BPH Treatment Market To Generate Revenue Worth ~$17 Billion in 2030
- Published: June 2021
The increasing elderly population, increasing number of cases of prostate cancer, awareness about prostate cancer and its treatment, technological advancements in customized medication, acceptance of minimally invasive treatments, and enhancing healthcare facilities throughout the world are all contributing to the growth of the global benign prostatic hyperplasia (BPH) treatment market. Due to the aforementioned factors, the industry is projected to reach around $17 billion in 2030.
Governments in various countries have taken extraordinary steps to safeguard residents, as a result of the COVID-19 outbreak, including lockdowns and social isolation. Manufacturers, including those who develop BPH treatment products, have suffered as a result of the economic catastrophe because of the pandemic. Furthermore, government restrictions on internal and international trade have greatly reduced the availability of raw materials, thus resulting in supply chain instability. As a result, it has stifled the expansion of the BPH treatment market by hurting active pharmaceutical ingredient (API) manufacturing and raw material supply.
Drug Treatment Category To Witness Higher CAGR during Forecast Period
The BPH treatment market is categorized into drug treatment and surgical treatment, based on type. Between the two, the drug treatment category is set to account for the faster market growth in the forecast period. This is majorly attributed to the rising utilization of drugs to manage and treat acute and sub-acute BPH. In addition, drugs are frequently prescribed after surgery to help in the recovery of patients.
The BPH treatment industry is divided into home healthcare settings and hospital and clinics, based on end user. The home healthcare settings category had the larger share in 2020. This is ascribed to the preference of patients for drugs over surgery, which requires hospitalization, and the lower cost of drugs than surgery. Further, patients are often prescribed medication even post operation, for rehabilitation at their home.
Geographically, the Asia-Pacific (APAC) BPH treatment market is expected to witness the fastest growth during the forecast period. This will be mainly due to the rising geriatric population, increasing prevalence of BPH and associated disorders, and increasing expenditure on healthcare. According to the United Nations Population Fund (UNFPA), by 2050, one out of every four people in APAC would be over 60 years old. Furthermore, between 2010 and 2050, Asia’s population of people aged 60 and above is predicted to triple, reaching almost 1.3 billion. BPH rarely shows any symptom before the age of 40, and it is the most-common disorder in population above 50 years of age.
Product Launches Way for Industry Players to Strengthen Their Position
Players in the BPH treatment industry are actively involved in product launches and approval seeking to gain a competitive edge. For instance, in April 2020, Olympus Corporation received the de Novo classification for its device iTind, a non-surgical device for minimally invasive BPH treatment.
Some key players in the BPH treatment market are NeoTract Inc., NxThera Inc., Boston Scientific Corporation, Urologix LLC, Convergent Laser Technologies, Karl Storz GmbH & Co. KG, Lumenis Ltd., Olympus Corporation, Advin Urology, Richard Wolf GmbH, and Medtronic plc.