Hemorrhoid Treatment Devices Market Highlights
Global Hemorrhoid Treatment Devices Market is expected to register a CAGR of 7.3% during the forecast period (2023-2030) to reach USD 1.4 billion by 2030.
Hemorrhoids, also called piles, are swollen and inflamed blood vessels in the anus as well as in the lower rectum. The global hemorrhoid treatment devices market is expected to grow at a steady rate owing to the increasing incidence rate of hemorrhoid cases and increasing initiatives by the public as well as private companies operating in the market.
Segment Analysis
The global hemorrhoid treatment devices market has been segmented based on device type, procedure, and end-user. The market, based on device type, has been segmented into rubber band legators, infrared coagulators, proctoscopes, anoscopes, doppler probes, cryotherapy devices, bipolar probes, and others. The market, based on procedure, has been categorized into rubber band ligation, sclerotherapy, infrared coagulation, and others. The market, based on end-user, has been divided into hospitals and clinics, ambulatory surgery centers, and others.
Regional Analysis
The global hemorrhoid treatment devices market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and Middle East Africa.
The Americas led the market and accounted for the largest share, owing to the presence of major market players, developed healthcare infrastructure, high awareness, and availability of advanced treatment options. Also, a favorable reimbursement scenario for hemorrhoid treatment surgeries is fueling the growth of this region in the hemorrhoid treatment devices market.
Europe accounts for the second-largest share in the global hemorrhoid treatment devices market. 30% to 70% of adults were overweight in the European Union countries. Also, obesity affected 10% to 30% of adults in the European Union countries. Excess weight or pressure results in the constriction of veins and blood vessels surrounding the anus and colon. This increases the risk of developing hemorrhoids in obese individuals, thereby supporting the regional market growth.
Asia-Pacific is estimated to be the fastest-growing market during the forecast period due to the rising incidence of hemorrhoids and developing the healthcare sector in Asian countries, such as China, Japan, India, and Australia. Moreover, the increasing focus of big pharmaceutical companies to enter into this region is expected to drive the market growth.
The Middle East Africa hemorrhoid treatment devices market is segmented into two major regions, namely the Middle East and Africa. The Middle East and Africa have fewer economic developments due to which the region accounts for the least market share but is expected to grow due to the growing demand for better treatments in these countries.
Key Players
The top key Hemorrhoid Treatment Devices Market players are— Cook Medical (US), Medtronic plc (Ireland), Privi Medical (Singapore), Integra LifeSciences Corporation (Israel), Sklar Surgical Instruments (US), OBP Medical Corporation (US), CONMED Corporation (US), Boston Scientific Corporation (US), and Johnson Johnson Services, Inc. (US).
Key Findings of the Study
- Global Hemorrhoid Treatment Devices Market is expected to register a CAGR of 7.3% to reach USD 1.4 Million by 2030.
- The Americas accounted for the largest share of the global hemorrhoid treatment devices market due to the existence of medical device companies and the rising incidence rate of hemorrhoid cases, along with increased adoption of treatment by patients.
- Based on the device type, the rubber band ligators segment accounted for the largest market share.
- Based on the procedure, the rubber band ligation segment accounted for the largest market share.
- On the basis of end-user, the hospitals and clinics segment accounted for the largest market share.
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