The latest market report published by Credence Research, Inc. “Hemorrhoid Treatment Devices Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global hemorrhoid treatment devices market was valued at US$ 616.2 Mn in 2017 and expected to reach US$ 963.1 Mn by 2026, expanding at a CAGR of 4.9% from 2018 to 2026.
Browse the full report Hemorrhoid Treatment Devices Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026 report at https://bit.ly/2FbwwLf
Hemorrhoids are the fourth leading gastrointestinal disease diagnosed in outpatient settings. This accounts for approximately 3.3 million ambulatory care visits. Furthermore 10 million cases per year are self-reported in the U.S., conforming as over 4% of the U.S. population. Some prominent factors contributing to the incidence of hemorrhoids are increase in intra-abdominal pressure during pregnancy or due to obesity, improper dietary habits, constipation and other lifestyle factors. Despite its low morbidity, hemorrhoids have a prominent impact on the quality of life. However, this can be managed with a wide range of topical products and surgical and non-surgical treatments.
Lifestyle and dietary changes are the prominent conservative treatments for hemorrhoids. Lifestyle modification including increasing the fluid intake, reducing fat consumption, exercise, weight loss and regular exercise are the mainstay. For symptomatic relief, corticosteroids, local anesthetics and anti-inflammatory agents are prescribed. Several of these drugs are also available over the counter and therefore has led to less reporting for medical assistance.
For cases of internal hemorrhoids, sclerotherapy, band ligation and infrared coagulation are the most commonly performed office procedures; however, there is no consensus on whether which of such treatments is the optimal option. Furthermore, the goal of each of these procedures is reducing the vascularity and redundant tissue, while ensuring rectal wall fixation. Other surgical procedures for hemorrhoid treatment include hemorrhoidectomy, stapled hemorrhoidopexy, and doppler-guided hemorrhoidal artery ligation.
Based on the device type, the global hemorrhoid treatment devices market is classified into band ligators, sclerotherapy injections, cryotherapy devices, infrared coagulators, laser probes, bipolar probes and others. Of these, band ligators due to high procedure rate dominate the global market. On the other hand, hospitals observes the largest patient footfall for hemorrhoid treatment and therefore is the biggest usage area for hemorrhoid treatment devices. In terms of renal demarcation, North America dominates the global hemorrhoid treatment devices market. Presence of developed healthcare sector, high awareness about the availability of advanced treatment options, better reimbursements and fast commercialization of novel products aid the dominance of North America market. Asia Pacific is anticipated to register high CAGR during the forecast period. Improving awareness and reducing inhibitions are the key factors driving the Asia Pacific market. Growing disposable incomes, technological advancements and evolving healthcare infrastructure are some of the other drivers in Asia Pacific. Considering the competitive landscape, the global hemorrhoid treatment devices market is highly fragmented with several companies together capturing over 50% share of the global market.
Key Market Movements:
- Consistent growth in disease prevalence due to lifestyle and improper dietary habits
- Evolving treatment techniques, making treatments more comfortable and efficacious
- Reducing costs of invasive procedures
- Improving awareness in emerging markets of Asia Pacific, Latin America and Middle East & Africa