Research Nester released a report titled “Sphincterotome Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global sphincterotome market in terms of market segmentation by product, application, end-user and region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
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The global sphincterotome market is projected to grow with a high CAGR during the forecast period, i.e., 2022-2030 on account of the increasing investment by the major players to develop better treatment methodologies and the rising prevalence of anal fissure among individuals. Additionally, the growing healthcare expenditure and increasing government funding for the development and improvement of disease treatment are expected to drive the market’s growth over the forecast period. According to the World Bank data, in 2018, the global health expenditure (% of GDP) accounted for 9.84%.
The market is segmented by product into pull-type, push-type, needle-type, shark’s fin-type sphincterotomes, and others. Among these segments, the pull-type sphincterotomes segment is anticipated to hold the largest share by the end of 2021 in the market on account of its high adoption rate by the medical industry for anal fissure treatment.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the sphincterotomes market in the Asia Pacific is projected to grow at the highest CAGR throughout the forecast period owing to the high geriatric population, and improving healthcare sector in the region. Currently, the market in North America holds the largest share. This can be attributed to the presence of leading product manufacturers in the region, especially in the United States, who are extensively involved in the research and development for innovative of new products.
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Increasing Cases of Anal Fissures to Drive Market Growth
The American Society of Colon and Rectal Surgeons stated that anal fissures have equal gender distribution and can occur at any age to an individual. Majorly, 85-90% fissures arise in the posterior midline (back) of the anus with approximately 10-15% happening rate in the anterior midline (front).
The increasing development in surgical procedures globally has increased the adoption of sphincterotomes surgeries. Additionally, the rising development in the medical facilities across the developing countries, is a major factor to drive the global sphincterotomes market.
However, limited number of patients opting for anal fissure surgery due to its side effect of anal incontinence occurrence is estimated to restrain market growth in the near future.
This report also provides the existing competitive scenario of some of the key players of the global sphincterotomes market which includes company profiling of TeleMed Systems, Inc., Boston Scientific Corporation, Medi-Globe GmbH, CONMED Corporation, Cook Group Incorporated, ENDO-FLEX GmbH, Olympus Corporation, Shaili Endoscopy, Bio Serve NZ Ltd., and Advin Health Care. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global sphincterotomes market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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