Dublin, July 27, 2023 (GLOBE NEWSWIRE) -- The "Drugs For Benign Prostatic Hypertrophy Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The world market for drugs targeting benign prostatic hypertrophy is experiencing remarkable growth, with an estimated value of $6.45 billion in 2022 and projected to reach $6.86 billion in 2023, demonstrating a robust compound annual growth rate (CAGR) of 6.3%. Furthermore, the market is expected to continue its growth trajectory, reaching $8.18 billion by 2027, with a CAGR of 4.5%.
Rising Male Geriatric Population Fuels Market Growth
The market's upward momentum is driven by the escalating number of elderly males worldwide, as benign prostatic hypertrophy is commonly observed in men over the age of 50. United Nations' projections indicate that the population of individuals aged 65 or above was approximately 703 million in 2019 and is anticipated to nearly double to around 1.5 billion by 2050. With conditions like Benign Prostatic Hyperplasia affecting up to 90% of men aged over 80, the demand for targeted drugs is poised to surge.
Technological Advancements Pose Challenges to Drug Market
While the market flourishes, it faces challenges due to the increasing adoption of minimally invasive surgeries driven by technological advancements. Procedures like laparoscopic prostatectomy, transurethral microwave thermotherapy (TUMT), and transurethral needle ablation (TUNA) are becoming popular as they cause less pain and often do not require the use of Benign Prostatic Hypertrophy drugs, potentially restraining the market's growth.
Combination Drugs Garner Rising Interest
An emerging trend in the market is the growing use of combination drugs to treat Benign Prostatic Hypertrophy. These formulations combine two or more active pharmaceutical ingredients (APIs) in a single dosage form, offering enhanced effectiveness and disease progression prevention. With reduced side effects and lower treatment failure rates, combination drugs like Duodart (dutasteride and tamsulosin hydrochloride) are gaining traction for Benign Prostatic Hypertrophy treatment.
Global Regulation and Compliance for Drug Manufacturers
Drug manufacturers catering to the benign prostatic hypertrophy market are closely regulated by various global regulatory bodies. For instance, the European Union ensures that authorized medicines meet stringent quality, safety, and efficacy standards. Companies must submit compliance documentation before seeking authorization for sale, and clinical trials data must demonstrate the drugs' safety and efficacy.
Prominent Players in the Market
Several major players hold a significant share in the benign prostatic hypertrophy drugs market. Key players include Allergan PLC, AstellasPharma Inc., BoehringerIngelheim, Eli Lilly and Company, GlaxoSmithKline PLC, Teva Pharmaceutical Industries Limited, Sanofi, Nymox Pharmaceutical Corporation, and AEternaZentaris Inc.
Conclusion
The global drugs for benign prostatic hypertrophy market is thriving, with promising growth prospects driven by the rising male geriatric population. Though challenges arise from technological advancements favoring minimally invasive surgeries, the market remains dynamic and is embracing combination drugs for enhanced efficacy. Compliance with global regulations ensures the safety and efficacy of drugs for patient use, providing a solid foundation for continued market growth.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2023-2027 |
| Estimated Market Value (USD) in 2023 | $6.86 Billion |
| Forecasted Market Value (USD) by 2027 | $8.18 Billion |
| Compound Annual Growth Rate | 4.5% |
| Regions Covered | Global |
Key Topics Covered
1. Executive Summary
2. Drugs For Benign Prostatic hypertrophy Market Characteristics
3. Drugs For Benign Prostatic hypertrophy Market Trends And Strategies
4. Drugs For Benign Prostatic hypertrophy Market - Macro Economic Scenario
4.1 COVID-19 Impact On Drugs For Benign Prostatic hypertrophy Market
4.2 Ukraine-Russia War Impact On Drugs For Benign Prostatic hypertrophy Market
4.3 Impact Of High Inflation On Drugs For Benign Prostatic hypertrophy Market
5. Drugs For Benign Prostatic hypertrophy Market Size And Growth
5.1. Global Drugs For Benign Prostatic hypertrophy Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Drugs For Benign Prostatic hypertrophy Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Drugs For Benign Prostatic hypertrophy Market Segmentation
6.1. Global Drugs For Benign Prostatic hypertrophy Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Alpha Blocker
- 5-alpha Reductase Inhibitor
- Phosphodiesterase-5 Inhibitor
- Other Types
6.2. Global Drugs For Benign Prostatic hypertrophy Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Hospital Pharmacies
- Retail Pharmacies
- Other End Users
6.3. Global Drugs For Benign Prostatic hypertrophy Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
7. Drugs For Benign Prostatic hypertrophy Market Regional And Country Analysis
7.1. Global Drugs For Benign Prostatic hypertrophy Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Drugs For Benign Prostatic hypertrophy Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
A selection of companies mentioned in this report includes:
- Allergan PLC
- Astellas Pharma Inc.
- Boehringer Ingelheim
- Eli Lilly and Company
- GlaxoSmithKline PLC
- Teva Pharmaceutical Industries Limited
- Sanofi
- Nymox Pharmaceutical Corporation
- AEternaZentaris Inc.
- Pfizer Inc.
- GlaxoSmithKline
- IntelGenx Technologies Corp.
- Ipsen S.A.
- Novartis AG
- Protox Therapeutics Inc.
- Valeant Pharmaceuticals Inc.
- Bayer AG
- Quest PharmaTech Inc.
- Bristol-Myers Squibb and Company
- Indevus Pharmaceuticals Inc.
- Kaken Pharmaceutical Co. Ltd.
- Impax Laboratories Inc.
- GemVax & KAEL Co. Ltd.
- Merck & Co. Inc.
- Kissei Pharmaceuticals Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/l4vl6x
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
