Benign Prostatic Hyperplasia Devices Market: Current Analysis and Forecast (2023-2030)

Report Description

The benign prostatic hyperplasia devices market was valued at USD 2,415 million in 2022 & expected to grow at a strong CAGR of around 6.8% during the forecast period (2023-2030) owing to the increasing demand for minimally invasive procedures with the rising benign prostatic hyperplasia cases. Worldwide, approximately 30 million men have symptoms related to BPH, as per the Medscape in 2023. The benign prostatic hyperplasia devices market is expanding due to the growth of BPH devices can be attributed to the increasing prevalence and awareness of urological disorders associated with BPH, leading to a higher demand for effective treatments. Simultaneously, continuous technology advancements have expanded the range of available treatment options, making them safer, more precise, and accessible to a larger patient population. Additionally, advancements in imaging and diagnostic technologies have improved the accuracy of BPH diagnosis, enabling personalized and targeted treatments. Multiparametric X-ray (mpMRI) detection of prostate cancer and the potential to reduce unnecessary biopsies by more than 27%, as stated by the National Institute of Health, in 2022.

Some of the major players operating in the market include Olympus Corporation, Boston Scientific Corporation, Butterfly, SRS Medical, Teleflex Incorporated, Urotronic, Zenflow, Inc., ProArc, and Medeon Biodesign, Inc, Urologix, LLC. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst device type, the electrosurgery segment is expected to grow with a significant CAGR during the forecast period (2023-2030)”

Based on the device type, the market is segmented into transurethral resection of the prostate (TURP), transurethral needle ablation (TUNA), transurethral incision of the prostate (TUIP), transurethral microwave thermotherapy (TUMT), laser therapy, electrosurgery, and others. Amongst these, the electrosurgery segment is expected to grow with a significant CAGR during the forecast period (2023-2030). The electrosurgery segment’s ability to offer effective, versatile, and minimally invasive procedures for BPH treatment, along with continuous technological advancements, has significantly contributed to driving the growth of benign prostatic hyperplasia devices. For instance, in June 2023, Olympus Corporation launched the ESG-410 Electrosurgical Generator, the market availability of its newest electrosurgical generator for use in the treatment of bladder cancer and enlarged prostate.

Benign Prostatic Hyperplasia Devices Market Report Coverage

“Amongst technology, radiofrequency ablation devices held a significant share of the market in 2022.”

By technology, the market is segmented into radiofrequency ablation devices, resectoscopes, urology lasers, prostatic stents, and implants. Among these, radiofrequency ablation devices held a significant share of the market in 2022. This is because of technological advances, radiofrequency ablation devices are becoming more sophisticated, offering improved precision, safety, and efficacy. These advancements attract greater interest from physicians and urologists, encouraging them to incorporate these devices into their practices, further fueling market growth.  For instance, in November 2020, Abbott launched an IonicRF Generator, a radiofrequency device for chronic pain patients.

“Asia-Pacific has extensive growth.”

Asia-Pacific is expected to grow with a significant CAGR during the forecast period due to the growing presence of international medical device companies in the region which has facilitated better access to BPH devices and treatments. These companies bring their expertise and established distribution networks, making the devices more widely available to healthcare facilities and patients. For instance, in May 2021, Olympus acquired Israeli Medical Device Company Medi-Tate. Through this acquisition, Olympus grows its business line in presenting in-office treatment for benign prostatic hyperplasia (BPH) treatment and solidifies its position as a leader in the field of urological devices. Additionally, increasing government initiatives and healthcare awareness campaigns about men’s health issues have played a role in encouraging early diagnosis and treatment for BPH, further boosting the demand for BPH devices.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global benign prostatic hyperplasia devices market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Benign Prostatic Hyperplasia Devices Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global benign prostatic hyperplasia devices market were the three major steps undertaken to create and analyze the adoption of benign prostatic hyperplasia devices in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global benign prostatic hyperplasia devices market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the benign prostatic hyperplasia devices market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the benign prostatic hyperplasia devices market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as device type, technology, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the benign prostatic hyperplasia devices market. Further, we conducted factor analysis using dependent and independent variables such as device type, technology, and end-users of the benign prostatic hyperplasia devices market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the benign prostatic hyperplasia devices market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global benign prostatic hyperplasia devices market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the benign prostatic hyperplasia devices market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global benign prostatic hyperplasia devices market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global benign prostatic hyperplasia devices market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the device type, technology, end-users in the global benign prostatic hyperplasia devices market.

The main objective of the Global Benign prostatic hyperplasia devices Market Study

The current & future market trends of the global benign prostatic hyperplasia devices market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the benign prostatic hyperplasia devices market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the device type, technology, end-users
• Define and analysis of the regulatory framework for the benign prostatic hyperplasia devices industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the benign prostatic hyperplasia devices market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the benign prostatic hyperplasia devices market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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