Hemorrhoid Treatment Devices Market to Exceed US$ 1.2 Bn by 2031: TMR Study
WILMINGTON, DE / ACCESSWIRE / September 22, 2022 / Transparency Market Research Inc. – Advancements in radiofrequency ablation therapies and emphasis on improving the effectiveness of combination therapies will enrich future market outlook for hemorrhoid treatment devices. Increased access to an elaborate assessment of the hemorrhoids in patients including prolapsed hemorrhoids has boosted the revenue potential in hemorrhoid treatment devices market. The size of the hemorrhoid treatment devices market was pegged at US$ 728.9 Mn in 2021.
Availability of a wide range of treatments including cutting-edge therapies in hospitals and clinics developed and developing economies has generated abundant opportunities. Of note, in 2021, the hospitals & clinics segment held the largest revenue share in the hemorrhoid treatment devices market. Rise in adoption of minimally invasive therapies in elderly patients has propelled profitable avenues.
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Recent hemorrhoid treatment devices market demand analysis indicates that patients and caregivers have become increasingly aware of the need for treatments at early stages. Widespread preference of devices in the treatment of treatment of grade I and II hemorrhoids is enriching the market prospects.
Key Findings of Hemorrhoid Treatment Devices Market Study
- Rapid Adoption of Products in Hospitals and Clinics, Especially in Elderly: Substantial uptake of products in hospitals and clinics is attributed to the wide range of treatment options possible in these healthcare settings. The use of hemorrhoid treatment devices has risen for elderly patients, thus fueling the revenue streams in hemorrhoid treatment devices market.
- Band Ligators Gain Popularity for Grade I and II Hemorrhoid Treatment: Rise in demand for hemorrhoid treatments in in-patient settings underpins vast lucrative avenues for players in the hemorrhoid treatment devices market. The authors of the TMR study found that band ligators are widely preferred especially for the treatment of grade I and II hemorrhoids. Rise in number of patients who have undergone rubber band ligation over the years has invigorated the growth opportunities.
- R&D on Combination Therapies Expanding Avenues: Medtech companies are leaning on developing cutting-edge technologies that can be used in combination therapies. They are conducting enormous research on improving the efficacy and safety of treatments. The need for reducing postoperative pain and complications will catalyze the commercialization scope of such devices in hemorrhoid treatment devices market.
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Hemorrhoid Treatment Devices Market: Key Drivers
- Growing patient awareness of minimally invasive procedures and treatments of hemorrhoids, coupled with high prevalence of the disease in general population, is a key driver for the market evolution. Companies are consistently investing in R&D for unveiling devices that promote minimally invasive procedures for the treatment.
- Rise in medical tourism in emerging economies has reinforced the revenue potential for firms in the hemorrhoid treatment devices market. In particular, Singapore and India have rapidly emerged as promising destinations for advanced medical treatment at relatively low costs than most developed nations.
Hemorrhoid Treatment Devices Market: Regional Growth Dynamics
- Europe held a major market share globally in 2021. Widespread demand for the products has propelled substantial revenue streams over the years. Furthermore, launch of technologically advanced devices in recent years has also created profitable avenues in the regional market.
- The study found that the Asia Pacific hemorrhoid treatment devices market is replete with opportunities, especially on the back of rising demand in China, Japan, and India. Growing patient awareness of the various treatments available, in conjunction with rising standard of living, is spurring growth prospects.
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Hemorrhoid Treatment Devices Market: Key Players
The presence of several large vendors vying for significant shares of the hemorrhoid treatment devices market makes the landscape increasingly fragmented, notes the TMR study.
Some of the prominent players include Sklar Surgical Instruments, CONMED Corporation, Integra LifeSciences, Cook Medical, Medtronic Plc., and Boston Scientific Corporation.
Hemorrhoid Treatment Devices Market Segmentation
- Band Ligators
- Endoscopic Ligators
- Non-endoscopic Ligators
- Sclerotherapy Injectors
- Infrared Coagulators
- Bipolar Probes
- Cryotherapy Devices
- Hemorrhoid Laser Probes
- Band Ligators
- Hospital & Clinics
- Ambulatory Surgical Centers
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
- Australia & New Zealand
- GCC Countries
- South Africa
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