Exploring Key Insights of the Penile Prosthesis Market: Growth Prospects, Emerging Trends, and Opportunities
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How has the penile prosthesis market grown over the years?
Recent years have witnessed significant expansion in the penile prosthesis market. Projections show an increase from $1.36 billion in 2024 to $1.49 billion in 2025, with a compound annual growth rate (CAGR) of 10.0%. Factors stimulating market growth during the historical period include increased consumption of tobacco and alcohol, a higher occurrence of spinal cord injuries, increased prevalence of erectile dysfunction, improved access to healthcare services, and enhanced awareness of social insurance.
What Is the forecasted market size and growth rate for the penile prosthesis market?
The market size of penile prosthesis is predicted to experience significant expansion in the forthcoming years. The value is anticipated to reach $2.16 billion by 2029 with a compound annual growth rate (CAGR) of 9.6%. This growth during the projection period can be credited to an augmented emphasis on strategies revolving around patient well-being, heightened incidence of chronic ailments, growing cognizance about penile implant procedures, increased acceptance of penile implants, and the rising approval of progressive medical treatments. Key trends during the forecast duration comprise technological evolution, burgeoning healthcare infrastructure, regulatory sanctions, and reimbursement policies.
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What are the major factors driving growth in the penile prosthesis market?
The growth of the penile prostheses industry is anticipated to be spurred by a rising incidence of erectile dysfunction. Erectile dysfunction (ED) is the recurrent inability to achieve or sustain an erection adequate for satisfying sexual performance and is often the source of significant distress or relationship turmoil. Factors contributing to the surge in erectile dysfunction cases include an aging population, lifestyle shifts such as lack of physical activity and unhealthy eating habits, a growing occurrence of chronic diseases like diabetes and hypertension, and the mental strain associated with modern life. Penile prostheses provide a lasting solution for men with erectile dysfunction, enabling them to recover sexual function and enhance their quality of life. For instance, the National Library of Medicine (NLM), a medical library based in the U.S, stated in April 2023 that about 10.3 million men were diagnosed with erectile dysfunction and sought treatment from healthcare providers in the U.S in 2022. Furthermore, around 1.7 million men were found to be potential candidates for penile prosthesis implantation. Consequently, the growth of the penile prostheses market is being propelled by the rising cases of erectile dysfunction.
Market Driver for Penile Prosthesis: Growing Awareness of Penile Diseases Boosts Demand for Penile Prosthesis
What key areas define the segmentation of the global penile prosthesis Market?
The penile prosthesis market covered in this report is segmented –
1) By Implant Type: Inflatable Penile Implant, Malleable Penile Implant
2) By Material: Silicone, Bioflex, Other Materials
3) By End User: Hospitals, Ambulatory Surgery Centers, Urology Centers, Other End User
Subsegments:
1) By Inflatable Penile Implant: Two-Piece Inflatable Penile Implant, Three-Piece Inflatable Penile Implant
2) By Malleable Penile Implant: Semi-Rigid Malleable Penile Implant, Fully Rigid Malleable Penile Implant
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What are the top market players propelling the growth of the penile prosthesis industry?
Major companies operating in the penile prosthesis market are Giant Medical., Boston Scientific Corporation, Olympus Corporation, Coloplast A/S, Mentor Corporation, Silimed, American Medical Systems Inc, Promedon S.A., Zephyr Surgical Implants, G Surgiwear Limited, SofMedica, Rigicon Inc, Giant Medical Corporation, Advin Health Care, Penuma Penile Implant, Rigicon, eska medi?cal, Titan Medical, Eska Jonas Prosthesis, Ams Urology
How are evolving market trends shaping penile prosthesis Strategies?
Firms primarily active in the penile prostheses market are concentrating on building groundbreaking items, like penile prosthesis pumps, to improve user-friendliness, assurance, and patient contentment. The goal of the penile prosthesis pump is to simplify the usage of penile prosthesis, potentially reducing patient education time and increasing total device satisfaction. For example, Boston Scientific Corporation, a medical device firm based in the United States, secured FDA approval in November 2023 for their new TENACIO Pump component for their AMS 700 inflatable penile prosthesis. The Tenacio pump is meant to optimize user engagement with the device, tackling issues such as valve system blockages that earlier required medical interference. It includes ridges for easier patient access, added distance between the pump and deflate valve for better distinction, and a revamped valve system to avoid stalling.
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What regions are dominating the penile prosthesis market growth?
North America was the largest region in the penile prosthesis market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the penile prosthesis market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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