The sphincterotomes market is estimated to grow with a high CAGR during the forecast period, i.e., 2022-2030. Extensive research associated with rising elderly population globally, along with the growing investment in the development of surgical instruments are expected to fuel the progress of this market. The growth of the market can also be attributed to factors such as the increasing investments in the research and development for the innovation of better treatment procedures in the developing economies. Moreover, the reducing social stigma and the rising incidence of anal fissure amongst individuals on a global level is another major factor to boost the growth of sphincterotomes market. According to The American Society of Colon and Rectal Surgeons, anal fissures can occur at any age and have equal gender distribution. In most of the cases, approximately 85-90% fissures occur in the posterior midline (back) of the anus with about 10-15% occurring rate in the anterior midline (front). Few patients may actually have fissures in both the front and the back locations. Growing incidence of anal fissure is expected to boost the demand for integrative medicine in the market. The growing concern and awareness about surgical treatment and equipment of anal fissures along with propelling number of advanced and innovative Sphincterotomes in the global market are some of the major factors anticipated to drive the market’s growth in the next few years. Government initiatives play an important role in driving the demand for better treatment and surgical practices by consolidating targeted expenditure, releasing guidelines, setting up government facilities, and others to ensure suitable usage of sphincterotome.
The market is segmented based on product into pull-type push-type needle-type, shark’s fin-type sphincterotomes, and others, out of which, the pull-type sphincterotomes segment is anticipated to grab the largest share by the end of 2021 on account of higher positive results. Moreover, increasing focus and initiatives of regulatory bodies towards medical tourism globally is also projected to contribute to the growth of the segment during the forecast period. Based on application, the standard biliary sphincterotomy segment held the largest share in the global sphincterotome market on the back of growing adoption of biliary sphincterotomy in the market. Moreover, increasing knowledge and awareness towards the advantages of using sphincterotomy is further driving the market’s growth. CLICK TO DOWNLOAD SAMPLE REPORT
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.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific region is predicted to grow at the highest CAGR over the forecast period owing to the increasing prevalence of chronic disorders such as diabetes, cancer, cardiovascular disorders, neurological disorders, and others. Additionally, the rising competition among the major market players in the region, is further driving the market’s growth. Furthermore, by the end of 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the growing investment of governmental and non-governmental agencies for sphincterotome, accompanied by the presence of leading sphincterotome manufacturers in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the global sphincterotome market on account of its proven success in terms of therapy development and a high prevalence of chronic disorders in the region.
The global sphincterotome market is further classified on the basis of region as follows:
Our in-depth analysis of the global Sphincterotome market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising development in treatment across developing countries and increasing incidence of anal fissure are the key factors driving market growth.
The market is anticipated to attain a high CAGR over the forecast period, i.e., 2022-2030.
Limited number of patients opting for anal fissure surgery and lack of uniformity in the reimbursement are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the increasing awareness about sphincterotome products.
The major players dominating the sphincterotome market are TeleMed Systems, Inc., Boston Scientific Corporation, Medi-Globe GmbH, CONMED Corporation, ENDO-FLEX GmbH, Olympus Corporation and others.
The company profiles are selected on the basis of 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 product, applications, end-user, and region.
With respect to product, the pull-type sphincterotomes segment is anticipated to hold the largest market share owing to the growing preference and accuracy rate in the medical industry.
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