RISING GERIATRIC POPULATION:
As fertility is declining and life expectancy rate is rising, the proportion of the ageing population is rising. The rapidly increasing aging population is a major factor driving the growth of benign prostatic hyperplasia devices market.
Thus, the geriatric population is fastest growing segment of the population in many countries. With the rising geriatric population, prevalence of BPH diseases and their treatment are also increasing.
INCREASING NUMBER OF MINIMALLY INVASIVE SURGERIES:
Minimally invasive surgeries refer to the procedures which utilises an endoscope to reach the internal organs through very small incisions. These surgeries have gained traction due to several advantages such as decreased recovery time, significant reduction in the postoperative pain, reduced hospital stays, laparoscopic incision being safer than the open incisions, lesser surgical scars, better safety and efficacy in the abdominal and general surgery as compared to the open surgeries and they may be also less expensive as compared to open surgeries. In addition, these therapies provide one time permanent solution rather than the long-time dependent on the medications.
Transurethral resection of the prostate, laser surgery and others are few of the minimally invasive surgeries performed for the treatment of BPH. Transurethral Resection of the Prostate (TURP) is the majorly used surgery for BPH. According to the Urology Care Foundation, about 150,000 men in the U.S. have TURPs each year. The TURP uses laser light or electric current.
The minimally invasive surgeries offer various benefits like fast recovery times and less pain over traditional open surgeries. Hence, this helps the market to grow in many ways as the accuracy rate is higher in comparison to open surgeries.
HIGH COST OF BPH TREATMENT:
The BPH treatment especially with the minimally invasive surgeries is expensive owing to the high cost of BPH devices and their treatment. The costs of the BPH treatment would differ based on the procedures which are being used for its treatment.
Thus, the high cost of BPH treatment varies with the hospitals and depending on the devices used. They are not affordable by the population with the low income; hence the high cost of BPH treatment is constraining the growth of the market.
EMERGENCE OF INNOVATIVE TECHNOLOGIES:
Technological advancements play an important role in the growth of benign prostate hyperplasia market. Various factors such as increasing of ageing population, rising awareness for prostate cancer and other urological it has become important for the device manufacturers to develop advanced technologies that will provide more effective treatment for the diseases.
In the recent years, many developments took place in the benign prostate hyperplasia devices:
The companies are investing in the research and development activities for the innovation and invention of new products. Thus, we can see that various companies are adopting or implementing several technological developments to enhance their products.
LACK OF INFRASTRUCTURAL FACILITIES IN DEVELOPING COUNTRIES:
The load of surgical conditions and diseases are rising in lower-income and middle-income countries, and the sufficient infrastructure is not available to meet the demand. In the developing world, the urological training is tinted by discrepancy and a lack of structure, in spite of producing some of the leading urologists in the world.
In India’s healthcare, most of the 1.2 billion populations go without appropriate healthcare. Only, the very rich can pay for the visit of private hospitals, equipment with the medical devices and latest imaging. Best hospital systems which are located in the country’s urban hubs recruit and combine specialized physicians who can work in well-equipped facilities.
The BPH instruments are very costly equipment. Even the hospitals of the developed countries are sometimes cannot afford advanced surgery room or some facility which are required for the treatment of BPH, due to less economic growth in those countries. According to the AHSN Network, 20,000 TURP procedures are performed every year and it’s costing around the national health income of USD 71.92 Million. A further USD 10011.07 Million is spent on complications which demands hospital care. Due to the high cost of the BPH procedures, the acceptability of the devices is very low. This acts as a barrier for the growth of the market.
Global benign prostatic hyperplasia devices market is segmented based on procedure type, end user.
On the basis of procedure type, the market is segmented into transurethral resection of the prostate (TURP), prostatic urethral lift, prostatectomy, laser surgery, transurethral microwave therapy (TUMT), transurethral needle ablation of the prostate (TUNA), prostatic stenting/implants and others. Laser surgery is sub-segmented into holmium lasers, green light laser/PVP and thulium laser based devices. The others segment is sub-segmented into water-induced thermotherapy, high-intensity frequency ultrasound (HIFU), prostatic artery embolization (PAE) and others. In 2019, transurethral resection of the prostate (TURP) segment is projected to lead with 25.1% market shares, whereas prostatic urethral lift segment will attend the highest CAGR of 13.1% in the forecast period of 2019 to 2026.
On the basis of end user, the market is segmented into hospitals and clinics and ambulatory surgical centers. In 2019, hospitals and clinics segment is projected to lead with 77.9% market shares and will attend the highest CAGR of 12.5% in the forecast period of 2019 to 2026.
Some of the major players operating in this market are KARL STORZ SE & Co. KG, Olympus Corporation, Richard Wolf GmbH, Lumenis, Urologix, LLC, Boston Scientific Corporation, Coloplast Corp, LISA Laser Products GmbH, Medifocus, Inc., Coloplast Corp, Teleflex Incorporated, Urotech Devices, BD, PROCEPT BioRobotics Corporation, Biolitec AG and others.
Global Benign Prostatic Hyperplasia Devices Market - Industry Trends and Forecast to 2028
Asia-Pacific Benign Prostatic Hyperplasia Devices Market - Industry Trends and Forecast to 2028
Europe Benign Prostatic Hyperplasia Devices Market – Industry Trends and Forecast to 2028
Middle East and Africa Benign Prostatic Hyperplasia Devices Market – Industry Trends and Forecast to 2028
North America Benign Prostatic Hyperplasia Devices Market – Industry Trends and Forecast to 2028