Penile Prosthesis Global Market 2024 To Reach $1.97 Billion By 2028 At Rate Of 9.7%

The Business Research Company has updated all its market reports with the latest information for the year 2024, projecting trends and forecasts until 2033

LONDON, GREATER LONDON, UNITED KINGDOM, September 20, 2024 /EINPresswire.com/ -- The penile prosthesis market has experienced robust growth in recent years, expanding from $1.24 billion in 2023 to $1.36 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to growth in tobacco and alcohol consumption, growth in spinal cord injuries, rise in prevalence of erectile dysfunction, increasing access to healthcare services, and increasing social insurance awareness.

What Is The Estimated Market Size Of The Global Penile Prosthesis Market And Its Annual Growth Rate?
The penile prosthesis market is projected to continue its strong growth, reaching $1.97 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to increasing focus on patient-centric strategies, rising rates of chronic diseases, rising awareness of penile implant surgery, growing acceptance of penile implants, and increasing acceptance of advanced medical treatments. Major trends in the forecast period include technological advancements, expanding healthcare infrastructure, regulatory approvals, and reimbursement policies.

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Growth Driver Of The Penile Prosthesis Market
The increasing incidences of erectile dysfunction are expected to propel the growth of the penile prostheses market going forward. Erectile dysfunction (ED) refers to the consistent inability to achieve or maintain an erection sufficient for satisfactory sexual performance, often causing distress or relationship difficulties. The increasing incidences of erectile dysfunction are due to aging demographics, lifestyle changes including sedentary habits and poor diet, rising prevalence of chronic diseases such as diabetes and hypertension, and psychological stressors in modern society. Penile prostheses provide a long-term solution for men with erectile dysfunction, allowing them to regain sexual function and improve their quality of life.

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Which Market Players Are Driving The Penile Prosthesis Market Growth?
Key players in the penile prosthesis market include 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 medi?cal, Titan Medical, Eska Jonas Prosthesis, Ams Urology.

What Are the Key Trends That Influence The Penile Prosthesis Market Size?
Major companies operating in the penile prostheses market are focusing on developing innovative products, such as penile prosthesis pumps, to enhance the ease of use, reliability, and patient satisfaction. The penile prosthesis pump aims to streamline penile prosthesis use, potentially minimizing patient learning curves and boosting overall device satisfaction.

How Is The Global Penile Prosthesis Market Segmented?
1) By Implant Type: Inflatable Penile Implant, Malleable Penile Implant
2) By Material: Silicone, Bioflex, Other Materials
3) By End User: Hospitals, Ambulatory Surgery Centers, Urology Centers, Other End User

Geographical Insights: North America Leading The Penile Prosthesis Market
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.

Penile Prosthesis Market Definition
Penile prostheses, also known as penile implants, are medical devices surgically placed inside the penis to allow men with erectile dysfunction (ED) to achieve an erection. They are generally considered a last-resort treatment due to the invasive nature of the surgery and the risks involved, including infection, device malfunction, and erosion.

Penile Prosthesis Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

An overview of the global penile prosthesis market report covering trends, opportunities, strategies, and more
The Penile Prosthesis Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on penile prosthesis market size, penile prosthesis market drivers and trends, penile prosthesis market major players, penile prosthesis competitors' revenues, penile prosthesis market positioning, and penile prosthesis market growth across geographies. The penile prosthesis market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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