The Penile Prosthesis Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Penile Prosthesis Global Market Report 2024, The penile prosthesis market size has grown strongly in recent years. It will grow from $1.24 billion in 2023 to $1.36 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to growth in tobacco and alcohol consumption, growth in spinal cord injuries, rise in prevalence of erectile dysfunction, increasing access to healthcare services, and increasing social insurance awareness.
The penile prosthesis market size is expected to see strong growth in the next few years. It will grow to $1.97 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to increasing focus on patient-centric strategies, rising rates of chronic diseases, rising awareness of penile implant surgery, growing acceptance of penile implants, and increasing acceptance of advanced medical treatments. Major trends in the forecast period include technological advancements, expanding healthcare infrastructure, regulatory approvals, and reimbursement policies.
The increasing incidences of erectile dysfunction are expected to propel the growth of the penile prostheses market going forward. Erectile dysfunction (ED) refers to the consistent inability to achieve or maintain an erection sufficient for satisfactory sexual performance, often causing distress or relationship difficulties. The increasing incidences of erectile dysfunction are due to aging demographics, lifestyle changes including sedentary habits and poor diet, rising prevalence of chronic diseases such as diabetes and hypertension, and psychological stressors in modern society. Penile prostheses provide a long-term solution for men with erectile dysfunction, allowing them to regain sexual function and improve their quality of life. For instance, in April 2023, according to the National Library of Medicine (NLM), a US-based medical library, around 10.3 million men received diagnoses for erectile dysfunction from their healthcare providers and sought treatment in the United States in 2022. Further, approximately 1.7 million men were identified as potential candidates for penile prosthesis implantation. Therefore, increasing incidences of erectile dysfunction are driving the growth of the penile prostheses market.
<h4 class=reporthtag>Increasing Penile Disease Awareness Fuels Penile Prosthesis Demand</h4>
The prevalence of penile illnesses is expected to propel the growth of the penile prostheses market going forward. Penile diseases are a collection of conditions and disorders that can affect the penis. The increasing prevalence of penile illnesses can be attributed to factors such as changes in sexual behaviors, inadequate hygiene practices, rising incidence of sexually transmitted infections (STIs), and delayed healthcare-seeking behaviors among affected individuals. Penile prostheses are utilized in cases of penile illnesses such as cancer to restore erectile function and quality of life through surgical implantation of devices that simulate natural erection mechanisms. For instance, in October 2023, according to the National Library of Medicine (NLM), a US-based medical library, in 2023, approximately 2,050 men in the United States were estimated to be affected by penile cancer, resulting in around 470 fatalities. Therefore, the prevalence of penile illnesses is driving the growth of the penile prostheses market.
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The penile prosthesis market covered in this report is segmented –
1) By Implant Type: Inflatable Penile Implant, Malleable Penile Implant
2) By Material: Silicone, Bioflex, Other Materials
3) By End User: Hospitals, Ambulatory Surgery Centers, Urology Centers, Other End User
Major companies operating in the penile prostheses market are focusing on developing innovative products, such as penile prosthesis pumps, to enhance the ease of use, reliability, and patient satisfaction. The penile prosthesis pump aims to streamline penile prosthesis use, potentially minimizing patient learning curves and boosting overall device satisfaction. For instance, in November 2023, Boston Scientific Corporation, a US-based medical device company, received FDA approval for its new TENACIO Pump component for the AMS 700 inflatable penile prosthesis. The Tenacio pump aims to enhance user interaction with the device, addressing issues such as valve system sticking that previously necessitated medical intervention. It incorporates ridges for more accessible locations by patients, greater separation between the pump and deflate valve for clearer differentiation, and a redesigned valve system to prevent sticking.
The penile prosthesis market report table of contents includes:
1. Executive Summary
2. Penile Prosthesis Market Characteristics
3. Penile Prosthesis Market Trends And Strategies
4. Penile Prosthesis Market – Macro Economic Scenario
5. Global Penile Prosthesis Market Size and Growth
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32. Global Penile Prosthesis Market Competitive Benchmarking
33. Global Penile Prosthesis Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Penile Prosthesis Market
35. Penile Prosthesis Market Future Outlook and Potential Analysis
36. Appendix
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