Increase in incidence of hemorrhoids disease drives the global hemorrhoid treatment devices market.
ALBANY, NEW YORK, UNITED STATES, September 21, 2020 /EINPresswire.com/ — Transparency Market Research (TMR) has published a new report titled, “Hemorrhoid Treatment Devices Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global hemorrhoid treatment devices market was valued at US$ 569.6 Mn in 2017 and is projected to expand at a CAGR of 4.6% from 2018 to 2026. Increase in incidence of hemorrhoids among the adult population and rise in the number of hemorrhoid surgeries due to high patient preference are anticipated to drive the global market during the forecast period. North America and Europe are expected to dominate the global hemorrhoid treatment devices market owing to higher rate of adoption and awareness about hemorrhoid treatment devices. Asia Pacific, Latin America, and Middle East & Africa are potential markets for hemorrhoid treatment devices. The market in Asia Pacific is likely to expand at a high CAGR from 2018 to 2026.
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Cost-effective Devices for Treatment of Complex Hemorrhoids to Drive Global Market
Increase in incidence of hemorrhoids disease drives the global hemorrhoid treatment devices market. According to the International Surgery Journal (February 2018), hemorrhoids are one of the most common disorders among young adults. The journal estimated that over 50% of people suffer from piles before they reach 50. This is projected to increase the number of surgery procedures, which in turn is anticipated to propel the global hemorrhoid treatment devices market. The band ligators segment accounted for a leading share of the global market in 2017, owing to increase in adoption of ligators for hemorrhoid treatment. Ligators involve an office-based procedure, which is relatively safe and painless, with minimal complications. Moreover, rise in the utilization of endoscopic ligators by physicians for easy access to hemorrhoids is likely to boost the segment in the near future.
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Hospitals & Clinics to be Promising Segment
In terms of end-user, the global hemorrhoid treatment devices market has been classified into hospital & clinics, ambulatory surgical centers, and others. The hospital & clinics segment held major share of the global market in 2017. Dominance of the segment can be attributed to the availability of multiple service options & devices and tie-ups with health care companies in order to enhance health care products and service offerings. Moreover, hospital & clinics are the preferred choice for treatment due to availability of advanced technology and better health care services. The hospital & surgical centers segment is projected to expand at a high CAGR, especially in developed economies, due to rise in geriatric population and increase in health care infrastructure and support. Moreover, rise in demand for hemorrhoid treatment devices in ambulatory surgical centers during medical emergency is anticipated to drive the segment.
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North America to Dominate Global Market
In terms of region, the global hemorrhoid treatment devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2017. The market in the region is driven by highly developed health care sector, increase in awareness among health care providers about hemorrhoid treatment devices, and continuous development of hemorrhoid treatment devices. North America presents significant opportunities in the hemorrhoid treatment devices market. The market in Asia Pacific is anticipated to expand at a high CAGR during the forecast period due to increase in awareness about hemorrhoid treatment devices for hemorrhoid surgeries. Moreover, growth of the health care sector in countries such as China, Japan, and India is expected to propel the market in the region. Additionally, technological advancements and increase in rate of adoption of hemorrhoid treatment products are likely to augment the market in the region during the forecast period.
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Medtronic plc and Cook Medical to Lead Global Market
The global hemorrhoid treatment devices market is highly fragmented in terms of number of players providing different products. Key players in the global market include Boston Scientific Corporation, Medtronic plc, Cook Medical, Johnson & Johnson, Integra LifeSciences Corporation, CONMED Corporation, Medline Industries, Inc., Privi Medical, Sklar Surgical Instruments, and Surkon Medical Co., Ltd. Expansion of product portfolio through mergers and acquisitions is a key strategy followed by these players.
Source: EIN Presswire