Pune, India, Feb. 23, 2021 (GLOBE NEWSWIRE) — Hemorrhoid Treatment Devices Market Overview:
As per Market Research Future (MRFR), the Hemorrhoid Treatment Devices Market is expected to record a 5.98% CAGR to reach USD 973.94 million by 2025. The elevated presence of hemorrhoids in diverse population groups is estimated to escalate with increased causative factors in the individual settings. The need for treatment methods has led to the development of medical devices in treatinghemorrhoids easily, as they can be very uncomfortable to affected individuals. Hemorrhoids are also called piles that get swollen and lead to inflamed blood vessels in the anus and the lower rectum. The intensifyinghemorrhoid cases are anticipated to boost hemorrhoid treatment devices’ market growth. The number of hemorrhoids cases is pushing the demand for hemorrhoid treatment devices attributed to hemorrhoids, the fourth chief outpatient gastrointestinal diagnosis responsible for about 3.3 million ambulatory care calls in the US. The self-diagnosed incidences of hemorrhoids are also contributing to the increased detection, asindividuals arewell-versed in health-relatedmatters.Moreover, the new methods to handle hemorrhoidsare likely to be a significant driver that would push the growth of hemorrhoid treatment devices.
Key Players Locking Horns:
The contenders in the market are evaluated to create an effective and robust pipeline of devices and medications tohandle this common malaise effectively. The nature of the illness is one reason that had delayed the development of the hemorrhoid treatment devices market on a global scale as most individuals suffering from it didn’t seek medical consultation due to the embarrassment of the ailment.The improvement of medical knowledge dispensation and a more beneficial insurance coverage level is estimated to promote the hemorrhoid treatment devices market shortly. Moreover, the revision and fast-tracked nature of the medical authorization bodies’ approval process is predicted to enhance the future’s global market.
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Though only 5% of people will acquire symptoms attributable to their hemorrhoids, only a small fraction of those patients will need surgical treatment. Patients may face symptoms produced by either internal or external hemorrhoids or both. As a result, most market players are creating new drug offerings to meet the need for treatment options for hemorrhoids.
The list of Key Players profiled in 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
The increased investment in research and development funds is estimated to spur the market’s growth well beyond its initial treatment options.
The COVID-19 Impact:
The COVID- 19 pandemic has had a varied effect on the global market’s hemorrhoid treatment devices. Many individuals were stuck at home and were putting off visits to the hospital except in emergency cases. Thus, this led to a decline in the number of patients taking consultations and buying relevant treatment devices. Hemorrhoid creams are used in combination with medicinal wipes to preserve area cleanliness and moisturized. However, severe cases of hemorrhoidsstill require professional medical care or even a surgical procedure. The commonness of the condition that is nearly three out of four adults suffer from hemorrhoids has made it a prominent growth area in the medical domain.Czech company CB21 Pharma, a majority-owned, has declared a significant breakthrough. The Brno-based firm 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. Slovak authorization body 3EC International, which evaluates medical products’ functionality and safety, has permitted rectal and vaginal suppositories developed by CB21 Pharma. The company is now awaiting a formal certificate. The document will allow the company to source products to EU markets. The products traded under the Canneff brand should be obtainable in numerous pharmaceutical chains across Europe as of February 2021.
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The segments of rubber band ligatorsare the largest segment as an extensive number of companies concentrate on the expansion of rubber band ligators and are speedilypushing this segment’s development. In the end-user segment, the hospitals & clinics reported the principal market share in 2018. The intensifyinghemorrhoids cases would eventuallybe a vital factor in accelerating the growth of the hemorrhoid treatment devices market. Micro-Tech Endoscopy USA has introduced a new product in their hemostasis portfolio with the In-Sight Multi-Band Ligator. In-Sight was intended for the office-based, non-endoscopic healing of grade I, II, and III internal hemorrhoids. The devices don’t need external suctioning as the In-Sight Ligator is an uncomplicated, single-hand operated, one-step device for treating internal hemorrhoids in an ambulatory site. The lone hand-held ligation device with its light source provides illumination, suction, direct visualization, and ligation abilities in a single-use device.
The Americas led the hemorrhoid treatment devices market and has control over the largest share since 2018 due to prominent medical device companies and the intensifyingoccurrence of diseases andaugmentedmedication adoptionby patients. In the region of North America, the US held anoteworthyshare in 2018 due to key market players’ occurrence andadvanced healthcare infrastructure. Europe controlled the secondchief share globallydue to the rising prevalence of lifestyle-associated conditions, favorable government plans & laws and target population base, obesity and constipation, and collective adoption rateof hemorrhoids treatment devices.
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The AsiaPacific hemorrhoid treatment devices market is projected to be the fastestincreasing market due to the increasing older population base, growing per capita health spending, mountingfrequency of hemorrhoids, and emergent healthcare sector in China, India, Australia, and Japan. The Middle East & African hemorrhoid treatment devices marketholds an extensive market share due to developing healthcare infrastructure and booming medical tourism in the coming years.
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