Erectile Dysfunction Devices Market is gaining traction through growing awareness and availability
Erectile Dysfunction Devices Market is gaining traction through growing awareness and availability
Blog Article
The Erectile Dysfunction Devices Market is experiencing increased demand through growing awareness about treatment options and easy product availability. Erectile dysfunction devices help achieve and maintain an erection. They include vacuum pumps, constriction rings, penile implants and drugs. Vacuum pumps create a vacuum to draw blood into the penis, while constriction rings are placed at the base of the penis to maintain an erection. Penile implants permanently replace the erectile tissue.
The Global Erectile Dysfunction Devices Market is estimated to be valued at US$ 1.86 Bn in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 To 2031.
Erectile Dysfunction Devices Market Demand affects millions of men worldwide and devices offer safe and convenient treatment options. With rising incidence of lifestyle diseases like diabetes affecting men's sexual health, this market is poised for steady growth.
Key Takeaways
Key players operating in the Erectile Dysfunction Devices market are Boston Scientific Corporation, Coloplast Corp., Zephyr Surgical Implants, Owen Mumford Ltd., Augusta Medical Systems, Storz medical AG, Promedon, The Elator, Timm Medical, Silimed, Giddy, Alma Lasers, and Futura Medical plc.
The increasing prevalence of erectile dysfunction coupled with the growing geriatric population globally is boosting demand for erectile dysfunction treatment devices. According to the International Society for Sexual Medicine, over 320 million men worldwide suffer from erectile dysfunction. This rising patient population opens up lucrative opportunities.
Key players are expanding to emerging markets through partnerships, acquisitions and new product launches. For example, Boston Scientific Corporation partnered with Medtronic for distribution in Brazil and Mexico. This allows them to access new geographic markets and strengthen their global footprint.
Market Key Trends
Penile implants are gaining popularity due to their high success rates and permanent nature. They have evolved considerably over the years and now offer more natural feeling and functioning erections. Newer penile implant designs use inflatable hydraulic technology that is more flexible and durable. Moreover, minimally invasive procedures reduce recovery time further driving adoption. The growing availability of next generation penile implants will bolster erectile dysfunction devices market growth through the forecast period.
Porter's Analysis
Threat of new entrants: High capital requirements and economies of scale makes entry difficult. Bargaining power of buyers: Buyers have high bargaining power due to presence of many players offering alternative treatment options. Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitutes. Threat of new substitutes: Substitute options include oral medications, penile injections, implants, and counseling/sex therapy. Competitive rivalry: Intense competition between established players to gain higher market share.
Geographical regions of concentration in terms of value:
North America dominates the erectile dysfunction devices market due to growing prevalence of erectile dysfunction, rising healthcare expenditures, increasing demand for minimally invasive treatments. Asia Pacific is expected to grow at fastest pace due to rising awareness, large patient pool, improving healthcare infrastructure.
Fastest growing region:
Asia Pacific region is poised to be the fastest growing market for erectile dysfunction devices owing to growing elderly population, surge in lifestyle diseases, increasing healthcare spending, growing medical tourism, growing awareness about treatment options.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191) Report this page