Newark, NJ, Aug. 26, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global uterine fibroid treatment device market is expected to grow from USD 4.6 billion in 2019 to USD 9.3 billion by 2027, at a CAGR of 9.5% during the forecast period 2020-2027.
Uterine fibroids occur in approximately 40% of women worldwide, and hence the demand for uterine fibroid treatment devices is increasing and assisting to boost the market growth. Although patients prefer non-invasive methods of treatment, technological advancements in the field of medical technology have attracted the attention of patients for surgical modes of treatment. The rising awareness & recognition of uterine fibroids among women is also helping the market to grow.
Uterine fibroid treatment devices are employed to treat uterine fibroid in females. Uterine fibroids are mild, small-scale tumors that occur within the uterus wall of women. They are non-cancerous and non-contagious. Common symptoms of uterine fibroids are constipation, frequent urination, leg pain, pelvic pain, heavy menstrual bleeding, and backache. There are certain factors that cause the development of uterine fibroid tumors, such as genetic changes, hormonal imbalance, and other growth factors. Some of the treatment techniques for uterine fibroids are hormone targeting medications, embolization, hysterectomy, and MRI-guided FUS (Focused Ultrasound Surgery).
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world’s economy and has negatively impacted all kinds of markets, including the uterine fibroid treatment device market. With less disposable income and broken supply chains, the market's growth is expected to slow down. Other factors that restrict market growth are lack of awareness and lack of advancement in medical science in underdeveloped countries.
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Key players operating in the global uterine fibroid treatment device market include Medtronic plc, CooperSurgical Inc., Stryker Corporation, Ethicon, Inc., Minerva Surgical, Inc., Hologic, Inc., INSIGHTEC, Lumenis, Boston scientific, and Karl Storz GmbH among others. To gain a significant market share in the global uterine fibroid treatment device market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Medtronic plc and Stryker Corporation are some of the biggest manufacturers and suppliers of uterine fibroid treatment device in the global market.
- October 2015 - SonaCare Medical launched the Sonablate High Intensity Focused Ultrasound Prostate Ablation Device and received approval by the US Food & Drug Administration. This system provides specific authorization for the ablation of prostate tissue.
Surgical techniques dominated the market and held the largest market share of 33.9% in the year 2019
The technology segment comprises of ablation techniques, laparoscopic techniques, surgical techniques, and embolization techniques. Surgical techniques dominated the market and held the largest market share of 33.9% in the year 2019. This is due to the rising number of myomectomy & hysterectomy surgical procedures, as these are the most frequently performed procedures for uterine fibroid treatment in women. In addition, this method is highly favored among surgeons and is proven to be a permanent solution for uterine fibroid. On the other hand, the ablation techniques segment is forecasted to grow at the highest rate from 2020 to 2027 due to its various benefits such as it is minimally invasive, no anesthesia is needed, and pregnancy is possible after the procedure.
Invasive treatment dominated the market and valued at USD 2.02 Billion in the year 2019
The mode of treatment segment includes invasive treatment, non-invasive treatment, and minimally invasive treatment. Invasive treatment dominated the market and valued at USD 2.02 Billion in the year 2019. This is because of factors such as rising cases of uterine fibroids in women and the cost-effectiveness of invasive procedures. On the other hand, the non-invasive treatment segment is forecasted to grow at the highest rate from 2020 to 2027, due to critical factors like increased demand for incision-less procedures, and better convenience.
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Regional Segment Analysis of the Uterine Fibroid Treatment Device Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global uterine fibroid treatment device market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 58.2% in the year 2019. This is attributed to key factors such as the existence of well-established, advanced healthcare facilities in the region, robust distribution channels, ease of access, supportive government initiatives, and rising hysterectomy related surgical hospital visits. Additionally, the existence of major players, such as CooperSurgical, Inc., Stryker, and Medtronic plc, are adding to the market growth. With the existence of a large patient base and increasing public healthcare expenditure, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. In addition, steady advancements in clinical development frameworks of emerging economies, such as India & China are expected to contribute to the growth of the global uterine fibroid treatment device market.
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About the report:
The global uterine fibroid treatment device market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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