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:
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Growing prevalence of piles or hemorrhoids on the back of poor diet, lifestyle diseases and obesity, is the major factor driving the market growth.
Ans: The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2021-2029.
Ans: Social shame and stigma related to hemorrhoids is a major factor estimated to hamper the market growth.
Ans: 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.
Ans: 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.
Ans: 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.
Ans: The market is segmented by drug type, disease type, distribution channel, end-user and by region.
Ans: The hospital segment is anticipated to hold the largest market size during the forecast period on the back of increasing patient pool for hemorrhoids.