The Global Benign Prostatic Hyperplasia (BPH) Prostate Treatment Industry is gearing up for unprecedented growth, poised to reach a substantial valuation of US$ 39.5 billion by 2028, according to the latest insights from Future Market Insights Inc. This surge is indicative of a noteworthy compound annual growth rate (CAGR) of 4.7% from 2022 to 2028, building on the market’s robust trajectory.
In 2022, the market has already set the stage for this remarkable ascent, with an estimated value of US$ 30.04 billion, showcasing the industry’s resilience and potential. This positive momentum is propelled by a variety of factors, most prominently the increasing preference for minimally invasive surgeries.
The rising incidence of benign prostatic hyperplasia plays a pivotal role in the market’s expansion. As BPH cases continue to escalate, and with a growing number of patients opting for minimally invasive procedures, the benign prostatic hyperplasia (BPH) prostate treatment market holds promising prospects in the coming years. Moreover, the global aging population is contributing significantly to the market’s growth, presenting a substantial opportunity for BPH treatment providers.
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The increasing cases of benign prostatic hyperplasia (BPH) along with a surge in preference for minimally invasive surgeries are primary growth drivers of the target market. Furthermore, the growing popularity of Ayurveda, especially in South Asian countries, will generate more growth-inducing opportunities for the BPH treatment market. Due to all of these considerations, the target market observed a surge in growth rate as it rose to a CAGR of 3.7% from 2013 to 2021.
Heightened emphasis on healthcare, a growing geriatric population, degenerating lifestyle, poor dietary habits, hereditary inheritance of the disease, advancing research and development, and better availability of treatment procedures are some of the prominent factors that positively influence the BPH treatment market growth during the forecast period.
“Rising adoption of minimally invasive procedures coupled with rising incidences of benign prostatic hyperplasia will augment the global growth of the benign prostatic hyperplasia (BPH) prostate treatment market over the forecast period,” says an FMI analyst.
Key Takeaways:
- High costs and side effects associated with BPH drugs may stymie market growth.
- North America will account for the dominant portion of the global benign prostatic hyperplasia (BPH) prostate treatment market share.
- The growing geriatric population coupled with increasing cases of BPH drive the market in the U.S.
- Ayurveda medicines for BPH will present lucrative opportunities in India.
- Institutional sales channel accounts for 64.7% of the global benign prostatic hyperplasia (BPH) prostate treatment market share.
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Competitive Landscape
Pfizer Inc., NxThera Inc., NeoTract Inc., Sanofi S.A, GlaxoSmithKline Plc., Allergan Plc., Teva Pharmaceutical Industries Ltd., Mylan N.V., Eli Lily & Company, and Cardinal Health Inc., among others, are some of the major players in the benign prostatic hyperplasia (BPH) prostate treatment market profiled in the full version of the report.
Leading market players are focusing on increasing investment in research and development activities. These participants are keen on offering new treatment options to patients.
More Insights into Benign Prostatic Hyperplasia (BPH) Prostate Treatment Market Report
In its latest report, FMI offers an unbiased analysis of the global benign prostatic hyperplasia (BPH) prostate treatment market, providing historical data from 2013 to 2021 and forecast statistics for 2022 to 2028. To understand the global market potential, growth, and scope, the market is segmented based on treatment type (BPH drugs (alpha-blockers, 5-alpha reductase inhibitors, phosphodiesterase-5 (PDE-5) inhibitors, muscarinic receptor antagonist (MRA), combination drug), BPH devices (prostatic stents, suture base implant systems, transurethral RF thermal therapy devices)), distribution channel (institutional sales (hospitals, ambulatory surgical clinics, specialty clinics), retail sales (retail pharmacies, drug stores), online pharmacies), and region.
According to the latest FMI reports, based on segmentation, the institutional sales segment leads the market. This segment accounts for 64.7% of the overall market share owing to the rising demand for minimally invasive surgeries. The retail sales segment accounts for 26.7% while the online pharmacies segment holds 8% of the global benign prostatic hyperplasia (BPH) prostate treatment market share.
Based on region, the benign prostatic hyperplasia (BPH) prostate treatment market in the United States will exhibit impressive growth during 2022-2028. The rising geriatric population coupled with increasing cases of BPH propel the target market growth in this country. Growth in research and development activities will further aid the target market growth during the projected period. Besides, India’s benign prostatic hyperplasia (BPH) prostate treatment market, too, will present notable growth. This is due to the popularity of Ayurveda as well as a surge in BPH cases. Thus, these two countries will demonstrate significant growth in the benign prostatic hyperplasia (BPH) prostate treatment market during the forecast period.
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Key Segments of BPH Prostate Treatment Industry Survey
BPH Prostate Treatment Market by Treatment Type:
- BPH Drugs
- Alpha Blockers
- 5-Aplha Reductase Inhibitors
- Phosphodiesterase-5 (PDE-5) Inhibitors
- Muscarinic Receptor Antagonist (MRA)
- Combination Drug
- BPH Devices
- Prostatic Stents
- Suture Base Implant Systems
- Transurethral RF Thermal Therapy Devices
BPH Prostate Treatment Market by Distribution Channel:
- Institutional Sales
- Hospitals
- Ambulatory Surgical Centres
- Specialty Clinics
- Retail Sales
- Retail Pharmacies
- Drug Stores
- Online Pharmacies
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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