Hemorrhoid Treatment Devices Market Represents a Robust CAGR of Nearly 4.6% From 2018 to 2026
Hemorrhoid Treatment Devices Market – Snapshot
Hemorrhoid is a gastrointestinal disorder mostly affecting adults. Hemorrhoids are caused due to the swelling of veins near the anal tissue. Usually, the tissue acts as a cushion; however, strain due to obesity or pregnancy puts pressure on these veins, leading to swelling and consequently formation of hemorrhoids inside or outside the anal region. The global hemorrhoid treatment devices market was valued at US$ 569.60 Mn in 2017 and is anticipated to expand at a CAGR of 4.6% from 2018 to 2026. The band ligators segment dominated the global market in 2017. Rise in prevalence of hemorrhoids, technological advancements, increase in patient awareness, surge in health care expenditure, and rise in the need of treatment of complex hemorrhoids drive the segment. Endoscopic ligators was the leading sub-segment of the band ligators segment. The sub-segment is driven by increase in demand for effective treatment for hemorrhoids. The highly fragmented nature of the global hemorrhoid treatment devices market has prompted players to shift focus toward relatively niche segments such as infrared coagulator devices.
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The global hemorrhoid treatment devices market has been segmented based on device type, end-user, and region. In terms of device type, the global market has been classified into band ligators, sclerotherapy injectors, infrared coagulators, bipolar probes, cryotherapy devices, hemorrhoid laser probes, and others. The band ligators segment has been bifurcated into endoscopic ligators and non-endoscopic ligators. Band ligators are gaining popularity, and the segment is projected to expand at a higher CAGR during the forecast period. Growth of the segment is attributed to rise in prevalence of hemorrhoid diseases and increase in preference of young adults for hemorrhoid surgery rather than drugs or ointments. 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% people suffer from piles before they reach the age of 50. In terms of end-user, the global hemorrhoid treatment devices market has been divided into hospital & clinics, ambulatory surgical centers, and others. Growth of the hospitals & clinics segment can be attributed to increase in adoption of office-based procedures and surgical treatment for hemorrhoids.
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In terms of region, North America dominated the global hemorrhoid treatment devices market in 2017, owing to a highly developed health care sector, increase in awareness among health care providers about hemorrhoid treatment devices, and continuous evolution of advanced surgery products. Europe is also an attractive market in terms of revenue. Rise in government initiatives & laws and increase in population drive the market in the region. Surge in awareness about hemorrhoid treatment devices in the health care sector in developing countries augments the market in Europe. Technological advancements and rise in adoption of advanced hemorrhoid treatment devices are expected to propel the hemorrhoid treatment devices market in Asia Pacific, Latin America, and Middle East & Africa during the forecast period.
Key players operating in the global hemorrhoid treatment devices 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.