Albany, NY -- (SBWIRE) -- 12/21/2018 -- Global Penile Implants Market: Overview
Penile implant is a medical device which is implanted within the corpora cavernosa of the penis through a surgical procedure. Penile implants are also known as penile prostheses, inflatable penile prostheses, and internal penile prosthesis pumps. Penile implants are used in men with erectile dysfunction or organic or treatment-resistant impotence that can be caused by physical conditions such as prostate cancer, cardiovascular diseases, Peyronie's disease, pelvic trauma, or diabetes. Penile diseases can also be caused by spinal cord injury. They may have a psychogenic component.
Global Penile Implants Market: Drivers and Restraints
Changing lifestyle habits such as drinking alcohol, smoking, and work-related stress are some of the factors likely to drive the market during the forecast period. Increasing incidence of erectile dysfunction and increasing awareness about penile diseases and advanced products and procedures are also expected to propel the penile implants market in the near future. According to the National Center for Biotechnology Information, up to 30 million men in the U.S. and approximately 150 million men worldwide are affected by erectile dysfunction.
Global Penile Implants Market: Key Segments
The penile implants market can be segmented based on implant type, end-user, and geography. Based on implant type, the market has been segmented into non-inflatable penile implants, two-piece inflatable penile implants, and three-piece (multi-component) inflatable penile implants. Based on end-user, the penile implants market has been divided into hospitals, clinics, and others.
Based on geography, the global penile implants market has been segregated into five regions viz. North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global penile implants market in 2016. Emerging next-generation therapies for erectile dysfunction, continued adoption of improved penile implants systems, and introduction of new products are expected to propel the penile implants market in the North America region during the forecast period. For instance, in April 2015, Coloplast Corp received approval from the Center for Devices & Radiological Health (CDRH) of the Food & Drug Administration (FDA) for changes in labeling of the Titan Inflatable Penile Prosthesis (IPP) instruction for use to incorporate ectopic reservoir placement. Europe is expected to be the second-largest penile implants market in the forecast period.
Growth of the penile implants market in the region can be attributed to increasing incidence of erectile dysfunction and increasing number of pelvic surgeries in Europe. According to NHS England, in 2014, the rate of prevalence of erectile dysfunction among men aged over 40 years was approximately 40%, numbering between 4.8 million and 5.2 million people in the U.K and Erectile dysfunction affects 50% of the patients who have undergone pelvic surgery (for example, for prostate cancer) and 100% of the patients who have undergone intervention for bladder cancer. The market in Asia Pacific is expected to register a high growth rate during the forecast period, due to development of health care infrastructure, high disposable income, rising incidence of various types of cancer, largely untapped nature of the market in the region, and economic development are some of the factors likely to drive the growth of the market in the forecast period.
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Global Penile Implants Market: Key Players
Some of the key players operating in the global penile implants market are Coloplast, Boston Scientific Corporation, Promedon, and Zephyr Surgical Implants.