Endometrial Ablation Market Opportunity will Rise to US$1.3 bn by 2024
The presence of a number of large endometrial ablation enterprises such as Cooper Surgical Inc., Medtronic Plc, Boston Scientific Corp., Ethicon Inc., and Hologic Corp., has rendered the vendor landscape of the global endometrial ablation market highly competitive, observes Transparency Market Research in a recent report. To supersede competitors, companies in the market are focusing on growth strategies such as introduction of technologically advanced products and expansion across new regional markets. Owing to these trends, the market has witnessed a vast rise in collaborations, mergers, and acquisitions, leading to a further intensified level of competition.
TMR estimates that the global market for endometrial ablation will exhibit a promising CAGR of 5.50% from 2016 to 2024, rising from an opportunity worth US$0.8 bn in 2015 to US$1.3 bn by 2024.
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North America to Continue to Command Greater Hold on Global Market
In terms of type of devices, the segment of radiofrequency endometrial ablation devices held the dominant share in market’s overall revenue in. The segment is likely to also continue to lead over the report’s forecast period. Factors such as ease of usage, less duration required for surgery, and cost benefits will continue to bode well for the segment over the forecast period, by the end of which the segment is expected to account for a nearly 58% of the overall market. In terms of geography, the market for endometrial ablation in North America is presently the leading contributor in terms of revenue and is likely to retain the top spot throughout the report’s forecast, thanks to the developed healthcare infrastructure. The regional market is projected to hold a nearly 44% of the overall market by 2024.
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Rising Rate of Incidence of Gynecological Diseases to Drive Market
The market is expected to benefit from a number of factors, which will be seen in its steady growth path over the course of the report’s forecast. The key drivers of the market will be factors such as the vast rise in the global prevalence of gynecological disorders, the easy availability of technologically advanced endometrial ablation devices, and high cost of ablation surgeries. The market will also benefit from the rising population of affluent higher middle-class people, especially across emerging economies in regions such as Asia Pacific and Latin America, and the increased expenditure of the world population on advanced healthcare treatments.
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The increased rate of incidence of gynecological conditions such as polycystic ovarian disease (PCOD), abnormal vaginal bleeding, and endometrial and cervical cancers in the past few years has boosted the demand for effective treatments. These factors remain at the helm of the remarkable development achieved by the global endometrial ablation market in the past few years and will continue to lead it towards a healthy growth path in the near future.
Increased Preference to Non-invasive Treatments to Bode Well for Market
Despite having healthy growth prospects in the foreseeable future, the market faces challenges such as issues concerning commercialization in developing and under-developed economies and strict regulatory laws and policies in developed economies. Nevertheless, as the global consumer becomes more educated about the vast benefits of non-invasive treatments, in terms of faster recovery, reduced time in hospitals, and cost of the overall treatment, the market will continue to witness a healthy rise in demand. The vast pool of untapped growth opportunities in emerging economies could also act as a good opportunity for companies aspiring to strengthen their hold on the global endometrial ablation market.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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