Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The global benign prostatic hyperplasia surgical devices market, which accounted for around US$ 375.9 million in 2016, is now foreseen to exhibit a CAGR of 7.5% over the forecast period (2017-2025).
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With the emergence of minimally invasive therapies, such as implants, transurethral needle ablation (TUNA), and prostatic artery embolization (PAE), the global patient pool is expected to increase dramatically, which would inadvertently bolster the growth of the global benign prostatic surgical devices market over the projected period. The lucrative global market has apparently witnessed a multitude of mergers, acquisitions, and product launches in the recent past. Various companies, ranging from the leading medical device manufacturers, such as Medtronic Plc, Boston Scientific Corporation, and Olympus Corporation, to the new startups, such as NeoTract, Inc., and ProArc Medical, show major involvement in these business growth activities.
In 2011, Urologix, Inc. and Medtronic Plc struck a deal, as a part of which Urologix, Inc., received license for Prostiva. In 2016, after defaulting on a debt to be paid to Medtronic Plc, Urologix sold its assets to a private buyer. Furthermore, in 2015, Boston Scientific Corporation acquired the male urology portfolio of American Medical Systems, which had generated over US$ 100 million in the last few years from devices sold for the treatment of benign prostatic hyperplasia.
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NoeTract, Inc. received the CE approval for its product, called UroLift Systems, in 2010, and further went on to receive the de novo 510(k) approval from the U.S. FDA in 2013. In June 2017, Merit Medical Systems, Inc. manufacturer of disposable devices received FDA approval for benign prostatic hyperplasia for its product, Embosphere Microspheres. Furthermore, in May 2017, NxThera, Inc., a radiofrequency devices manufacturer, announced that the product, Rezūm System has been used to treat more than 10,000 patients suffering from the disease across the U.S. and Europe.
Key Market Takeaways:
- Burgeoning adoption of minimally invasive therapies, such as implants, in some of the developed economies of the world, including the U.S., Germany, and the U.K., tremendously boosts the global benign prostatic hyperplasia surgical devices market expansion.
- Ambulatory surgery centers is expected to be the prime destination for people suffering from benign prostatic hyperplasia due to the development of minimally invasive therapies, which do not require hospitalization of the patients.
- The North America benign prostatic hyperplasia surgical devices market is projected to dominate the global market over the forecast timeline, due to the high adoption rate of innovative products, such as radiofrequency devices, implants, and others, in the region.
- The major players operating in the global benign prostatic hyperplasia surgical devices market include Olympus Corporation, Boston Scientific Corporation, Medifocus Inc., KARL STORZ SE & Co. KG, NxThera, Inc., ProArc Medical, Lisa Laser Products OHG, and Richard Wolf Gmbh.
- The global market has witnessed multiple mergers and acquisitions over the past few years, and this trend is expected to continue throughout the projected period.
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