The rising occurrence of uterine fibroids among women is the primary stimulant of the growth of the U.S. market for uterine fibroids treatment. The Society of Interventional Radiology states that around 30% to 40% of women aged 35 and above suffer from uterine fibroids. Moreover, the advent of minimally invasive and effective alternatives to open surgeries is working in favor of the market. The presence of favorable reimbursement policies is also encouraging patients to undergo uterine fibroids treatment. Medicare & Medicaid services – a national social insurance program in the U.S. – covers reimbursement policies and payments for ambulatory surgical centers and hospitals.
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Furthermore, technological advancements and frequent product innovations coupled with an increase in regulatory approvals of novel products are stoking the growth of the market. However, the presence of substitutes such as drug therapy to uterine fibroid treatment procedures is hampering the growth of the market. Moreover, stringent regulations pertaining to treatment devices delay their launch, which in turn adversely affects the growth of the market. With all these factors put together, the U.S. market for uterine fibroid treatment is poised to reach a valuation of US$273.6 mn by the end of 2024 from US$217.6 mn in 2016, rising at a CAGR of 2.9% between 2016 and 2024.
Hysterectomy Segment to Lead Global Market
Out of all the procedures, the hysterectomy segment is showing a promise of good growth rate in the near future. This segment is projected to account for a share of 79.6% by the end of 2016. The benefits of hysterectomy such as alleviation of pelvic pain, excessive menstrual bleeding, and physical morbidity are driving this segment. Furthermore, hospitals will emerge as the leading end users of uterine fibroid treatment options in the coming years. By the end of 2016, the hospitals segment is projected to account for a share of 67.1% in the U.S. uterine fibroids treatment market.
Technological Advancements in Minimally Invasive Surgeries Augurs Well for Market
The introduction of a minimally invasive surgeries to treat the excruciatingly painful uterine fibroids is expected boost the market’s growth in the coming years. “Advantages of such procedures such as minimal recovery time, reduced chances of infections, and shorter hospital stays are also encouraging patients and hospitals to choose these treatments,” states the lead author of this research report. The market is also benefitting from the regulatory approvals being granted to newer types of treatment and surgeries. Thus, the introduction of newer technologies that offer efficient results is creating a positive influence on the U.S. uterine fibroids market. The remarkable changes in technology have also played their supportive part in the growth of the market over the past few years. For instance, Halt Medical, Inc. introduced Acessa Guidance System in 2016. This technology enhances the radiofrequency ablation and electromagnetic tracking technology to treat uterine myomas laparoscopically.