Technavio Announces Top Four Trends for the Global Penile Implants Market Through 2020
LONDON–(BUSINESS WIRE)–#LabEquipment–Technavio’s latest global
penile implants market report highlights four key emerging
trends predicted to impact market growth through 2020. Technavio
defines an emerging trend as something that has potential for
significant impact on the market and contributes to its growth or
decline.
“Prostate cancer does not directly cause ED. However, the treatment
methods such as surgery with radical prostatectomy, hormone therapy, and
radiation therapy including external beam or brachytherapy can cause ED
in men. The cases of ED caused by the treatment for prostate cancer
present pharmaceutical companies with opportunities for growth. The
increase in the number of people opting for surgical treatment for
prostate cancer will fuel the penile implant market over the next four
years,” said Amber Chourasia, one of Technavio’s lead industry analysts
for lab
equipment research.
Technavio’s market research study identifies the following four emerging
trends expected to propel the global penile implants market:
- Disruptive alternative ED treatment technologies
- Migration of manufacturing and sales facilities to APAC
- Increasing demand for penile implants
- Product innovation
Disruptive alternative ED treatment technologies
There are many technologies being developed to treat ED. These include
external penile support devices, low intensity extracorporeal shockwave,
penile vibrators, nanotechnology, tissue engineering, and endovascular
technology. These technologies are expected to revolutionize the
treatment methods for ED. In addition, large investments are being made
in stem cell therapy for ED. Studies on the effects of stem cell therapy
showed results of improved endothelium, muscle, and nerve in the
erectile tissue.
Migration of manufacturing and sales facilities to APAC
In the recent years, many manufacturers of ED solutions have either
established or expanded their manufacturing and sales network in APAC.
APAC has a high number of ED cases due to the presence of a large older
population in countries such as China, South Korea, Japan, and
Australia. So, this region provides a significant opportunity for
vendors in the market. Vendors that are migrating their manufacturing
facilities to APAC not only find it more economical but also have easy
access to domestic markets at a lower logistics cost. The region
provides an attractive proposition of lower cost of land and material,
easily available labour, and access to a larger market.
Increasing demand for penile implants
In many countries, the demand for penile implants is increasing as a
result of the growing number of ED cases. For instance, in the US, more
than 20 million men have ED. A key reason for the growth in ED cases is
the growing number of people with prostate cancer and diabetes.
According to a report published by the Southeast Radiation Oncology
Group in 2013, 238,590 men in the US were diagnosed with prostate
cancer, which is a major cause of ED. In 2013, the US market for penile
implants was estimated at $500 million.
APAC is one of the markets with great growth potential as many countries
in this region such as China and Japan have a large older population. In
China, the prevalence of ED in men over 50 years is more than 50%, which
will increase in the future. Penile implants were first introduced in
China in 2002, but they witnessed limited adoption due to high cost and
poor patient acceptance. However, with reviving global economy and
increase in disposable income, the market for penile implants is likely
to show a gradual growth during the forecast period.
Product innovation
Vendors are innovating product technology to make penile implants more
reliable and natural-looking. This will prompt more individuals to
undergo penile implant surgeries to treat ED. For instance, Titan from
Colopast is made from Bioflex and silicone. It includes a true lockout
valve at the base of the reservoir. Such technologically advanced
products provide maximum girth and rigidity while reducing the overall
weight of the implant. In addition, these implants are easy to use and
locate in the scrotum, which reduces the need for prosthesis training
from experts. Thus, the use of penile implants among individuals with ED
is expected to increase in the future.
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