Penile Implants or Penile Prosthesis Market - Global Industry Analysis, Size, Share, Trends and Forecast, 2015 - 2023
NEW YORK, Nov. 17, 2017 /PRNewswire/ -- The global market for penile implants was valued at around USD 232 million in 2016 and is expected to reach around USD 270 million by 2023, growing at a CAGR of around 2.1% during the forecast period of 2017 to 2023. Erectile dysfunction is the inability to achieve or maintain an erection sufficient for sexual intercourse. It generally results from vascular disease, complications from diabetes, or prostate surgery which can damage both nerves and arteries necessary for erectile function.
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The disease can also be caused by spinal cord injury, and may have a psychogenic component. The primary treatment for erectile dysfunction is Viagra or a similar-acting drug. If these drugs do not work, the patient may try a vacuum device or a topical or injected drug before considering penile implants such as Dura II. If the patient elects to have implant surgery, the surgeon would replace the erectile tissues of the penis with a prosthesis which would provide sufficient rigidity for sexual intercourse.
Erectile Ddysfunction (ED) and Premature Eejaculation (PE) are the two most prevalent male sexual dysfunctions. Chances of sexual dysfunction increases with age, physical inactivity, smoking, diabetes, stress and prostate concerns. Erectile dysfunction is estimated to affect more than 150 million men worldwide and the number of men with ED is expected to double by the year 2030. Although most cases are not reported, it is estimated that more than 30 million men affected in the United States.
Rise in base of population with sexual disorders, changing lifestyle habits such as smoking, and drinking alcohol and increasing stress levels in the men due to the work life are some of the driving factors of this market. In addition, large number of drugs under pipeline for FDA approval, emerging next generation erectile dysfunction therapies, continued adoption of improved penile implant systems, launch of various low cost generic drugs, and introduction of novel techniques are further expected to boost the market growth in the coming years.
Various reasons to consider penile implants include:
- Improved patient Satisfaction Rates: Various studies indicate 93.8% of men were moderately or completely satisfied with their penile prosthesis choice, far outpacing satisfaction levels for Viagra (51.6%) or injection therapy (40.9%).
- A Discrete Treatment for erectile dysfunction: A penile prosthesis is not noticeable when your penis is flaccid. Your partner won't be able to tell you've had an implant to treat your dysfunction unless you tell them.
- Minimal Recovery Time: A typical recovery time after a prosthesis implant procedure is four to six weeks. After you've fully recovered, you can begin enjoying sex once more.
- Insurance Coverage: Penile implants are prescribed by a physician and are generally covered by most insurance plans, including Medicare.
- However, the risks associated with these implants like infection, implant problems, and internal erosion along with increasing number of complaints like loss of penile length, too hard pump, and improper swelling of the glans of the penis are expected to plummet or slowdown the growth of this market. In addition, availability of less invasive treatment methods for erectile dysfunction also expected to restrain the market growth.
- Geographically, North America is the leading contributor to the market and is expected to retain its position during the forecast period due to the presence of large number of geriatric population, and large base of patients with sexual disorders. However, Asia-Pacific market is expected to grow at a faster rate during the forecast period. This is predominantly due to increased healthcare awareness, technological advancements, and growing awareness among the population about the treatment options available in the market.
Report Highlights:
The report delivers a strategic analysis of the global market for penile implants and growth forecast for the period from 2017 – 2023. The scope of the report includes competitive analysis of various market players who are operating in the market, segmental analysis based on type. It also covers geographical analysis of the market with growth forecast for the period of 2017– 2023. The Porter's Five Forces analysis and value chain analysis included in the report provides an insight into market dynamics and industry competition.
Moreover, the report also includes growth strategies and entry barriers to be considered to cater to the exact business opportunities in this market. Additionally, to aid in strategic decision making, the report also includes competitive profiling of leading players, recent developments in the industry and various business strategies adopted by them. This report will help players in global penile implants market to plan and implement their strategies in different market areas such as emerging geographies, and new technologies
Companies profiled:
The company profile section include detailed analysis of some of the key players such as American Medical Systems (Boston Scientific), Coloplast, Silimed, Giant Medical, Eska Medical Gmbh, Promedon, Zephyr Surgical Implants, etc
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