Global Drugs for Erectile Dysfunction Market Will Grow to $5.18 Billion By 2022 a Report by The Business Research Company
LONDON, Sept. 6, 2019 /PRNewswire/ -- The global drugs for erectile dysfunction market was valued at about $4.28 billion in 2018 and is expected to grow to $5.18 billion at an annual growth rate of 4.9% through 2022. Driving the market is the increase in the number of chronic diseases. Erectile dysfunction is mainly caused by chronic diseases resulting from sedentary lifestyle such as cardiovascular diseases, diabetes, obesity, and high blood pressure. According to the World Health Organization, the prevalence of chronic diseases is expected to grow by 57% by the end of year 2020. Prevalence of chronic diseases increases the chances of erectile dysfunction among men, thereby driving the erectile dysfunction drugs market.
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Lack Of Awareness Among Men Is Restraining The Erectile Dysfunction Drugs Market
Patients suffering from erectile dysfunction do not seek treatment owing to factors such as lack of education, lack of awareness, strong religious beliefs, social taboo, and low socioeconomic status. These factors are responsible for patients suffering from erectile dysfunction rejecting or avoiding treatment. For example, a study conducted by the Harlem Hospital in New York City in 2018 among 100 men reveled that more than 86% of the respondents did not have the knowledge that smoking causes erectile dysfunction. These factors restrain the growth of the erectile dysfunction drugs market.
New Drug Delivery Techniques Will Increase The Scope Of The Erectile Dysfunction Drugs Market
New drug delivery techniques such as the use of pellets and creams are being implemented by many companies in the erectile dysfunction drugs market. Pellets and creams will have more efficacy and improved performance in curing erectile dysfunction, and they are also more effective and safer to use. These benefits from drug delivery techniques will increase the scope of the erectile dysfunction drugs market. For example, in 2018, Apricus Biosciences started manufacturing a cream called vitaros to treat erectile dysfunction. Major players in the erectile dysfunction drugs market include Eli Lilly and Co., Pfizer, Bayer AG, Dong-A Pharmaceutical Co. Ltd and Vivus.
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Regulations Governing The Erectile Dysfunction Drugs Market
Medicines are authorized by regulatory bodies based on quality, safety, and efficacy to make sure that medicines are of standard quality and give positive benefits. Companies are mandated to submit the documentation for the standard quality before applying for the authorization. Safety and efficacy of medicines should be demonstrated by clinical trials for all new medicines by the companies. Competent authorities will assess this data before authorizing the drugs. In Europe, the European Medicines Agency (EMA) assesses the drugs for centrally authorized products.
The erectile dysfunction drugs market consists of sales of erectile dysfunction (ED) drugs and related services. Erectile dysfunction is the inability to achieve or keep up penile erection in men. The market has been geographically segmented into North America, Western Europe, APAC, Eastern Europe, South America and Middle East & Africa. The North American market is the largest market for erectile dysfunction drugs and is expected to continue to be the largest market during the forecast period.
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