Market Trends of Global Hemorrhoid Treatment Devices Industry
This section covers the major market trends shaping the Hemorrhoid Treatment Devices Market according to our research experts:
Band Ligators Segment is Expected to Hold a Major Market Share in the Hemorrhoid Treatment Devices Market
The band ligators segment is expected to show growth over the forecast period, owing to the rising burden of target disease, increasing research studies, and the launch of newer products by the market players. For internal and severe forms of hemorrhoids, band ligators offer better solutions than others in terms of outcomes and effectiveness in treatment.
Various research studies demonstrate the effectiveness of treatment with devices at different stages, thereby accelerating the adoption of band ligators and thus contributing to the growth of the market segment. For instance, a research study titled "Rubber band ligation versus haemorrhoidectomy for the treatment of grade II-III hemorrhoids: a systematic review and meta-analysis of randomized controlled trials" published in March 2021 stated that haemorrhoidectomy seems to provide better symptom control but at the cost of more pain and complications. Hemorrhoidectomy offers better symptom control than rubber band ligation in patients with grade II-III hemorrhoids but is accompanied by more postoperative pain and complications. Such studies demonstrate fewer complications associated with band ligators than with other devices, in turn fueling the segment's growth.
Furthermore, the launch of the products is also expected to propel the growth of the market segment. For instance, in August 2020, Micro-Tech Endoscopy USA launched a new product in its hemostasis portfolio, namely the In-Sight Multi-Band Ligator. In-Sight was designed for the office-based, non-endoscopic treatment of grade I, II, and III internal hemorrhoids. Such launches are expected to propel the growth of the segment.
Thus, owing to the abovementioned factors, the market segment is expected to show growth over the forecast period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to hold a significant market share in the hemorrhoid treatment devices market due to increasing awareness about the availability of advanced treatment options, better reimbursement policies, and faster commercialization of novel products in this region.
According to the PLOS ONE Journal article titled "Prevalence and associated factors of hemorrhoids among adult patients visiting the surgical outpatient department in the University of Gondar Comprehensive Specialized Hospital, Northwest Ethiopia" published in April 2021, reported that in the United States, hemorrhoid disease is the fourth leading outpatient gastrointestinal diagnosis, accounting for nearly 3.3 million ambulatory care visits. Such a high burden of diseases is expected to drive the growth of the market in the region.
Additionally, band ligation is one of the most frequently used methods in treating hemorrhagic internal hemorrhoidal disease in the region. Product launches with respect to these devices are one of the factors driving the growth of the market. For instance, in March 2020, Micro-Tech Endoscopy launched a new product in their hemostasis portfolio with the In-Sight Multi-Band Ligator. In-Sight was designed for the office-based, non-endoscopic treatment of grade I, II, and III internal hemorrhoids.
Furthermore, several studies have highlighted that these methods are safe to use. For instance, in February 2020, a clinical trial titled "The Effect of Rubber Band Ligation in Bleeding Internal Hemorrhoids" studied the effect of rubber band ligation. Under this, the investigators aimed to investigate the benefit of adding rubber band ligation to treatment in hemorrhagic internal hemorrhoidal disease treated with the anti-hemorrhoidal drug. Such studies are expected to propel the growth of the market. Moreover, technological advancements in hemorrhoid treatment devices and well-established healthcare infrastructure are also considerably fueling the regional market's growth.
Thus, owing to the abovementioned factors, the studied market in the North American region is expected to show growth over the forecast period.
