The global hemorrhoid drugs market is anticipated to record a robust CAGR over the forecast period, i.e., 2021-2029. The market’s growth is influenced by the increasing cases of hemorrhoids backed by various factors such as increasing prevalence of lifestyle-based diseases, lack of physical exercise, obesity, increasing alcohol consumption, low fiber intake in diet, and growing demand for treatment options. According to the World Health Organization statistics, over 38 million children, below the age of 5 were suffering from obesity in 2019. In fact, the number of obese people globally, has tripled since 1975. Increasing number of obese people is, in turn, expected to increase the prevalence of hemorrhoid, which is projected to positively influence the market growth. Moreover, rising prominence of lifestyle diseases, such as diabetes, and hypertension, is anticipated to elevate the number of people suffering from piles. According to another data by the WHO, over 422 million people around the globe suffer from diabetes, and it causes about 1.6 million deaths every year. On account of these factors, the demand for hemorrhoid drugs is anticipated to increase over the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
The global hemorrhoid drugs market is segmented by end-user into hospitals, home care, specialty clinics, and others, out of which, the hospitals segment is anticipated to hold the largest share over the forecast period owing to the complications associated with the disease. The homecare segment is also estimated to witness significant growth by the end of 2029, owing to the increasing acceptance of homecare for the older patients. On the basis of disease type, the external hemorrhoids segment is anticipated to garner major market share over the forecast period, owing to the use of drugs as a treatment approach for external hemorrhoids, whereas, surgery is preferred for internal hemorrhoids.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global hemorrhoid drugs market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
The market in the Europe region is estimated to hold a major market share in the market over the forecast period on the back of high geriatric population, coupled with availability of advanced treatment options, better reimbursement policies and fast commercialization of novel products. As per the data by the World Bank, 20.463% of the total population of the European Union is aged above 65 years, as of 2019. The EU includes 27 countries, including France, Belgium, Germany, and Luxemburg among others. Moreover, presence of well-established healthcare infrastructure and high disposable income in the region are anticipated to propel the growth of the hemorrhoid drugs market in the region. The market in the Asia Pacific is estimated to witness the highest CAGR during the forecast period, owing to the increasing population, growing healthcare sector, and emerging pharmaceutical companies.
Source- Research Nester
The global hemorrhoid drugs market is further classified on the basis of region as follows:
Our in-depth analysis of the global hemorrhoid drugs market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing prevalence of piles or hemorrhoids on the back of poor diet, lifestyle diseases and obesity, is the major factor driving the market growth.
The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2021-2029.
Social shame and stigma related to hemorrhoids is a major factor estimated to hamper the market growth.
The market in Europe will provide the highest growth opportunities for the market during the forecast period on the back of increasing geriatric population and improving healthcare sector.
The major players in the market are Taro Pharmaceutical Industries Ltd., AstraZeneca, The Himalaya Drug Company, Panacea Biotec Ltd., Abbott Healthcare Private Limited, Sanofi-aventis Groupe, Pfizer Inc., Purdue Pharma L.P and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by drug type, disease type, distribution channel, end-user and by region.
The hospital segment is anticipated to hold the largest market size during the forecast period on the back of increasing patient pool for hemorrhoids.
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