Benign Prostatic Hyperplasia Treatment Market to Surpass USD 17.6 Billion by 2028

Published | 02 August 2022

The rise in benign prostatic hyperplasia prevalence and the expanding worldwide male geriatric population are both important factors driving the growth of the benign prostatic hyperplasia treatments market. In addition, increased sympathetic nerve activity, altered endocrine state, a heightened inflammatory response, and oxidative stress all have a role in the development of benign prostatic hyperplasia in obese individuals. The body's hormonal fluctuations also contribute to benign prostatic hyperplasia by causing prostate enlargement.

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global benign prostatic hyperplasia treatment market was worth USD 11.25 billion in the year 2021. The market is projected to grow at a CAGR of 6.8% from 2022-2028 (forecast period), earning revenues of around USD 17.69 billion by the end of 2028. The development of numerous generic drugs, cooperation among the key players for the development of new benign prostatic hyperplasia therapeutics for better drug efficacy and safe therapy for already existing drugs, as well as upcoming new molecular entities, have all been sparked by the expiration of patency of major branded products. These developments have further fueled the market's expansion.

A significant increase in healthcare spending throughout the world has further stimulated the industry. Population growth, particularly among the elderly, and greater use of medical services are the main causes of the rise in healthcare costs. However, it is anticipated that a greater adoption rate of minimally invasive surgical treatments than of benign prostatic hyperplasia therapeutics would restrain market expansion.

Rising Incidence of Benign Prostatic Hyperplasia

Benign prostatic hyperplasia cases have significantly increased, and more cases are anticipated throughout the predicted period. One important aspect that affects the prospective market for benign prostatic hyperplasia treatments is the rising elderly population in the world. As patient desire for less invasive treatments rises, benign prostatic hyperplasia surgical treatment methods are anticipated to grow. The rise in incidence of benign prostatic hyperplasia, the growing global elderly population, and the rising awareness of urological illnesses are the main factors driving the growth of the benign prostatic hyperplasia treatments market. Although the two conditions can coexist, benign prostatic hyperplasia is a benign disorder that does not cause prostate cancer. As one ages, the body's hormone balance changes, which might lead to the prostate growing. In addition, the senior population's sedentary lifestyle contributes to obesity, which is a major risk factor for benign prostatic hyperplasia.

 

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Treatment for Benign Prostatic Hyperplasia at a High Cost

Male population with benign prostatic hyperplasia are reluctant to seek treatment due to the high expense of doing so. Age-related increases in incidence make it more difficult for the elderly to finance healthcare costs, which has an impact on the market's expansion. However, efficient actions conducted by governments and commercial health insurance providers with the establishment of advantageous reimbursement scenarios for benign prostatic hyperplasia treatment, particularly in developing countries, would present chances to market players and soften the shock of high prices for patients. For instance, when Transurethral Needle Ablation Therapy (TUNA) is used to treat benign prostatic hyperplasia, Medtronic PLC offers healthcare plans. Such advantageous programmes may encourage patients to choose less invasive BPH treatments, which would raise the market value.

Hospitals to Continue as Generally Recognized Centers for Care - By End User

In terms of end user, the market has been segmented into hospitals, ambulatory surgical centers, specialty clinics, and others, wherein hospital segment accounted for major share. The development of the benign prostatic hyperplasia treatment market will be ascribed to the large concentration of hospitals as they were the early adopters of technologically sophisticated treatment techniques and were predominantly favored care facilities. However, the unwillingness of patients to stay in hospitals for prolonged periods of time is working in specialized clinics' favor. During the projection period, specialty clinics are anticipated to increase at a higher CAGR of over 7%.

North America Held the Largest Share in the Benign Prostatic Hyperplasia Treatment Market

Based on the regional analysis, the global benign prostatic hyperplasia treatment market can be segmented into North America, Europe, the Asia-Pacific, Latin America, the Middle East and Africa. Amidst the segmentation, North America accounted for the largest share the global benign prostatic hyperplasia treatment market with the largest share in 2021 as North America is in the lead as every year, health advocates and national health organizations commemorate September as "National Prostate Health Month" to raise awareness of the hazards connected with the prevalence of benign prostatic hyperplasia and to encourage men to seek diagnosis and treatment for the condition. This is mostly due to the ageing population, which is especially vulnerable to lower urinary tract illnesses like benign prostatic hyperplasia. The quantity of benign prostatic hyperplasia treatments in the area is also being driven up by the expanding number of benign prostatic hyperplasia device developments, greater awareness of the ailment, and improved payment coverage.

Impact of COVID-19 on the Benign Prostatic Hyperplasia Treatment Market

On the market for therapies for benign prostatic hyperplasia, a detrimental effect of the COVID-19 pandemic is predicted. To expand hospital capacity for patients with COVID-19 diagnoses, a sizable number of clinics and hospitals throughout the world underwent restructuring. The rapidly increasing COVID-19 cases resulted in a possible backlog for the non-essential processes. The lockout caused delays in the production and delivery of critical medical supplies. Limited access to medical treatment, a staffing deficit in the medical field, and an increase in COVID-19-related hospitalization are a few more issues that have an influence on the market. However, when the COVID-19 vaccines become accessible, several countries are attempting to guarantee an uninterrupted supply of life-saving medications and vaccines.

Competitive Landscape

Players in the industry have launched products recently in an effort to outperform rivals with superior therapies. Numerous major companies, including Abbott Laborites, Allergan plc, Astellas Pharma, Inc., Asahi Kasei Corporation, Boehringer Ingelheim GmbH, GlaxoSmithKline plc, Pfizer, Inc., Boston Scientific Corporation, Teleflex Incorporated, Endo International plc, Urologix, LLC, LISA Laser, Olympus Corporation, Teva Pharmaceutical Industries Ltd., Merck & Co. Inc., and Sanofi are major players in the global benign prostatic hyperplasia treatment market. To increase their client base and obtain a competitive edge in the general market, the firms' primary marketing methods include facility development, product diversification, alliances, collaborations, partnerships, and acquisitions.

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The report's in-depth analysis provides information about growth potential, upcoming trends, and the global benign prostatic hyperplasia treatment market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global bio-based cosmetics and personal care ingredients market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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