Global penile implants market was valued at 452.2 millions in 2019. It is projected to grow at a compound annual rate (CAGR of 4.5%) between 2020 and 2027. The market for penile implants is driven by the rising incidence of Erectile Dysfunction (ED), which is a symptom of associated comorbidities like diabetes, renal disease and liver disorder. Other factors that are driving the penile implant market include lifestyle changes, increased prevalence of smoking, and patient awareness about penile prosthesis. Market growth is due to technological advancements, high disposable income, and increasing use of Minimally Invasive Surgeries.
Penile prostheses (also known as penile implant, both inflatable and non-inflatable), are a standard of care for managing ED. Penile implants are a more effective and less traumatizing option for treating ED. They also allow for faster recovery. A ambulatory surgical center is gaining popularity due to factors such as patient satisfaction and cost-effectiveness.
Inflatable penile implant revenue share was almost 60% in 2019, and it is projected to continue growing at a profitable rate over the forecast period. Segment growth is aided by lower malfunction rates, lower rates associated infections, and high levels of patient satisfaction.
Malleable devices are used in regions such as Europe and Asia Pacific due to their reliability and cost. Inflatable devices are becoming more popular due to their durability and inability to contract infections. Inflatable penile implants are being developed by manufacturers that are more cost-effective, durable, and flexible. Companies are also developing innovative penile implants that can be controlled remotely and heated activated.
With a market share of 55.0%, the hospital was the dominant end-use segment. The hospital segment is the dominant market for penile implants, with the majority of penile prosthesis procedures being performed in the hospital's outpatient or inpatient units.
The shift in patient preferences towards day surgery and an ambulatory surgery center has led to many penile procedures being performed in ASC settings. This segment is expected grow rapidly over the forecast period.
North America was the dominant market for penile implant sales in 2019, accounting for more than 67.0% of the total revenue. The market is growing due to the availability of high-quality healthcare facilities, increased demand for extended sex, the availability of highly skilled urologists and equipment, as well as the rise in preference for outpatient settings for MIS procedure, and the supportive reimbursement framework.
The market for Europe is expected to expand significantly in the future. The market is driven by the high incidence of various urological conditions and the rising prevalence of chronic disease due to unhealthy lifestyles. Asia Pacific's penile market is expected grow at a high CAGR due to increasing awareness about penile procedures, a large population with ED, as well as the availability of advanced tools in many countries that can be used on an outpatient basis.
Due to the many players operating in the market, the penile implant market is extremely competitive. Coloplast is one of the largest players in the penile implant market. Rigicon Inc. (Rigicon), Zephyr Surgical Implants, Zephyr Surgical Implants, and Boston Scientific are all other major players. The most popular three-piece inflatable penile implants are Rigicon's Infla10 and Boston Scientific's AMS 700. Key market players follow key strategies that include technological advancements, new product launches, and strategic partnerships for geographic expansion. Companies are committed to developing technologically advanced products that have greater efficiency and better design. The following are some of the major players in the penile implant market:
Zephyr Surgical Implants
Boston Scientific Corporation
Coloplast
Promedon
Rigicon Inc.
Up Market Research published a new report titled “Penile Implants Market research report which is segmented by Type (Non-inflatable, Inflatable), by End-use (Ambulatory Surgery Centers, Hospital), By Players/Companies Coloplast, Promedon, Boston Scientific Corporation, Rigicon Inc, Zephyr Surgical Implants”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Penile Implants Market Research Report |
By Type | Non-inflatable, Inflatable |
By End-use | Ambulatory Surgery Centers, Hospital |
By Companies | Coloplast, Promedon, Boston Scientific Corporation, Rigicon Inc, Zephyr Surgical Implants |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 232 |
Number of Tables & Figures | 163 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type (Non-inflatable, Inflatable), by End-use (Ambulatory Surgery Centers, Hospital).
Penile Implants Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Penile Implants Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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