The worldwide benign prostatic hyperplasia (BPH) market stood at 671,307 procedures performed in 2016, and it is projected to display a CAGR of 2.3% during the forecast period (2017–2023). The market is being driven by the increasing awareness about BPH owing to its rising prevalence, surging geriatric population, and popularity of minimally invasive surgeries. The enlargement of the prostate gland is termed as benign prostatic hyperplasia, which is an age-related condition, where men in the age group of 50–80 are affected.
The BPH procedures market is being driven by the increasing geriatric population, which can be attributed to the improving life expectancy. With age, people become susceptible to several infections and diseases, therefore need constant care and treatment. The United Nations Department of Economic and Social Affairs reported that the aging population (60 years and above) across the globe would reach 1.4 billion by 2030 from 901 million in 2015. As BPH is an age-related condition, this massive increase in the elderly population is expected to drive the demand for BPH procedures worldwide.
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Another factor influencing the growth of the BPH procedures market is the rising awareness about BPH and related disorders. In North America, National Prostate Health Month is observed in September every year for creating awareness about prostate gland-related diseases and disorders. Many pharmaceutical companies are also initiating campaigns for educating the masses about diseases and their possible cures. For instance, to spread awareness about BPH symptoms and treatments, GlaxoSmithKline PLC launched a campaign, #SeatsupforSanta, in December 2016.
Based on end-user, the BPH procedures market is subdivided into ambulatory surgery centers, hospitals, and specialty clinics. In 2016, the largest number of BPH procedures were performed at hospitals, followed by specialty clinics and ambulatory surgery centers. Even though hospitals are expected to be the largest subdivision to carry out these procedures, the market would be led by the ambulatory surgical center subdivision during the forecast period in terms of CAGR. This can be attributed to the rising disease burden and advancements in technology that are enabling treatments at these centers.
Therefore, the market for BPH procedures is slated to advance in the forecast period owing to the rising geriatric population that is resulting in increasing cases of prostate-related ailments, thereby driving the demand for BPH procedures.
This post was originally published on Space Market Research