GLOBAL MYOMECTOMY MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Market Challenges And Opportunities

Global Myomectomy Market- Drivers

• Rise in prevalence of uterine fibroids: Rise in prevalence of uterine fibroids is a key factor driving the growth of the myomectomy market. Uterine fibroids are non-cancerous tumors that grow in or on a woman's uterus. According to the data provided by the Office on Women's Health, U.S. Department of Health and Human Services, up to 70-80% of women will develop a uterine fibroid tumor by the time they reach the age of 50. Uterine fibroids can cause heavy bleeding leading to anemia, pain, and pressure or pain in the pelvis. Women experiencing such symptoms often seek treatment in the form of a myomectomy surgery. A myomectomy involves surgically removing the fibroids while keeping the uterus intact, thus allowing women to avoid a full hysterectomy. This surgery is generally opted for if the woman wishes to preserve her fertility. With the increasing prevalence of uterine fibroids amongst women, coupled with the desire to bear children, the demand for minimally invasive myomectomy procedures has increased significantly in recent years.
• Increasing geriatric population: Global geriatric population is growing rapidly and this has emerged as one of the key drivers for the growth of the myomectomy market. According to the data published by the United Nations, the number of people aged 65 years and above is projected to grow from 727 Mn in 2020 to 1.5 billion in 2050 globally. This increasing share of elderly population suffers more from various health issues and age-related diseases. Uterine fibroids are common non-cancerous tumors found in the womb or uterus that often occur in women during their childbearing years. However, the incidence of uterine fibroids is found to increase with age.
• Technological advancements in myomectomy procedures: Technological advancements are revolutionizing myomectomy procedures and driving significant growth in the myomectomy market. New procedures such as laparoscopic myomectomy and robotic myomectomy are allowing surgeons to perform complex surgeries through smaller incisions rather than through a large abdominal incision. This reduces post-operative recovery time for patients, minimizes scarring and blood loss, and lowers the risk of complications and infections.

Global Myomectomy Market- Opportunities

• Emerging economies: Emerging economies present a huge opportunity for growth in the myomectomy market. Countries like India, China, Brazil, Mexico, and others that are witnessing rapid economic development and rise in income levels. As incomes rise in these nations, access to healthcare and medical procedures is also improving. Many women in emerging nations who previously could not afford treatments are able to undergo myomectomy surgery. Growing middle class in emerging economies is willing to spend more on healthcare. They want access to modern medical facilities and world-class surgical treatments for managing diseases. Increasing healthcare expenditure and demand for quality care means more women will be able to opt for myomectomy as a treatment choice for uterine fibroids. This will significantly boost the procedure volume in the years to come.
• Adoption of robot-assisted myomectomy surgeries: Adoption of robot-assisted surgical systems for myomectomy procedures presents a significant growth opportunity for the myomectomy market. Robotic systems allow for minimally invasive surgery with advantages over traditional laparoscopic or open surgeries. With robotic tools, surgeons have improved vision, dexterity, and control during intricate procedures to remove uterine fibroids. The robotic platform enables smaller incisions, less pain, quicker recovery times and shorter hospital stays for patients as compared to other surgical methods. As women increasingly seek minimally invasive options for myomectomy, robotics is gaining acceptance among medical professionals and patients.

Global Myomectomy Market - Restraints

• High cost of procedures: The high cost of myomectomy procedures is a major restraint hampering the growth of the myomectomy market globally. Myomectomy surgery which involves removing uterine fibroids surgically is an expensive procedure that makes it unaffordable for many women. The average total cost of myomectomy in the U.S. ranges between US$10,000 to US$30,000 without any complications. This does not include the additional costs that are associated with anesthesia, operating room facilities, and any unintended follow up procedures in case of complications. Such a hefty financial burden deters many patients from opting for this treatment solution. Many developing nations and certain communities within developed countries have limited or no medical insurance coverage pushing the full costs to be borne by the patients themselves. According to the data released by the World Bank in 2020, nearly half of the world's population still lacks access to essential health services due to high OOP (out-of-pocket) expenditures. This disproportionately impacts women as uterine fibroids are a predominantly female health issue. Lack of affordability means that in many low and middle-income countries, a large proportion of women suffer silently without seeking any medical help. This adversely impacts the potential demand and future growth prospects of the myomectomy market.
• Risk of recurrence of uterine fibroids post-surgery: Risk of recurrence of uterine fibroids post-surgery is one of the major factors restraining the growth of myomectomy market. Uterine fibroids are non-cancerous tumors that grow in or on a woman's uterus. Myomectomy is a surgical procedure performed to remove fibroids and preserve the uterus. However, there is a significant risk of fibroids reoccurring after the surgery. Various studies conducted by public health organizations show that the recurrence rate after myomectomy is relatively high. For example, according to a study published by the National Library of Medicine in 2022, a recurrence was noted in 35% of the patients within 3 years after undergoing myomectomy. Women who had multiple or large fibroids removed during the initial surgery were at a higher risk of recurrence. Another study conducted across several European countries by the World Health Organization and published in 2021 found that nearly 50% of women experienced a return of fibroids within 5 years of undergoing myomectomy.