Research Nester published a report titled “Hemorrhoid Drugs Market – Global Demand Analysis and Opportunity Outlook 2029” which delivers detailed overview of the hemorrhoid drugs market in terms of market segmentation by drug type, disease type, distribution channel, end-user and by region.
The global hemorrhoid drugs market is anticipated to record a robust CAGR over the forecast period, i.e., 2021-2029, owing to the rising cases of hemorrhoid along with the effectiveness of drugs in relieving pain and other symptoms. Over-the-counter drugs also helps to smooth the stool and provides relief in itching and swelling around the hemorrhoid tissue, which is estimated to boost the market growth.
Moreover, rising prevalence of the causes of hemorrhoids, such as, obesity and diabetes, is projected to raise the demand for hemorrhoid drugs. As per a report by the World Health Organization, more than 422 million people suffer from diabetes, while 38 million children under 5 years, suffer from obesity, which is foreseen to significantly boost the market growth during the forecast period.
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 estimated to record largest share over the forecast period on the account of increasing patient pool in hospitals backed by the severe complications associated with the disease.
On the other hand, the homecare segment is anticipated to grow significantly by the end of 2029, owing to the special care needed by elderly patients. Furthermore, the market is segmented on the basis of disease type into internal hemorrhoids and external hemorrhoids. The external hemorrhoids segment is anticipated to hold a significant market share over the forecast period on the back of application of over-the-counter drugs in external hemorrhoid, whereas surgery is needed for internal hemorrhoids owing to the severe painful symptoms and complications.
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 Europe region is anticipated to hold a major market share during the forecast period on account of high geriatric population, availability of advanced treatment, favorable reimbursement policies, and swift commercialization of new drugs.
The market in the Asia Pacific is estimated to experience highest CAGR during the forecast period owing to the growing population, unhealthy lifestyle in countries, such as, India, and China, and high percentage of elderly population. Moreover, the growing healthcare sector in the region is estimated to act as a major factor to boost the market in the region.
Lack of fiber in diet, especially among elders, is the major cause of hemorrhoid. Moreover, constipation has increased on the back of sedentary lifestyle, which is also a major cause of hemorrhoids. Rising prominence in the factors causing hemorrhoids is anticipated to create growth opportunities for hemorrhoid drugs market over the forecast period.
However, the sense of shame and embarrassment, shifting of individual preference from drugs to home remedies and high costs of medications, are the factors which are anticipated to hamper the growth of global hemorrhoid drugs market over the forecast period.