The Global Penile Implants market was valued at USD 265.43 million in 2021, growing at a CAGR of 2.24% during the forecast period from 2022 to 2027 to reach USD 302.62 million by 2027. The penile implants market is witnessing positive growth owing to various factors such as increasing incidence of penile cancer, increasing prevalence of erectile dysfunction, rising male population, and surge in impotency awareness. Therefore, the market for penile implants is estimated to grow during the forecast period from 2022 to 2027.
Some of the key market players operating in the Penile implants market include Boston Scientific Corporation (NYSE: BSX), Coloplast Corp (CPH: COLO-B), PROMEDON GmbH, SILIMED, ZSI Zephyr Surgical Implants, Rigicon Inc, Advin Health Care, G.SURGIWEAR LTD, and among others
DelveInsight’s “Penile Implants Market Insight & Forecast” report will offer an in-depth understanding of the Penile Implants market, further benefiting the competitors or stakeholders operating in the Penile Implants arena.
Penile Implants Overview
A penile implant is a surgically implanted device which is used to treat erectile dysfunction, peyronie’s disease, ischemic priapism, deformity, and any severe injury to the penis, as well as phalloplasty and metoidioplasty in female-to-male gender transition surgery.
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Penile Implants Market Insights
Among all the regions, North America is expected to dominate the global penile implants market in the year 2021 and is expected to do the same during the forecast period from 2022-2027. Factors such as the increasing incidence of penile cancer and the rise in the male population are expected to increase the demand for penile implants in the North America market.
According to the data published by the American Cancer Society Inc in the year 2022, in United States it is estimated that 2070 new cases of penile cancer will be diagnosed in 2022. Thus, increasing incidence of penile cancer in the region, boost the demand for penile implant, this surge the penile implants overall market forecast.
Moreover, rise in male population is the factor responsible for increase in penile implants in United States. For instance, as per the data published by the World Bank Group in the year 2022, the male population in United States was 49%. Therefore, increasing the number of men in the region leads to an increase in erectile dysfunction and penis illnesses instances, which results in the boost of the penile implants demand, propelling the market for penile implants overall during the forecast period.
Therefore, increasing incidence of penile cancer and rise in male population, would provide a conductive growth environment for North American region in penile implants market.
To read more about why North America is leading the market growth in the Penile Implants market, get a snapshot of the Penile Implants market report.
Penile Implants Market Dynamics
One of the main drivers of the penile implants market is the rising male population. For instance, according to the United Nations Department of Economic and Social Affairs Population Dynamics data published in the year 2022, worldwide, in 2019, the total male population was approximately 3,889,000, and in 2020 it was approximately 3,929,900. In 2021, there were 3.97 billion males in the world which represents 50.42% of the world population. Thus, rising number of males worldwide increases the number of cases for erectile dysfunction and penis diseases, this result in increase in penile implants demand, driving the penile implants overall market forward over the forecast period (2022-2027).
Moreover, another key factor which is responsible for the growth of penile implants market is the increasing prevalence of erectile dysfunction. For instance, as per the data published by the World Health Organization (WHO) in the year 2020, in 1995, over 150 million men throughout the world were estimated to have been affected by erectile dysfunction, and this is projected to rise to 320 million by the year 2025. Thus, increasing prevalence of erectile dysfunction surge the demand for penile implants as they are used for its treatment purpose, which promotes the overall penile implants market during the forecast period from 2022-2027.
Therefore, the factors stated above collectively drive the penile implants market during the forecast period from 2022-2027.
However, the high cost of penile implants procedure and risks related to penile implants such as infection can hamper the global penile implant market growth.
Additionally, the COVID-19 pandemic outbreak has slowed down the penile implant market. This was because nationwide lockdowns in almost every country, movement restrictions for non-essential goods and unavailability of the workforce at the production sites hampered the manufacturing rate of penile implants. Further, elective surgeries were not given priority when compared to COVID-19 patients, they were given more preference in terms of treatment. For instance, according to the American Hospital Association 2020, in between March and June 2020, there had been an estimated loss of USD 50.7 billion to the United States hospitals as a resulted due to reduction in the “elective” procedures. As per the same source, on an average these procedures had accounted to about 31% of the net revenue in the United States. However, with masses being vaccinated worldwide, easing of lockdown restrictions, restart of supply chains, logistics, and production units, increase in the elective surgeries, the penile implants market has picked momentum and is expected to further grow during the forecast period.
Certain factors such as the problems associated with the use of invasive equipment, and the high cost of endosurgical procedures pose a minor hurdle for the growth of the Penile Implants market.
Recent Breakthroughs in Penile Implants Market Report:
- In December 2019, Rigicon Inc, a global provider of innovative, diverse, & complete portfolio of prosthetic urology options, announced that the U.S. Food and Drug Administration (FDA) cleared its Rigi10™ New Generation Malleable Penile Prosthesis for implantation into the corpora cavernosa of the penis for males who were diagnosed with erectile dysfunction. The prosthesis is placed in the penile to offer enough stiffness for sexual activity.
- In July 2019, Boston Scientific Corp. a manufacturer of medical devices, launched the Tactra Malleable Penile Prosthesis in the United States for the treatment of erectile dysfunction. The Tactra Penile Prosthesis is made of dual-layer silicone with a Nitinol core to provide optimal comfort, stiffness, and durability for optimum penetration and concealment.
Key Players Proactively Working In the Penile Implants Market
Some of the key market players operating in the Penile implants market include Boston Scientific Corporation, Coloplast Corp, PROMEDON GmbH, SILIMED, ZSI Zephyr Surgical Implants, Rigicon Inc, Advin Health Care, G.SURGIWEAR LTD, and among others.
Scope of the Penile Implants Market Report:
- Geography Covered: Global
- Study Period: 2019- 2027
- Key Penile Implants Companies: Boston Scientific Corporation, Coloplast Corp, PROMEDON GmbH, SILIMED, ZSI Zephyr Surgical Implants, Rigicon Inc, Advin Health Care, G.SURGIWEAR LTD, and among others
- Market Segmentation By Product: Pulmonary Biopsy Devices [Single-use Forceps, Cytology Brushes, Microbiology Brushes], Endobronchial Ultrasound (EBUS) Needles [Endobronchial Ultrasound Fine Biopsy Needles, Endobronchial Ultrasound Transbronchial Aspiration Needles], Ventilators [Intensive Care Ventilators, Portable/Transportable Ventilators], Bronchoscopes [Video, Fiber], Airway Stents Systems, Oxygen Concentrators, Nebulizers, Spirometers, Airway Extraction Baskets, Pulse Oximeters, Pulmonary Balloon Catheters, Others
- Market Segmentation by End-User: Hospitals and Clinics, Ambulatory Surgical Centers, Others
- Market Segmentation by Geography: North America, Europe, Asia-Pacific, Rest of the World (Middle East, Africa, and South America)
- Porter’s Five Forces Analysis, Product Profiles, Case Studies, KOL’s Views, Analyst’s View
Table of Contents
|3||Regulatory and Patent Analysis|
|4||Key Factors Analysis|
|5||Penile Implants Porter’s Five Forces Analysis|
|6||COVID-19 Impact Analysis on Penile Implants Market|
|7||Penile Implants Market Layout|
|8||Penile Implants Global Company Share Analysis – Key 3-5 Companies|
|9||Penile Implants Companies and Product Profiles|
To understand key companies related to the Penile Implants Market, get a snapshot of the Penile Implants Regulatory and Patent Analysis.
Key Takeaways from the Penile Implants Market Report:
- Penile Implants Market size analysis for the current market size (2020) and market forecast for five years (2021-2026)
- The effect of the COVID-19 pandemic on the Penile Implants market is significant. Our experts closely watch the Penile Implants market to capture and analyze suitable indicators.
- The top key services/products/technology developments, mergers, acquisitions, partnerships, and joint ventures have happened over the last three years.
- Key Penile Implants companies are dominating the Global Penile Implants Market.
- Various opportunities are available for other competitors in the Penile Implants Market space.
- What are the top-performing segments in 2020 and how these segments are expected to perform in 2026?
- Which are the top-performing regions/countries in the current Penile Implants market scenario?
- Which regions and countries should companies have focussed on opportunities for the growth of the Penile Implants market in the future?
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