Newark, NJ, Sept. 08, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global penile implants market is expected to grow from USD 450.28 million in 2019 to USD 643.25 million by 2027, at a CAGR of 4.56% during the forecast period 2020-2027.
Many advancements are happening in the global penile implants market. New technologies & scientific methods are being developed to treat erectile dysfunction such as low-intensity extracorporeal shockwave, penile vibrators, nanotechnology, external penile support devices, endovascular technology, and tissue engineering. Such innovations are anticipated to revolutionize the process of treating ED. Changing lifestyle habits like drinking alcohol, work-related stress, and smoking are some of the factors that are driving the global penile implants market. In addition, growing incidences of ED, growing awareness about penile diseases, and advancements in treatment procedures are expected to propel the market in the coming years.
Penile implants, also known as penile prosthesis, are medical devices for treating ED. Penile implants are typically recommended after ED treatments fail. ED can be caused by various medical conditions such as pelvic trauma, iatrogenesis, prostate cancer, spinal cord injury, congenital anomalies, peyronie's disease, and vascular conditions (like cardiovascular disease, high blood pressure and diabetes). Penile implants are implanted in the corpora cavernosa section of the penis through surgical operation. Penile implants are considered to be one of the most effective treatments for erectile dysfunction. These implants are usually recommended when less intrusive methods like penile infusions, oral pharmaceutical medicines (PDE5 inhibitors: Levitra, Viagra, Cialis), and vacuum erection devices fail to work or provide unsatisfactory results, or are contraindicated. As per the National Center for Biotechnology Information, approximately 30 million men in the U.S. and around 150 million men around the world are affected by ED.
With the outbreak of a global pandemic, many people have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the penile implants market. With less disposable income and broken supply chains, the market's growth is expected to slow down.
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Key players operating in the global penile implants market include Coloplast, Zephyr Surgical Implants, Boston Scientific Corporation, American Medical Systems, Promedon, and Rigicon Inc., among others. To gain a significant market share in the global penile implants market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Coloplast and Zephyr Surgical Implants are some of the biggest manufacturers and suppliers of penile implants in the global market.
- For instance, Boston Scientific Corporation, launched its latest malleable penile implant product Tactra in July 2019 to cure erectile dysfunction. The bulk of the penile operations will thus be carried out in an outpatient environment, eliminating the need for hospital admissions.
Inflatable dominated the market and held the largest market share of 59.72% in the year 2019
The type segment comprises of non-inflatable and inflatable. Inflatable dominated the market and held the largest market share of 59.72% in the year 2019. The large size of this segment can be attributed to various factors, such as higher patient satisfaction rates, low malfunction rates, and low infection rates. This segment is also expected to grow at a high CAGR during the forecast period.
Hospitals dominated the market and valued at USD 251.22 million in the year 2019
Based on end-use, the global penile implants market has been divided into ambulatory surgery centers, hospitals, and others. Hospitals dominated the market and valued at USD 251.22 million in the year 2019. The large size of this segment can be attributed to the fact that most of the inflatable penile implant surgeries are carried out in hospitals.
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Regional Segment Analysis of the Penile Implants Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global penile implants market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 70.32% in the year 2019. The large share of this segment is attributed to key factors such as increasing demand for penile implant surgeries, the existence of advanced healthcare facilities, availability of advanced equipment, availability of highly skilled urologists, growing preference for outpatient settings, and favorable reimbursement framework for medical operations. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. This growth is owing to factors like rising awareness towards penile surgeries, a large population suffering from erectile dysfunction, and the availability of specialized instruments and facilities to conduct the procedures on an ambulatory basis in many countries. The European market is expected to grow significantly during the forecasted period. The increasing amount of various urological disorders and increasing incidence of diseases due to an unhealthy diet or lifestyle are some of the major factors driving growth in the region.
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About the report:
The global penile implants market is analyzed on the basis of value (USD Million), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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