Market Trends of Global Myomectomy Industry
This section covers the major market trends shaping the Myomectomy Market according to our research experts:
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.
