Wilmington, Delaware, United States, June 22, 2023 (GLOBE NEWSWIRE) -- The global benign prostatic hyperplasia treatment market is anticipated to grow at a 5.6% CAGR from 2023 to 2031. A market valuation of US$ 11.9 billion is expected by the end of the forecast period.
The growth of the benign prostatic hyperplasia (BPH) treatment market is driven by the increasing prevalence of BPH, rising global male geriatric population, and the surge in urological disorders associated with benign prostatic hyperplasia. Factors such as elevated intra-abdominal pressure, altered endocrine status, heightened sympathetic nerve activity, increased inflammatory response, oxidative stress, and hormonal changes in the body contribute to BPH development in obese individuals. These factors collectively fuel the growth of the BPH therapeutics market.
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Government bodies, non-profit organizations, and key players involved in the Benign Prostatic Hyperplasia Therapeutics market are taking proactive measures to raise awareness about urological disorders, including benign prostatic hyperplasia. These initiatives are instrumental in increasing awareness and consequently driving market growth.
The expiration of patents for major branded products has spurred the development of generic drugs. Key players in the industry are collaborating to develop new BPH therapeutics for improved drug efficacy and safer therapies. Additionally, the rising healthcare expenditure worldwide has significantly contributed to the market's growth.
Key Takeaways from the Market Report
- The global benign prostatic hyperplasia treatment market is expected to be worth US$ 7.69 billion as of 2023.
- From 2023 to 2031, the market is expected to grow with a CAGR of 5.6%.
- By treatment, alpha-blockers drug class segment is expected to dominate the market in 2023 by growing at a CAGR of 7.1% during the forecast period.
- By end-user, hospital segment is anticipated to lead the market while exhibiting a CAGR of 5.8% during the forecast period.
- As per TMR projections, the demand for benign prostatic hyperplasia treatment in China is projected to grow at a CAGR of 5.6% during the forecast period.
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Benign Prostatic Hyperplasia Treatment Market: Growth Drivers & Trends
- The demand for benign prostatic hyperplasia treatment drugs is expected to rise due the increasing geriatric population, which is more susceptible to age-related and chronic diseases, including benign prostatic hyperplasia. This higher demand for treatment among elderly patients fuels the market's growth.
- Increasing adoption of minimally invasive surgeries with benefits like reduced post-operative pain, less blood loss, shorter hospital stays, and faster recovery is expected to drive market growth.
- Increasing awareness among the general public about available treatment options is expected to fuel market growth.
- The introduction of transurethral resection of the prostate (TURP) as a successful therapeutic procedure is expected to drive market growth.
- The increase in urological illnesses associated with benign prostatic hyperplasia is propelling market growth.
Benign Prostatic Hyperplasia Treatment Market: Regional Analysis
- North America dominated the global benign prostatic hyperplasia therapeutics market in 2022 and is expected to maintain its dominance in the forecast period. The market in this region is expected to grow with a CAGR of 5.8% during the forecast period.
- This can be attributed to factors such as the high prevalence of benign prostatic hyperplasia, unhealthy lifestyles leading to obesity, the presence of key players, and increased healthcare expenditure in the region. Collaborations between institutions, non-profit organizations, and companies in the United States and Canada have also played a significant role in generating awareness and resources for the treatment of urological problems.
- The market in Asia Pacific is expected to grow with a CAGR of 5.5% during the forecast period. Asia-Pacific is poised for significant growth in the market, driven by factors such as the growing geriatric population, increased research and development activities, rising urological diseases, unmet medical needs, and higher investments in the healthcare sector.
- The European market is projected to grow with a CAGR of 5.7% during the forecast period. Rising focus on healthcare and growing research activity in this region are anticipated to remain as key trends driving growth in the market.
Benign Prostatic Hyperplasia Treatment Market: Prominent Players
The global market for benign prostatic hyperplasia treatment is characterized by several regional and global entities. Some key benign prostatic hyperplasia treatment providers profiled by TMR include:
- Boston Scientific Corporation
- Teleflex Incorporated
- Endo International plc
- Urologix LLC
- LISA Laser
- Olympus Corporation
Prominent developments in the benign prostatic hyperplasia treatment market domain by key players are as follows:
- In April 2022, Teleflex launched the UroLift System in Japan for the treatment of benign prostatic hyperplasia (BPH). The UroLift System received FDA clearance for treating lower urinary tract symptoms caused by BPH.
- In January 2021, PHAREX Health Corporation, in collaboration with the Philippine Urological Association (PUA), introduced Pharex Tamsulosin for the treatment of benign prostatic hyperplasia (BPH).
- In March 2022, ProVerum, an Irish medtech company, secured approximately US$ 33 million for conducting clinical trials of its innovative treatment for benign prostatic hyperplasia (BPH).
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Benign Prostatic Hyperplasia Treatment Market- Key Segments
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