Newark, Jan. 09, 2023 (GLOBE NEWSWIRE) -- Brainy Insights estimates that the sclerotherapy needle market will grow the USD 1.57 billion in 2022 and reach USD 2.31 billion by 2030. In just eight years, the surge in the number of spinal surgeries and the increase in dermatological testing using sclerotherapy needles by physicians is also helping to drive market growth. Further, the increasing focus on improving the healthcare system and the increasing focus on improving the healthcare system are also anticipated to drive market growth during the forecast period.
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Key Insight of the Sclerotherapy Needle Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest market share in the sclerotherapy needle market. Key factors favouring the growth of the sclerotherapy needle market in North America include the increasing disposable income, growing demand for outpatient surgeries, and the increasing number of hospitals and healthcare centres. Further, the favourable reimbursement policies for sclerotherapy treatment, along with the growing demand for minimally invasive procedures, are expected to drive market growth in this region.
The intradermal segment is expected to augment the sclerotherapy needle market during the forecast period.
The intradermal segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the increasing acceptance of intradermal vaccination and aesthetic procedures. Additionally, intradermal injection provides a local & minimal systemic effect. It is commonly utilised for tuberculin skin testing but can also be used for allergy testing & local anesthetics. Further, by 2030, the intramuscular segment will likely dominate the market due to the availability of generic versions of autoinjectors.
The hemorrhoids segment market size is 0.56 billion in 2022
The hemorrhoids segment is anticipated to dominate the market over the forecast period owing to the rising patient base and improvements in detection and treatment methodology. Further, by 2030, the malformed lymph vessels segment will likely dominate the market due to rising road accidents leading to trauma and increasing healthcare expenditure.
The hospital's segment is anticipated to dominate the market by 39.05% in 2030
The hospital segment is anticipated to dominate the market in the forthcoming years, owing to the rising number of minimally invasive surgeries.
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Market Dynamics
Driver: The rising disposable income:
The growing awareness regarding diabetes management and the rising disposable income are driving factors of the market growth. Further, increasing patient awareness, self-administration, and focus on positive medical outcomes propel market growth. Also, the rising prevalence of haemorrhoids, the availability of more comprehensive diagnosis & treatment options, and favourable reimbursement scenario are stimulating the market growth. Moreover, the increasing number of outpatient surgical procedures and the increased adoption of ablation devices are helping to boost the market growth.
Restraint: The absence of a skilled workforce:
The shortage of a skilled workforce, along with the accessibility of several drugs as substitute treatment options, are restraining factors of the market growth. Further, the vast development costs, risks, complications, and dosing limitations associated with intradermal injections also hamper the market growth. Additionally, the unavailability of approved products due to the increasing number of product recalls by various developers is inhibiting market growth. Moreover, the non-favourable reimbursement scenario in developing & underdeveloped economies is anticipated to hamper the market growth during the forecast period. Also, the risk of infections & other illnesses associated with the use of syringes and injections is the limitation of the market growth.
Opportunity: The development of new and innovative products:
The increased prevalence of chronic diseases, increasing geriatric population, growing demand for vaccines, and the rising approval of new medical equipment advancement in technology are driving factors of the market growth. Moreover, the significant number of vaccination and immunisation programmes that include the usage of subcutaneous drug delivery devices for therapeutic administration are also stimulating market growth. Further, the technological advancements in sclerotherapy, such as cryotherapy, which delivers cold air into the skin leading to a pain-free process, are expected to create an opportunity factor for market growth during the forecast period. Apart from this, the increasing focus on R&D activities is also expected to provide lucrative growth opportunities for the market's growth during the forecast period. Along with raised government funding for the development of the sclerotherapy needle industry, industry participants have increased their spending on the R&D of novel pharmaceuticals and their clinical trials, which provides opportunities for the market's growth during the forecast period.
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Some of the major players operating in the sclerotherapy needle market are:
• Medline Industries, Inc.
• TeleMed Systems, Inc.
• SURGIMEDIK
• CONMED Corporation
• Cook Medical
• Boston Scientific
• Shaili Endoscopy
• STERIS
• Diagmed Healthcare
• Kangmei Company
• STD Pharmaceutical Products Ltd
• Sugimandi
• Blueneem
Key Segments cover in the market:
By Type:
• Intramuscular
• Intradermal
• Subcutaneous
By Application:
• Hydroceles
• Hemorrhoids
• Malformed Lymph Vessels
• Others
By End-Use:
• Ambulatory Surgical Units
• Clinics
• Hospitals
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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