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Benign Prostatic Hyperplasia (BPH) Treatment Devices Market by Procedure Type, End Users, Geography – Global Market Size, Share, and Development
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According to the United Nations Department of Economic and Social Affairs (UNDESA), reports on the global aging population, the number of people aged 60 years or above is growing at a high rate and is projected to grow by 56.0 % globally, i.e. from 901 million in 2015 to 1.4 billion by 2030, and is projected to more than double its size from 2015, to reach 2.1 billion, by 2050. According to the National Institute of Health, it has been estimated that around 14 million men in the U.S. had symptoms suggestive of BPH, which can affect 50% of men aged between 51 and 60 years of age, and up to 90% of men aged more than 80 years. With 50% of men getting affected with BPH, there is a consequent increase in the BPH treatment devices.
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North America accounted for the largest share in the BPH treatment devices market in 2016, due to the rising prevalence of benign prostatic hyperplasia, rising aging population, and spur in healthcare expenditure. Partnerships between public and private sectors for the development of low-cost medical devices, and favorable reimbursement policies are also likely to drive the growth of the market in North America.
Asia Pacific is expected to witness fastest growth in the forecast period due to high incidence of urological disorders, rising incidence of benign prostatic hyperplasia in developing countries, and increased investment from key players in emerging economies.
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In September 2016, NeoTract, Inc. (NeoTract) announced that the company has received the de novo approval from USFDA for its UroLife system for prostate implant.
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