Penile Prosthesis Market Report 2024

The penile prosthesis market size has grown strongly in recent years. It will grow from $1.24 billion in 2023 to $1.36 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The increase observed during the historical period can be linked to the rise in tobacco and alcohol use, an upsurge in spinal cord injuries, a higher incidence of erectile dysfunction, improved access to healthcare services, and greater awareness of social insurance.

The penile prosthesis market size is expected to see strong growth in the next few years. It will grow to $1.97 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The projected growth in the forecast period is due to a heightened focus on patient-centric approaches, a rise in chronic diseases, growing awareness of penile implant procedures, increased acceptance of penile implants, and a broader acceptance of advanced medical treatments. Key trends expected in the forecast period include advancements in technology, the expansion of healthcare infrastructure, new regulatory approvals, and evolving reimbursement policies.

The growing incidence of erectile dysfunction is anticipated to drive the expansion of the penile prostheses market in the future. Erectile dysfunction (ED) is characterized by the persistent inability to achieve or sustain an erection adequate for satisfying sexual activity, which can lead to emotional distress or relationship issues. Factors contributing to the rise in ED include aging, lifestyle changes such as sedentary behavior and poor diet, increasing rates of chronic conditions such as diabetes and hypertension, and modern psychological stressors. Penile prostheses offer a long-term solution for men with ED, enabling them to restore sexual function and enhance their quality of life. For example, in April 2023, the National Library of Medicine (NLM) reported that around 10.3 million men in the United States were diagnosed with ED in 2022 and sought treatment. Additionally, about 1.7 million men were considered suitable candidates for penile prosthesis implantation. Consequently, the growing incidence of ED is fueling the growth of the penile prostheses market.

The rising prevalence of penile diseases is expected to drive the growth of the penile prostheses market. Penile diseases encompass a range of conditions and disorders affecting the penis. This increasing prevalence is linked to factors such as shifts in sexual behavior, poor hygiene practices, the growing incidence of sexually transmitted infections (STIs), and delays in seeking medical care. Penile prostheses are used to address penile conditions such as cancer by restoring erectile function and improving quality of life through the surgical implantation of devices that replicate natural erection processes. For instance, the National Library of Medicine (NLM) estimated that in October 2023, about 2,050 men in the U.S. were affected by penile cancer, with around 470 fatalities. As a result, the prevalence of penile diseases is contributing to the growth of the penile prostheses market.

Leading companies in the penile prostheses market are concentrating on creating advanced products, such as penile prosthesis pumps, to improve user convenience, reliability, and satisfaction. The penile prosthesis pump is designed to simplify the use of penile prostheses, potentially reducing the learning curve for patients and increasing overall satisfaction with the device. For instance, in November 2023, Boston Scientific Corporation, a U.S.-based medical device firm, received FDA approval for its new TENACIO Pump component for the AMS 700 inflatable penile prosthesis. The Tenacio pump is designed to improve user interaction with the device by addressing issues such as valve system sticking that previously required medical attention. It features ridges for easier handling by patients, better separation between the pump and deflate valve for clearer differentiation, and a redesigned valve system to prevent sticking.

Major companies operating in the penile prosthesis market are Giant Medical., Boston Scientific Corporation, Olympus Corporation, Coloplast A/S, Mentor Corporation, Silimed, American Medical Systems Inc, Promedon S.A., Zephyr Surgical Implants, G Surgiwear Limited, SofMedica, Rigicon Inc, Giant Medical Corporation, Advin Health Care, Penuma Penile Implant, Rigicon, eska medi̇cal, Titan Medical, Eska Jonas Prosthesis, Ams Urology.

North America was the largest region in the penile prosthesis market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the penile prosthesis market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the penile prosthesis market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Penile prostheses, or penile implants, are medical devices surgically inserted into the penis to help men with erectile dysfunction (ED) achieve an erection. They are typically considered a last-resort option due to the surgery's invasive nature and associated risks, such as infection, device malfunction, and erosion.

There are two main types of penile prostheses inflatable and malleable implants. An inflatable penile implant utilizes a pump to fill fluid-filled cylinders inside the penis, resulting in a more natural-looking erection. These implants are made from materials such as silicone and bioflex and are used in various settings, including hospitals, ambulatory surgery centers, and urology centers.

The penile prosthesis market research report is one of a series of new reports that provides penile prosthesis market statistics, including penile prosthesis industry global market size, regional shares, competitors with a penile prosthesis market share, detailed penile prosthesis market segments, market trends and opportunities, and any further data you may need to thrive in the penile prosthesis industry. This penile prosthesis market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The penile prostheses market consists of sales of self-contained penile prostheses, two-piece inflatable implants and three-piece inflatable implants. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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