NEW YORK, June 24, 2021 /PRNewswire/ -- The global benign prostatic hyperplasia treatment market is expected to reach a value of around $17 billion by 2030. The surging geriatric population, rising incidence of prostate cancer, growing awareness about prostate cancer and its treatment methods, rapid technological advancements being made in customized medication, soaring popularity of minimally invasive procedures, and improving healthcare facilities across the world are the major factors driving the expansion of the BPH treatment market.
The governments of many countries are taking various measures, including the imposition of lockdowns and strict social isolation protocols, for protecting their citizens from the COVID-19 pandemic. These lockdowns have caused severe disruptions in the economy, thereby affecting the operations of manufacturers and suppliers. Furthermore, the imposition of strict restrictions on international and internal trade has massively reduced the availability of raw materials, which has, in turn, caused instability in the supply chain, thereby hampering the progress of the BPH treatment market.
Globally, the BPH treatment market is predicted to demonstrate the fastest growth in the Asia-Pacific (APAC) region throughout the forecast period. This is credited to the surging geriatric population, rising incidence of BPH and associated diseases, and soaring healthcare expenditure of the regional countries. As per the United Nations Population Fund (UNFPA), one out of every four individuals in the APAC region will be above 60 years of age by 2050. Furthermore, Asia's population of individuals aged 60 and above will triple during 2010–2050 and rise to nearly 1.3 billion by 2050. Moreover, BPH rarely shows symptoms before the age of 40 and it is highly prevalent among people older than 50 years.
The players operating in the BPH treatment market are focusing on launching products and getting approvals for their offerings to strengthen their position and gain an edge over their rivals. For example, Olympus Corporation announced in April 2020 that it has received the de Novo classification for its product iTind, which is a non-surgical instrument used in minimally invasive BPH treatment procedures.
NeoTract Inc., Advin Urology, NxThera Inc., Olympus Corporation, Boston Scientific Corporation, Richard Wolf GmbH, Urologix LLC, Convergent Laser Technologies, Medtronic plc., and Lumenis Ltd. are some of the major BPH treatment market players.
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