The global benign prostatic hyperplasia devices market is expected to grow at a CAGR of over 22% during the period 2022–2031.
The global benign prostatic hyperplasia (BPH) devices market is expected to observe an absolute growth of over 242% during the forecast period. The market is growing due to several factors; however, the growing number of the elderly men population is a primary factor responsible for influencing the growth of the BPH devices market. BPH is one of the most common diseases in men, which generally develops after the age of 40 years, with a prevalence rate of around 8–60% between 40 and 90 years.
Moreover, it affects about 70% of US men between the age of 60 and 69 years. Approximately 32 million men worldwide experience mild to severe symptoms of BPH. According to several medical studies, there are more than 50% of men above age 50 diagnosed with an enlarged prostate. Besides, there are 4 million men who suffer from BPH. Hence, the high prevalence among men is a major factor contributing to the demand for advanced medical devices.
The following factors are likely to contribute to the growth of the benign prostatic hyperplasia devices market during the forecast period:
• Emergence of Innovative BPH Treatment Devices
• Popularity of Robotic-assistance Surgical Techniques
• Growth in Demand for Minimal Invasive Treatment
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The study considers the present scenario of the benign prostatic hyperplasia devices market and its market dynamics for the period 2022−2031. It covers a detailed overview of several market growth enablers, restraints, and trends. The study offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent companies operating in the market.
Benign Prostatic Hyperplasia Devices Market Segmentation
The benign prostatic hyperplasia devices market research report includes a detailed segmentation by procedure, end-user, geography. The PUL technology segment is growing due to the increasing patient population and the growing adoption of advanced minimally invasive treatment. PUL is an advanced minimally invasive procedure for the treatment of BPH with less complications. As these procedures can be performed under local, spinal, or general anesthesia or in in-office settings or clinics, the technique is grabbing attention among end-users in developed economies, thereby influencing the segment.
In 2019, the hospital end-user was the largest segment in the global benign prostatic hyperplasia devices market. However, the segment is likely to witness the slowest growth during the forecast period due to the change in patients’ preference in terms of treatment. As BPH surgical treatment is witnessing the application of innovative MI devices, BPH surgical care is moving toward out-patient settings. However, the increasing aging population and the growing patient group with BPH have led to high hospitalization rates. Most patients prefer hospitals, especially public ones, as their priority due to the availability of insurance coverage and less out-of-pocket expenses in case of inadequate reimbursement for BPH surgeries. Further, the availability of skilled healthcare professionals with knowledge and expertise in performing both invasive and MI BPH surgeries also attracts more patients to hospitals.
INSIGHTS BY GEOGRAPHY
North America is growing at a fast CAGR due to the growing preference for technologically advanced BPH devices. Although the high cost of BPH devices can affect the market adversely, the presence of reimbursement coverage for both invasive and minimally invasive treatment options will have a positive impact on the growth. The availability of reimbursement coverage for several BPH devices is likely to boost the market in the region. North America is currently dominating the TURP segment, with around 150,000 people in the US opting for TURPs annually because of high medical reimbursement facilities. Therefore, the market is growing at significant growth, and the region is dominating the market and expected to dominate in the upcoming years.
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INSIGHTS BY VENDORS
The global BPH devices market is fairly concentrated and is characterized by the presence of established vendors holding the majority of the share. There is a significant number of global as well as regional players offering advanced BPH devices in the market. Teleflex, KARL STORZ, Lumenis, Urologix, and Boston Scientific are the key players in the benign prostatic hyperplasia devices market. These companies have a wide geographic footprint, diversified product portfolio, and a strong focus on innovation and research activities.
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