The 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 across the world, healthcare services diverted their resources toward the patients suffering from COVID-19. 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 that around 28 million operations would be delayed during the 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 is anticipated to be the key factor contributing to the growth of the myomectomy market. According to the US Department of Health and Human Services, Office on Women’s Health, fibroids are common in women aged 40-50 years, and about 20-80% of women develop fibroids by the time they reach the age of 50 years. As per a research study published in 2018 involving women diagnosed with uterine fibroids, myomectomy and endometrial ablation remained the most opted surgical procedures. Another research study published in 2017, which included approximately 5,000 Italian women with uterine fibroids, showed that 95% of the surgeries performed included women in the age group of 36-55 years. Additionally, a rise in the number of minimally invasive surgical procedures due to fewer complications and reduced hospital stay is anticipated to drive the growth of the market. Technological advancements, such as the rise in the number of robotic and laparoscopic-assisted surgeries to deliver quality and efficient treatment, may also contribute to the growth of the myomectomy market.
Though the market holds several opportunities for growth in innovation and product developments, the myomectomy procedure has its own risks. According to a research study by Thieme, published in 2020, 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 a higher recurrence rate of myoma was observed with laparoscopic myomectomy. Along with these factors, higher costs of new medical devices may 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 have been postponed, as priority was given to the treatment of COVID-19 patients. In March 2020, the American College of Surgeons 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 that the procedure can be delayed up to and over 3 months based on causing anemia. These guidelines resulted in surgeons delaying myomectomy procedures, which impacted the use of devices in the myomectomy market. Recovery of these backlog procedures may occur gradually, thus aiding the market growth.
The abdominal type, also known as the open type, is considered the classic myomectomy surgery. This procedure is performed by making a small horizontal incision (or a vertical incision for a larger uterus) across the abdomen region of the body. With the rise in the number of patients with uterine fibroids, the demand for myomectomy procedures may also increase. Abdominal myomectomy is the highly performed and preferred type of treatment. A 2017 UK research study published on Gynecological Surgery, Springer Open, involving physician consultants, identifies that nearly 70% of them perform open myomectomy. The open type is preferred based on the size and location of fibroids. Hence, due to such activities across different countries, the number of procedures is expected to grow further over the forecast period. Additionally, the slowdown of COVID-19 impact and increase in medical product supplies across countries may collectively drive the growth of the myomectomy market.
North America is Expected to Dominate the Myomectomy Market over the Forecast Period
The COVID-19 outbreak has had a huge impact on the United States. The country’s healthcare sector had to direct its services toward the management of COVID-19 patients 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 were given high priority. Recovery of these backlog procedures may 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 rising prevalence of uterine fibroid. A 2018 article published 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, coupled with high reimbursement rates and government initiatives, contribute to North America occupying the largest share of the overall myomectomy market.
Asia-Pacific is expected to register a higher CAGR over the forecast period due to the projected 8.6% GDP in 2021, public awareness, government initiatives toward healthcare, and increased expenditure.
The myomectomy market remains highly competitive in nature, with major players dominating the market. Technological advancements and product innovations are likely to provide new opportunities for the players to compete within the market. The rise in laparoscopic and robotic-assisted myomectomy procedures due to their advantages over traditional methods may 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
1.2 Scope of the Study
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
5.2 By Product
5.2.1 Laparoscopic Power Morcellators
5.2.2 Harmonic Scalpel
5.2.3 Laparoscopic Sealer
5.2.4 Other Products
5.3 By End User
5.3.2 Ambulatory Surgical Centers
5.4.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.4.4 Rest of the World
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.
A selection of companies mentioned in this report includes:
- Medtronic plc
- Stryker Corporation
- ConMed Corporation
- INSIGHTEC Ltd
- CooperSurgical Inc.
- Hologic Inc.
- Intuitive Surgical Inc.
- KARL STORZ SE & Co. KG
- B Braun
- Richard Wolf Medical Instruments
- Minerva Surgical Inc.