June 21, 2024
Myomectomy Market

Global Myomectomy Market is Estimated to Witness High Growth Owing to Rising Prevalence of Uterine Fibroids Disorder

The global myomectomy market has been growing rapidly owing to the growing prevalence of uterine fibroids among women worldwide. Myomectomy is a surgical procedure used to remove uterine fibroids without removing the uterus. It is one of the most common treatments performed for symptomatic uterine fibroids. Uterine fibroids are non-cancerous tumors that grow within or on the outside of the muscular wall of the uterus and can cause heavy periods, painful periods, an enlarged abdomen, urinary issues, bowel issues, backache, etc. The rising cases of uterine fibroids due to changing lifestyles and increasing obesity rates is the major factor driving the demand for myomectomy procedures globally.

The Global Myomectomy Market is estimated to be valued at US$ 791.2 MN in 2024 and is expected to exhibit a CAGR of 9.2% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the global myomectomy market are Medtronic, Stryker Corporation, CONMED Corporation, CooperSurgical Inc., Ethicon, Inc., Hologic, Inc., Minerva Surgical, Inc., INSIGHTEC, Karl Storz GmbH, Intuitive Surgical, and B. Braun Melsungen AG. These players are focusing on new product launches and geographic expansions to gain a competitive advantage in the market.

The rising prevalence of uterine fibroids and increasing awareness about minimally invasive surgical procedures offer significant growth opportunities in the Global Myomectomy Market Size. Various government initiatives to spread awareness about women’s health issues will further aid market growth.

The key global players are strategically expanding in emerging markets of Asia Pacific and Latin America owing to growing healthcare expenditures and increasing medical tourism in these regions.

Market Drivers

The increasing obese population globally is a major driver for the myomectomy market. Women who are overweight or obese are at a higher risk of developing uterine fibroids. According to the World Health Organization (WHO), worldwide obesity more than tripled between 1975-2016. This rapid rise in obesity rates has fueled the uterine fibroids cases, augmenting demand for myomectomy procedures. Other major drivers include the growing geriatric population, heavy investments in R&D of advanced surgical equipment, and favorable reimbursement policies for uterine fibroid treatment in developed nations.

PEST Analysis

Political: Government regulations related to approvals process for surgical devices. Harmonization of regulations across countries will ease flow of devices.

Economic: Growing global healthcare spending, increasing disposable incomes in emerging nations. Cost pressures on healthcare systems may deter adoption.

Social: Increase in infertility rates, delayed pregnancies, rising acceptance of medical tourism and non-invasive procedures. Growth in aging population needing gynecological care.

Technological: Advances in laparoscopy, robotics and visualization. Development of procedures with shorter recovery times.

Geographical Regions with High Concentration

North America and Europe account for over 60% share in terms of value due to favorable reimbursements, established healthcare systems, technological advancements and increasing awareness. The United States holds the major market share in North America attributed to sophisticated healthcare infrastructure and adoption of innovative techniques.

Fastest Growing Region

Asia Pacific region is expected to witness the highest growth rate over the forecast period owing to large patient base, increasing medical tourism, growing healthcare spending, rising affordability and growing awareness. Countries like China and India are expected to be the major contributors to the market growth due to rising cases and improving access to healthcare.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it