Pune, India, February 23, 2021 (GLOBE NEWSWIRE) – Overview of the hemorrhoid treatment device market:
According to the Future of Market Research (MRFR), the Hemorrhoid treatment device market it is expected to register a 5.98% CAGR, reaching US $ 973.94 million in 2025. It is estimated that the high presence of hemorrhoids in several population groups increases with the increase of causal factors in individual contexts. The need for treatment methods has led to the development of medical devices to easily treat hemorrhoids, as they can be very uncomfortable for affected individuals. Hemorrhoids are also called hemorrhoids, which become swollen and lead to inflammation of the blood vessels in the anus and the lower part of the rectum. Intensified hemorrhoid cases are expected to drive growth in the hemorrhoid treatment device market. The number of hemorrhoid cases is increasing the demand for hemorrhoid treatment devices attributed to hemorrhoids, the fourth major outpatient gastrointestinal diagnosis responsible for about 3.3 million outpatient visits in the United States. The self-diagnosed incidences of hemorrhoids are also contributing to increased detection, since individuals are well versed in health-related issues. In addition, new methods for dealing with hemorrhoids are likely to be a significant factor that would boost the growth of hemorrhoid treatment devices.
Main players locking horns:
Competitors in the market are evaluated to create an effective and robust pipeline of devices and medications to deal with this common malaise effectively. The nature of the disease is one of the reasons that delayed the development of the market for hemorrhoid treatment devices on a global scale, since most patients did not seek medical consultation due to the disease’s embarrassment. The improvement in the dispensation of medical knowledge and a more beneficial level of insurance coverage is expected to promote the hemorrhoid treatment device market soon. In addition, it is anticipated that the review and accelerated nature of the approval process for medical authorization bodies will increase the global market of the future.
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Although only 5% of people acquire symptoms attributable to their hemorrhoids, only a small fraction of these patients will need surgical treatment. Patients may experience symptoms produced by internal or external hemorrhoids, or both. As a result, most market participants are creating new drug offerings to address the need for treatment options for hemorrhoids.
The list of key players profiled in the report are:
- Integra LifeSciences Corporation
- OBP Medical Corporation
- CONMED Corporation
- Cook Medical
- Medtronic plc
- Sklar Surgical Instruments
- Privi Medical
- Boston Scientific Corporation
- Johnson & Johnson Services
Increased investment in research and development funds is estimated to stimulate market growth far beyond initial treatment options.
The impact of COVID-19:
The COVID-19 pandemic has had a mixed effect on hemorrhoid treatment devices on the global market. Many individuals were stranded at home and postponed hospital visits, except in emergency cases. Therefore, this has led to a decline in the number of patients who visit and purchase relevant treatment devices. Hemorrhoid creams are used in combination with medicinal wipes to preserve the cleanliness and hydration of the area. However, severe cases of hemorrhoids still require professional medical care or even a surgical procedure. The fact that almost three out of four adults suffer from hemorrhoids has become a prominent growth area in the medical field. The majority-owned Czech company CB21 Pharma has declared a significant advance. The Brno-based company is the first in the world to be able to manufacture and sell final medical devices containing cannabidiol or CBD, an active component of cannabis. The Slovak authorization body 3EC International, which assesses the functionality and safety of medical products, has allowed rectal and vaginal suppositories developed by CB21 Pharma. The company is now awaiting a formal certificate. The document will allow the company to supply products to EU markets. Products marketed under the Canneff brand must be obtained from several pharmaceutical chains across Europe from February 2021.
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The rubber bandage segments are the largest segment, as a large number of companies are focused on the expansion of rubber bandages and are rapidly driving the development of this segment. In the end-user segment, hospitals and clinics reported the main market share in 2018. The intensification of hemorrhoid cases would end up being a vital factor in accelerating the growth of the hemorrhoid treatment device market. Micro-Tech Endoscopy USA has launched a new product in its hemostasis portfolio with the In-Sight Multi Band Connector. In-Sight was designed for the non-endoscopic cure of grade I, II and III internal hemorrhoids in the office. The devices do not need external suction, as the In-Sight Ligator is a simple, single-handed device for treating internal hemorrhoids in an outpatient setting. The only manual ligation device with its light source provides lighting, suction, direct visualization and ligation skills in a single-use device.
The Americas lead the hemorrhoid treatment device market and are in control of the largest share since 2018 due to prominent medical device companies and the intensification of disease occurrence and increased patient adoption of medications. In the North America region, the U.S. held another share in 2018 due to the occurrence of key market participants and advanced health infrastructure. Europe controlled the second main share globally due to the increasing prevalence of conditions associated with favorable lifestyle, government plans and laws and target population base, obesity and constipation, and the rate of collective adoption of hemorrhoid treatment devices.
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The AsiaPacific hemorrhoid treatment device market is projected to be the fastest growing market due to the increase in the elderly population, increased health spending per capita, increased frequency of hemorrhoids and the emerging health sector in China, India, Australia and Japan. The hemorrhoid treatment devices market in the Middle East and Africa holds a broad market share due to the development of health infrastructure and the growth of medical tourism in the coming years.
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