New York, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Benign Prostatic Hyperplasia (BPH) Prostate Treatment Market’ for the forecast period, i.e. 2023 – 2033, which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Profiling of key market players
Global Benign Prostatic Hyperplasia (BPH) Prostate Treatment Market Size:
The global benign prostatic hyperplasia (BPH) prostate treatment market is estimated to garner robust revenue of ~USD 13 billion by the end of 2033 by growing at a CAGR of ~6% over the forecast period. Further, the market generated a revenue of ~USD 7 billion in the year 2022. The growth of the market can be attributed to the growing rate of BPH surgical treatment. For instance, around 11,000 per 100,000 men received surgical treatment in 2018, which was an increase from approximately 9000 per 100,000 men in 2012. Furthermore, the geriatric population across the globe has been increasing significantly throughout the years and it is estimated to increase even more over the forecast years. As the BPH rate is comparatively higher among aged men, this is anticipated to be an important factor to drive the growth of the global market. Moreover, the higher prevalence of benign prostatic hyperplasia, developing medical technology across the globe, and spiking cases of urinary tract infection are also estimated to add to the market growth.
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Global Benign Prostatic Hyperplasia (BPH) Prostate Treatment Market: Key Takeaways
- North America region to gain the largest share of the revenue in 2022
- Drug treatment segment to dominate the revenue graph
- Online pharmacies sub-segment remains prominent in the distribution channels segment
Increasing Geriatric Population and Rising Investment in Research and Development to Boost Market Growth
Benign prostatic hyperplasia (BPH), also known as prostate gland enlargement, is a medical condition that generally occurs in men above the age of 60. Benign prostatic hyperplasia (BPH) is associated with any abnormalities in testicles. It is not a type of cancer but an overgrowth of prostate tissue resulting in the blockage of urine flow. Hence, the growing geriatric population is expected to significantly propel the market growth. According to the data from World Health Organization (WHO), the number of people aged 60 years and older was 1 billion in 2019, and the number is estimated to increase to 1.4 billion by 2030 and 2.1 billion by 2050. Additionally, the higher prevalence of benign prostatic hyperplasia (BPH) and the rising awareness of the disease among people is estimated to hike the growth of the market over the forecast period.
In addition to this, the developing medical technology across the globe, increasing healthcare expenditure per capita, and growing awareness about benign prostatic hyperplasia (BPH) prostate and its treatment are predicted to be major factors to propel the growth of the market. The growth of the benign prostatic hyperplasia (BPH) prostate treatment market, over the forecast period, can be further ascribed to the rising investments in R&D activities to continuously bring up more feasible solutions for treatment procedures. According to research reports, since 2000, global research and development expenditure has more than tripled in real terms, rising from approximately USD 680 billion to over USD 2.5 trillion in 2019.
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Global Benign Prostatic Hyperplasia (BPH) Prostate Treatment Market: Regional Overview
The global benign prostatic hyperplasia (BPH) prostate treatment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Geriatric Population to Drive Market Growth in the North America Region
The market in the North America region is projected to garner the highest revenue with a market share of 37% in 2022. The growth of the market in the region can be accounted to the rising geriatric population and higher prevalence of benign prostatic hyperplasia. As per the data released by The World Bank, it was noted that in 2021, the geriatric population in North America reached 17% of the total regional population. Furthermore, the presence of major key players, rising investment in research and development in the region, and the growing healthcare infrastructure of the region are further projected to influence the growth of the market positively over the forecast period.
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Increasing Healthcare Expenditure to Influence Market Growth in the Asia Pacific Region
On the other hand, market in the Asia Pacific region is estimated to grow with a substantial CAGR during the forecast period. The market in this region is driven by the increasing investment in the biotechnology sector by government and private companies in many countries, mainly, China, India, and Japan. Moreover, the increasing patient pool, and the ongoing research & development activities for BPH treatment are expected to propel the growth of the market. Further, the increasing percentage of regional health expenditure contributing to the GDP is also estimated to be a significant factor to influence the growth of the benign prostatic hyperplasia (BPH) prostate treatment market in the Asia Pacific region. As per The World Bank, in the year 2019, the share of global health expenditure in the East Asia & Pacific region accounted to 6.67% of GDP.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Benign Prostatic Hyperplasia (BPH) Prostate Treatment Market, Segmentation by Treatment Type
- Drug Treatment – 58%
- Surgical Treatment – 42%
Out of these, the drug treatment segment holds the highest market revenue in 2022 with a market share of approximately 58%. The growth of the drug treatment segment can be attributed to the rising consumption of drugs across the world. It was found that there are more than 20,000 prescription drugs approved in the United States for marketing. Also, more than 65% of U.S. adults take prescription drugs. In addition, the increment in sales of medicines from pharmacies is considered to be another growth factor for the segment’s expansion over the ensuing years.
Global Benign Prostatic Hyperplasia (BPH) Prostate Treatment Market, Segmentation by Distribution Channels
- Online Pharmacies
- Retail
- Institutional Sales
Among these, the online pharmacies segment is anticipated to witness noteworthy growth over the forecast period. This segmental growth can be attributed to the increasing internet penetration, and growing tendency to avail online facilities across the globe. It was noted that, in 2020, 60% of the global population used the internet.
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Global Benign Prostatic Hyperplasia (BPH) Prostate Treatment Market, Segmentation by Therapeutic Class
- BPH Devices
- Transurethral RF Thermal Therapy
- Suture Base Implant
- Others
- BPH Drugs
- Alpha Blocker
- Muscarinic Receptor Antagonist
- 5-Alpha Reductase Inhibitors
Few of the well-known market leaders in the global benign prostatic hyperplasia (BPH) prostate treatment market that are profiled by Research Nester are Cardinal Health Inc., NxThera, Inc., NeoTract, Inc., Teleflex Incorporated, Eli Lily & Company, Sanofi S.A., GSK plc, Mylan N.V., AbbVie Inc., Pfizer Inc., and others.
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Recent Developments in the Global Benign Prostatic Hyperplasia (BPH) Prostate Treatment Market
- In July 2022, the findings of research studies on the effectiveness and safety of UroLift Systems were released by Teleflex Incorporated. The system was created for males who have been identified as having BPH with median lobe blockage.
- In March 2018, NxThera, Inc. claimed that its Rezum System for benign prostatic hyperplasia is more efficient and offers enduring relief (BPH). Rezum System also yields benefits more quickly than other pharmaceuticals.
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