adoption of minimally invasive procedures is expected to further propel the market growth over the forecast period.
Threat of new entrants: The threat of new entrants is low as the U.S. uterine fibroid treatment market is mature and consolidated. However, new technologically advanced therapies pose a threat.
Bargaining power of buyers: The bargaining power of buyers is moderate to high as substantial buyer population allows buyers to negotiate on price and quality of care.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as new alternative treatment options are being introduced by suppliers constantly.
Threat of new substitutes: The threat of new substitutes is moderate as non-invasive treatment options are gaining popularity over invasive surgical procedures for uterine fibroids.
Competitive rivalry: Competition in the market is high due to presence of major players.
Strength: The non-invasive nature of uterine fibroid treatment options like MRgFUS reduces risk, pain, and recovery time.
Weakness: High costs associated with advanced fibroid treatments limit their adoption. Lack of awareness about treatment options also hinders market growth.
Opportunity: Rising incidence of uterine fibroid in the US owing to lifestyle changes and delay in childbearing age offers significant market potential.
Threats: Reimbursement issues related to new uterine fibroid treatment procedures act as a major restraint. Side effects of hormonal medications also limit their acceptance.
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 adoption of minimally invasive procedures.
Regional analysis: By region, the Western region dominates the U.S. uterine fibroid treatment market, accounting for over 35% of the US market share in 2023. The dominance is due to increasing adoption of technologically advanced procedures in this region.
Key players: Key players operating in the U.S uterine fibroid treatment market are Blue Endo, Boston Scientific Corporation or its affiliates, 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