Research Nester released a report titled “Benign Prostatic Hyperplasia Treatment Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the benign prostatic hyperplasia treatment market in terms of market segmentation by treatment type, application, and region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The benign prostatic hyperplasia treatment market is projected to grow with a moderate CAGR during the forecast period, i.e., 2021-2029 on account of the increasing elderly population and subsequent rise in prevalence of benign prostatic hyperplasia. Additionally, the rapid rise in preference for minimal invasive surgeries for the treatment of benign prostatic hyperplasiais also likely to bolster the growth of this market. As per National Center for Biotechnology Information, clinical benign prostate hyperplasia is one of the most common diseases in ageing men and the most common cause of lower urinary tract symptoms. The prevalence of benign prostate hyperplasia increases after the age of 40 years, with a prevalence of 8%-60% at age 90 years.
The market is segmented by treatment type into drug and surgery. Among these segments, the drug segment is anticipated to hold the largest share by the end of 2021 in the benign prostatic hyperplasia treatment market due to its use as a first line of treatment among men with moderate symptoms. Surgery segment is also projected to witness growth due to greater adoption of minimally invasive surgeries by patients with severe symptoms.
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On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the benign prostatic hyperplasia treatment market in the Asia Pacific is projected to grow at the highest CAGR throughout the forecast period. Currently, the market in North America holds the largest share. This can be attributed to greater emphasis of institutions in the region on research and development for devising innovative treatment procedures, along with increasing elderly and obese population.
Rising prevalence of Benign Prostatic Hyperplasia Due to Increase in Geriatric Population and Increasing preference for Minimally Invasive Surgeries to Drive Market Growth
According to the United Nations, it is estimated that by 2050, every one in six people will be 65 years or older, i.e., 16% of the total world population. Along with this, the number of persons above 80 years or older is also projected to triple by the end of 2050.
Age is one of the most predominant risk factors for benign prostatic hyperplasia. It has been observed that men whose age is above 40 years or more possess a greater risk of having benign prostatic hyperplasia. As a consequence, the rising prevalence of benign prostatic hyperplasia in recent years is expected to boost the market growth in upcoming years.
However, the limited outreach of drug treatment in terms of patients and expensive cost of surgery are some of the factors that are estimated to restrain market growth in the near future.
This report also provides the existing competitive scenario of some of the key players of the benign prostatic hyperplasia treatment market which includes company profiling of Boston Scientific Corporation (NYSE: BSX), Olympus Corporation (TYO), Abbott (NYSE: ABT), Coloplast Group (CPH), GlaxoSmithKline PLC (LON: GSK), Merck & Co. (NYSE: MRK), Eli Lilly (NYSE: LLY), Asahi Kasei Corporation (TYO), and Astellas Pharma Inc. (TYO). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the benign prostatic hyperplasia treatment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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