Innovations In Inflatable Penile Prosthesis Are Cascading The Demand For Penile Implants; Sales Value Is Expected To Reach Us$ 212 Mn In The Next 5 Years | Report Fact.MR
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The Hospital Sector Dominates The Penile Implants Market Since Most Inflatable Penile Implant Treatments Are Carried Out In Inpatient Or Outpatient Hospital Settings
Seoul, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Global demand for penile implants is expected to increase at a CAGR of 2.2% from 2022 to 2027 and reach a market valuation of US$ 303.7 million by 2027, says Fact.MR, market research, and competitive intelligence provider.
A penile prosthesis is a medical technique that can improve the quality of life for male patients with (ED) erectile dysfunction. ED is a condition where the penis is unable to maintain its erectile position for an extended period of time, which results in erectile dysfunction disorder and negatively impacts the patient's ability to lead a healthy lifestyle. Problems with erectile dysfunction can affect a person's mental health and other lifestyle-related issues.
There are many different medications and surgical techniques available to treat ED, but penile implants are the most reliable and effective method of treatment since they offer far more effective care and can treat the majority of patient populations. They are significantly more effective implants than any other treatments or surgeries.
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Inflatable implants and non-inflatable implants are types of penile implants. Inflatable implants are highly popular due to their effective qualities such as patient satisfaction, low risk of infection associated with penile implant placement, and more.
External penile support devices, penile vibrators, tissue engineering, nanotechnology, and endovascular innovation are a few recent developments being developed to treat ED. These developments are required to modify the ED treatment plan.
Changes in lifestyle habits, such as consuming alcohol, smoking, and pressure from the workplace, are some of the factors that could propel the penile implants industry in the next 5 years. The prevalence of erectile dysfunctions, growing awareness of penile diseases, and the introduction of cutting-edge implants and systems are some factors anticipated to fuel the growth of the penile implants market during the anticipated period.
Presence of Highly Advanced Surgical Systems & Qualified Urologists in North America
North America dominates the penile implants market and is expected to account for a higher market share. The presence of highly advanced surgical equipment & skilled urologists in the region, the rise in preference for outpatient settings for minimal-invasive surgical procedures, the presence of sophisticated healthcare facilities, the rising demand for surgical treatment options for a better romantic life, and a supportive reimbursement framework for medical procedures are some of the factors propelling market growth in the North America region.
Over the coming years, the market in Europe is expected to expand dramatically. One of the main factors influencing the market in the region is the high incidence of various urological problems as well as the increased prevalence of chronic diseases such as diabetes, renal disorders, and more brought on by unhealthy lifestyles, boosting the growth of erectile dysfunction disorders. In addition to this, it is anticipated that increased rates of obesity, spinal cord injuries, hormone abnormalities, and heart disease would all contribute to an increase in erectile dysfunction, which will increase the demand for penile prosthesis procedures.
Key Takeaways from Market Study
The global penile implants market is currently valued at US$ 272.4 million.
Worldwide sales of inflatable penile implants are expected to increase at a CAGR of 2.6% and reach US$ 212 million by 2027.
China’s penile implants market is expected to reach US$ 53 million by 2027.
North America and Asia Pacific are profitable markets for penile implant producers due to growing product awareness and the presence of advanced healthcare infrastructure.
Manufacturers are concentrating on creating penile implants with cutting-edge technology that are more effective and have better designs.
The Prosthetics Registry and Outcomes in Urology at Duke was established in January 2018 by the Duke Division of Urology, a U.S.-based institute, with the goal of measuring patient satisfaction following penile implant surgery. With the aid of the gathered data, the new endeavour will assist surgeons in enhancing the quality of surgery.
Shah's Penile Implant is a significant participant in India, offering a wide variety of penile implant items all over the nation. The participants compete is based on the cost, accessibility, quality, and diversity of their products.
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Fact.MR, in its new offering, presents an unbiased analysis of the global penile implants market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2027.
The study divulges essential insights on the market on the basis of type (inflatable implants, non-inflatable implants) and end user (hospitals, urology clinics, ambulatory surgery centers, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
Competitive Landscape
Major companies in the penile implants industry include Coloplast, Boston Scientific, Rigicon Inc., and Zephyr Surgical Implants (ZSI).
Recent Developments in Penile Implants Market
The two most popular inflatable three-piece penile implants used in the surgical procedure are Rigicon's Infla10 and Boston Scientific's AMS 700.
A novel approach to the treatment of erectile dysfunction was introduced in March 2019 by the Palm Beach Gardens Medical Centre, a medical facility with headquarters in Florida. For those patients with erectile dysfunction, the program offers penile prosthesis.
In July 2019, Boston Scientific Corporation introduced Tactra, its newest malleable penile implant product, as a treatment for erectile dysfunction.
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Penile Prostheses Market: Penile prostheses market show significant growth over the forecast period, as the male patient pool is high in every geographical region, more than 30 million male population in U.S have ED (erectile dysfunction) which directly affect their lifestyle. The use of medicine to treat ED (erectile dysfunction) show various side effect which harms the patient body and metabolic rate along with the lifestyle directly, so the market of penile prostheses directly got boosted in the market for treating ED (erectile dysfunction).
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