Published on : Dec 02, 2019
ResearchMoz.us has announced the addition of a report, titled “Benign Prostatic Hyperplasia Treatment Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027”. The report offers an elaborate assessment of key growth trends and drivers, recent developments in the market, the competitive ecosystem, and opportunity and challenges analysis.
The global benign prostatic hyperplasia is set to see significant growth over the forecast period of 2019-2027. The high CAGR (Compound Annual Growth Rate) will generate massive opportunities in the market landscape in this period that the market players would be thrilled to make the most of.
One of the major factors that will lead to growth in this market is the rise in geriatric population, especially in the male community. As per World Health Organization (WHO) figures, the global geriatric population is expected to reach 2 billion (22% of the global population) by 2050. This is a steep rise from 962 million in 2017. Besides, there is a rise in awareness about urological disorders as well as prostate cancer. There is also an increase in occurrence of benign prostatic hyperplasia among patients worldwide. It is pertinent to note here that the population is rising at the fastest pace in developed regions. In countries such as Brazil, China, South Korea and Thailand, the very large geriatric population will be noted to persist for a very short time period.
What is hampering the growth of this market includes patients’ preference for minimally invasive surgeries such as transurethral needle ablation, laparoscopic prostatectomy and transurethral microwave thermotherapy. But presence of strong pipelines created by players in the global benign prostatic hyperplasia treatment market can counterbalance it perfectly. Besides, opportunities created by markets in developing economies will push the market higher.
The market for benign prostatic hyperplasia treatment is consolidated and prominent names in the market include Abbott, Allergan plc, Astellas Pharma, Inc., Asahi Kasei Corporation, Boehringer Ingelheim GmbH, GlaxoSmithKline plc, Pfizer, Inc., Sanofi, Merck & Co., Inc., Teva Pharmaceutical Industries Ltd., Boston Scientific Corporation, Teleflex Incorporated, Endo International plc, Urologix, LLC, LISA Laser, and Olympus Corporation, among others. In order to maintain an edge over competitors, players use strategies like mergers and acquisitions. They also do not shy away from strategic collaborations and partnerships to combine know-how and other synergies.
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Region-wise, the global benign prostatic hyperplasia treatment market will see North America and Europe take the largest chunk of the growth pie. It is primarily attributable to rise in geriatric population. By the end of 2050, the region will see one in four people in the age bracket of 65 and above. Besides, some of the strongest players in the market landscape mark the region with their presence. And, not to forget, high awareness levels combines with high income levels in this region propel the market forward massively. To add on, there is a highly structured healthcare industry propelling further growth in benign prostatic hyperplasia treatment market. Besides, trends that can be noted currently show a rise in benign prostatic hyperplasia and lower urinary tract conditions.
Another region that is worth setting eyes on is the Asia Pacific (APAC) region. It is not only seeing a steep rise in population, but also a steep rise in awareness levels. This is set to create extremely lucrative opportunities, ready to be tapped by players. Besides, as economies in the region demonstrate robust growth, income levels rise, making the benign prostatic hyperplasia treatment affordable to many. Contributing to this is government in the region being proactive regarding improvement in medical outcomes. Therefore, investment as well as education efforts about the condition are on an upward trajectory. It is also important to note here that this region marks countries with some of the most skewed sex ratios, in favor of the male gender. One such country is India where female to male ratio is 930 to1000.