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Hemorrhoid Treatment Devices Market Report Analysis With Industry Share Published by Leading Research Firm
Hemorrhoid is a digestive condition that primarily affects adults. Veins close to the anal tissue swell, which leads to hemorrhoids. The tissue serves as a cushion; however, strain brought on by pregnancy or obesity puts pressure on these veins, causing swelling and ultimately the development of hemorrhoids inside or outside the anal region. Over the last few years, surgical therapies have gained popularity for the treatment of hemorrhoids. Manufacturers are developing hemorrhoid devices that can reduce post-operative pain and other procedural complications, especially in patients suffering from prolapsed hemorrhoids.
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Growth in Medical Tourism Driving Global Hemorrhoid Treatment Devices Market
The multi-billion-dollar global medical tourism market is predicted to grow at a double-digit rate in the near future. Countries such as India and Singapore have shown significant potential in the hemorrhoid treatment devices market due to the lower cost of treatment than that in developed countries. According to the recent hemorrhoid treatment devices market analysis, expansion of modern medical facilities and presence of competent medical professionals and consultants are drawing patients from the West to emerging economies for treatment. Furthermore, patients from affluent and upper-middle-class segments of the population in developing countries are willing to travel across regional and international borders and pay for high-quality medical services that are not readily available to them locally and nationally.
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Rise in Advancements in Healthcare Facilities Propelling Global Hemorrhoid Treatment Devices Market
Recent hemorrhoid treatment devices market trends include rise in government investments in public welfare programs across the globe and increase in advancements in healthcare infrastructures such as hospitals, clinics, and operating rooms. Rise in disposable income has led to a surge in the number of surgeries performed in hospitals. The ongoing COVID-19 pandemic has raised concerns about outpatient visits due to the risk of virus spread. Adoption of telemedicine is increasing, as patients are interacting with healthcare systems without physical visits. Consumer sentiment, on the other hand, has begun to improve in recent months and the healthcare industry is returning to normalcy. This has resulted in an increase in hospital visits, thereby boosting the hemorrhoid treatment devices market.
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Increase in Adoption of Band Ligators for Grade I and II Hemorrhoid Treatment
In terms of device, the global hemorrhoid treatment devices market has been classified into band ligators, sclerotherapy injections, infrared coagulators, bipolar probes, cryotherapy devices, hemorrhoid laser probes, and others. The band ligators segment is expected to grow significantly during the forecast period, due to the rise in cases of hemorrhoids and increase in preference for inpatient procedures. Band ligators, also known as hemorrhoid banding devices, are the most commonly used ligator devices for the treatment of grade I and II hemorrhoids. Band ligation can be performed with or without an endoscope.
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Availability of Latest Technologies and Superior Medical Care Fueling Hospitals & Clinics Segment
Based on end-user, the global hemorrhoid treatment devices market has been segmented into hospitals & clinics, ambulatory surgical centers, and others. The hospitals & clinics segment dominates the global market due to the presence of numerous services and devices for the treatment of hemorrhoids. Hospitals & clinics are preferred locations for the treatment due to the availability of cutting-edge technologies and superior medical care. The segment is projected to grow at a high CAGR, especially in developed economies, due to the increase in geriatric population and expansion of healthcare infrastructure across the globe.
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Regional Outlook of Global Hemorrhoid Treatment Devices Market
Europe dominates the global hemorrhoid treatment devices market due to technological advancements and rise in launch of new products in the region. Rise in awareness about early-stage treatment of hemorrhoids is also driving the market in the region.
The market in North America is driven by the presence of robust healthcare infrastructure and rise in awareness regarding various hemorrhoid treatment devices. On the other hand, expansion of the healthcare sector in countries such as China, Japan, and India; and technological advancements in hemorrhoid treatment devices are expected to augment the market in Asia Pacific during the forecast period.
Analysis of Key Players in Global Hemorrhoid Treatment Devices Market
The global hemorrhoid treatment devices market is fragmented, with the presence of many large-scale players. Key players operating in the market include Boston Scientific Corporation, Medtronic Plc, Cook Medical, Integra LifeSciences, CONMED Corporation, Privi Medical (Tracxn Technologies Limited), and Sklar Surgical Instruments. These players are focused on R&D, product approval, and launch of new products; and are adopting M&A, partnerships, and collaboration strategies to enhance their hemorrhoid treatment devices market share.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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