The global myomectomy market is projected to register a CAGR of nearly 9.8% over the forecast period.
The impact of the COVID-19 pandemic is significant on the Myomectomy market. With the surge of COVID-19 cases around the world, healthcare services diverted resources towards the patients suffering from COVID-19 disease. Guidelines and recommendations were provided for the management of patients during the pandemic. This resulted in hospitals prioritizing emergency procedures and delaying or postponing elective procedures such as myomectomy surgery leading to a backlog of patients waiting for their surgeries for months. A CovidSurg Collaborative study, 2020, estimated around 28 million operations would be delayed during peak 12-week disruption due to COVID-19 including 81.7% benign surgeries. With conditions returning to normal, myomectomy procedures are expected to recover gradually.
An increase in the number of patients suffering from uterine fibroids will be the key factor contributing to the growth of the Myomectomy market. According to the United States Department of Health and Human Services, Office on Women's Health fibroids are common in women in their 40's and 50's and about 20-80% of women develop fibroids by the time they reach 50. A research study published in 2018 involving women diagnosed with uterine fibroids, myectomy and endometrial ablation remained as the most opted surgical procedure. Another research study published in 2017 including approximately 5000 Italian women with uterine fibroids showed that 95% of surgeries performed included women between the age of 36-55. Additionally, rise in minimally invasive surgical procedures due to less complications and reduced stay at hospitals will drive the growth of the market. Technological advancements such as rise in robotic and laparoscopic-assisted surgery to deliver quality and efficient treatment will further contribute to the Myomectomy market.
Though the market holds several opportunities for growth in innovation and product developments, myomectomy procedure is associated with its own risks. According to a research study published in 2020 by Thieme, hemorrhage was the most common complication in abdominal myomectomy procedures and 13% of hysteroscopic myomectomy procedures observed complications such as excessive bleeding, uterine perforation, fluid overload, and postoperative infection. Research studies concluded that higher recurrence rate of myoma was observed with laparoscopic myomectomy. Along with these factors, higher costs of new medical devices might restrict the growth of the Myomectomy market.
Key Market Trends
Abdominal Type of Myomectomy Is Expected to Occupy a Significant Share over the Forecast Period
Due to the COVID-19 pandemic, all elective procedures were postponed prioritizing services for COVID-19 patients. In March 2020, the American College of Surgeons has provided COVID-19 guidelines for the triage of gynecology patients. According to this, myomectomy procedures were classified under surgeries that can be delayed by several months. Similarly in May 2020, the Royal College of Obstetricians and Gynecology published a prioritization framework for care in response to COVID-19 which classifies myomectomy under priority 3 and priority 4 indicating the procedure can be delayed up to and over 3 months based on causing anemia. These guidelines resulted in surgeons delaying myomectomy procedures which will impact devices used in the myomectomy market. Recovery of these backlog procedures will occur gradually adding to the market growth.
Abdominal type, also known as open type, is considered classic myomectomy surgery. This procedure is performed by making a small horizontal incision or vertical for a larger uterus across the abdomen region of the body. With the rise in patients with uterine fibroids, the demand for myomectomy procedures will also increase. Abdominal myomectomy is mostly performed and highly preferred type of treatment. A United Kingdom research study published on Gynecological Surgery, Springer Open in 2017 involving physician consultants identifies that nearly 70% of them perform open myomectomy. The open type is preferred based on size and location of fibroids. Hence, such activities across different countries, the procedures are expected to grow more over the forecast period. Further, slow down of COVID-19 impact and increase in medical product supplies across countries will collectively drive the growth of the market.
North America is Expected to Dominate the Myomectomy Market Over the Forecast Period
United States experienced a huge impact due to COVID-19. The Healthcare sector had to direct services towards COVID-19 patients management and vaccine development. Guiding committees and regulatory bodies published guidelines to be followed for patients and physicians. Elective procedures had to be postponed and only emergency procedures got high importance. Recovery of these backlog procedures will take place slowly considering the pandemic situation and resurgence of the disease.
However, North America is expected to dominate the Myomectomy market over the forecast period due to the rise in the prevalence of uterine fibroid. A 2018 published article in the American Journal of obstetrics and gynecology shows that the prevalence of uterine fibroids was found to be 10% in the United States with higher occurring rates observed for black women and other ethnic or racial groups. Additionally, according to the World Economic Outlook 2021 by IMF, real GDP is projected to grow by 6.4% in the United States and 5% in Canada. These factors along with high reimbursement rates and government initiatives contribute to North America occupying the largest share within the Myomectomy market.
Asia-Pacific is expected to grow at higher CAGR over forecast period due increasing GDP projected at 8.6% in 2021, public awareness, government initiatives towards healthcare and increased expenditure.
The Myomectomy Market remains highly competitive with major key players dominating the market. Technological advancements and product innovation will provide new opportunities to compete within the market. The rise in laparoscopic and robotic-assisted myomectomy due to its advantages over traditional methods will drive the growth of the market. Some of the major players include Medtronic plc, Stryker Corporation, ConMed Corporation, INSIGHTEC Ltd, CooperSurgical Inc, Hologic Inc, KARL STORZ SE & Co. KG, B Braun, Richard Wolf Medical Instruments, and Minerva Surgical Inc.
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TABLE OF CONTENTS
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.2.1 Growing Number of Patients Suffering from Uterine Fibroids
- 4.2.2 Rise in Minimally Invasive Procedures
- 4.2.3 Technological Advancements
- 4.3 Market Restraints
- 4.3.1 High Cost of Medical Devices
- 4.3.2 Complications Associated with the Procedure
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 By Type
- 5.1.1 Abdominal
- 5.1.2 Laparoscopic
- 5.1.3 Hysteroscopic
- 5.1.4 Robotic
- 5.2 By Product
- 5.2.1 Laparoscopic Power Morcellators
- 5.2.2 Harmonic Scalpel
- 5.2.3 Laparoscopic Sealer
- 5.2.4 Others
- 5.3 By End User
- 5.3.1 Clinics/Hospitals
- 5.3.2 Ambulatory Surgical Centers
- 5.4 Geography
- 5.4.1 North America
- 22.214.171.124 United States
- 126.96.36.199 Canada
- 188.8.131.52 Mexico
- 5.4.2 Europe
- 184.108.40.206 Germany
- 220.127.116.11 United Kingdom
- 18.104.22.168 France
- 22.214.171.124 Italy
- 126.96.36.199 Spain
- 188.8.131.52 Rest of Europe
- 5.4.3 Asia-Pacific
- 184.108.40.206 China
- 220.127.116.11 Japan
- 18.104.22.168 India
- 22.214.171.124 Australia
- 126.96.36.199 South Korea
- 188.8.131.52 Rest of Asia-Pacific
- 5.4.4 Rest of World
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 Medtronic plc
- 6.1.2 Stryker Corporation
- 6.1.3 ConMed Corporation
- 6.1.4 INSIGHTEC Ltd
- 6.1.5 CooperSurgical Inc.
- 6.1.6 Hologic Inc.
- 6.1.7 Intuitive Surgical Inc.
- 6.1.8 KARL STORZ SE & Co. KG
- 6.1.9 B Braun
- 6.1.10 Richard Wolf Medical Instruments
- 6.1.11 Minerva Surgical Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS