As per the British Association of Urological Surgeons (BAUS), around 10% of the male population on the UK suffer from erectile dysfunction every year. This shows that the demand for penile prosthesis surgery is increasing, driving the global penile prosthesis market.
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The information is shared by Fortune Business Insights in a report, titled “Penile Prosthesis Market Size, Share and Global Trend By Implant Type (Inflatable penile implant, Malleable penile implant), By End User (Hospitals, Ambulatory Surgery Centers, Urology Centers, Others) and Geography Forecast till 2026.” Patients suffering from erectile dysfunction prefer penile implants as one of the best treatment options.
Key players leading the Global Penile Prosthesis Market include,
- Boston Scientific Corporation
- Rigicon Inc. and Zephyr Surgical Implants
A patient can regain its sexual functioning by implanting a prosthetic device in his scrotum and penis. This procedure further helps the patient to achieve desirable erection. Erectile dysfunction or ED can affect the mental health of a male patient, which directly impacts their healthy lifestyle. A penile prosthesis is a safe medical technique and has proved to be effective for treating ED. This factor is likely to drive the penile prosthesis market growth over the projected horizon.
Depending on the specific medical problem, patients use different types of penile implants. These include inflatable penile implant and malleable penile implant. Of these, inflatable implants cover the majority share in the global market owing to its higher adoption. In addition to this, the demand for these type of implants is increasing owing to their cost-effectiveness. Spurred, by this, the penile prosthesis market size is expected to increase in the foreseeable future.
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Global Life Technologies’ Erektor to bring Revolution in ED Treatment
Among regions, North America is expected to lead the global penile prosthesis market in the forecast years. The increasing prevalence of erectile dysfunction is the major factor driving the market in this region. Furthermore, penile prosthesis implantation offers better clinical benefits, which is better than other treatments. Some of the benefits include less time involvement and minimum side-effects. Technological advancements in healthcare is another factor boosting the factor in this region. This encourages companies to develop new products for the treatment of ED. For instance, Global Life Technologies LLC. Developed a product called Erektor, which can be used externally to get an erection. Such inventions are expected to revolutionize the erectile dysfunction treatment.
The market in Europe is expected to rise at a considerable CAGR owing to the increasing patient population and well-established infrastructure. The market in Asia Pacific and the Middle East and Africa is projected to witness substantial growth owing to the rising prevalence of erectile dysfunction owing to tobacco and alcohol consumption. As per the World Health Organization (WHO), 1 in every 4 people in Asia Pacific consume tobacco, which is likely to put them under the risk of ED. The penile prosthesis market share is expected to surge in Asia Pacific owing to the rising consumption of tobacco.
Excessive Cell Phone Usage Can Lead to ED, says Environmental Health Trust
The University of Wisconsin Hospitals and Clinics stated that the prevalence of ED is rising. The study showed that around 5% of males above 40 years and 15% above 70 years suffer from ED across the world. Some of the other symptoms for ED include obesity, spinal cord injuries, hormonal disorders, and diabetes. The rising prevalence of the above-mentioned problems is expected to create growth opportunities for the penile prosthesis market in the forecast period. The penile prosthesis market potential is likely to evolve as the medicines used for ED showed side-effects, affecting the metabolism of the human body. Spurred by this, the demand for penile implants is expected to surge in the forthcoming years. As per a study by the Environmental Health Trust, males who make excessive usage of phones can get affected by ED.
The report profile some of the leading companies operating in the global penile prosthesis market. Several institutions are planning to conduct programs on raising awareness about ED. For instance, a Florida-based institution called Palm Beach Gardens Medical Centre announced the launch of an innovation program in March 2019. The program aims to create awareness about ED treatment.
KEY QUESTIONS ANSWERED:
What is the market size and growth rate of the global and regional market by various segments?
What is the market size and growth rate of the market for selective countries?
Which region or sub-segment is expected to drive the market in the forecast period?
What Factors are estimated to drive and restrain the market growth?
What are the key technological and market trends shaping the market?
What are the key opportunities in the market?
What are the key companies operating in the market?
Which company accounted for the highest market share?
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