Penile Prosthesis Market | Know the Latest Innovations in the Market
Erectile dysfunction is among the most commonly occurring sexual disorder. There are several reasons that may cause such disorder. Some of the common causes are prostate medical procedure, complexities due to diabetes, or some form vascular illness. Penile prosthesis are generally suggested by the medical professional after the unsuccessful use of medication such as Viagra. Penile prosthesis are a type of therapeutic devices that are implanted in the corpora cavernosa of the patient’s penis during the surgery.
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Global Penile Prosthesis Market – Notable Developments
Some of the notable developments in the global penile prosthesis market are listed below:
- Recently, Coloplast Inc., a huge brand in the global penile prosthesis market, announced the launch of their new product SpeediCath® Felx Coude Pro. This is the latest version of its well established SpeediCath® series and offers more efficient and reliable solutions.
- In August 2019, Boston Scientific Inc. announced that the company has successfully taken over BTG Plc. This move has helped in bolstering an already impressive product portfolio of Boston Scientific.
- In September 2019, Rigicon announced that the US FDA has given their approval for the commercialization of Rigi10™ Malleable Penile Prosthesis. This approval is expected to cement the position of the company in among the leading players in the market.
Global Penile Prosthesis Market – Drivers and Restraints
A few new technological advances have been developed for the treatment of ED. In addition to this, availability of large range of products such as penile vibrators, external penile support device, tissue builders, endovascular innovation, and nanotechnology are also creating a stir in the market. Naturally, the growth of the global penile prosthesis market is on the rise with such varied range of products to treat the recurring problems.
In addition to this, there has been a considerable rise in the number of people suffering from some form of sexual disorder. These disorders may happen due to indulging into unhealthy habits such as excessive drinking and smoking. Moreover, stress of daily personal and professional life is also an important cause of such problems. This has worked in favor of the global penile prosthesis market as the players are now offering innovative, safe, reliable, and technologically advanced solution for treating such disorders. Naturally, the growth of the market is predicted to be on the higher side.
Global Penile Prosthesis Market – Geographical Outlook
Geographically speaking, the global penile prosthesis market has five key segments viz. Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. Of these, the global market is currently dominated by the North America region. The regional market is expected to continue to offer a significant contribution over the course of the given forecast period. The growth of the market in North America is primarily attributed to the growing geriatric population in the region. Moreover, increasing prevalence of sexual disorders among younger generation is also helping the market growth.
Market analysts believe that Europe will turn out to the second biggest regional segment for the global penile prosthesis market. The growth of the European market can be credited to the growing cases of erectile dysfunctions. In addition to this, growing number of pelvic medical surgeries is also helping to drive the growth of the Europe market.
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On the other hand, Asia Pacific region is projected to grow at a significant pace over the course of the given forecast period. Growing awareness among people, availability of newer therapeutics, and better insurance reimbursement policies are helping to drive the regional market growth.
Penile Prosthesis Market Segmentation
- Non-inflatable Implants
- Inflatable Implants
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