Benign Prostatic Hyperplasia Treatment Market to Record 5.7% CAGR during 2020-2027, as Surgeries Outscore Drugs, finds Fact.MR
Published : 16 Dec 2019 Industry: Healthcare
An exhaustive study published by Fact.MR finds that, transurethral resection of prostate (TURP) surgery is expected to contribute around 30% of market share by 2027, as it is proving highly-effective over drugs for the treatment of benign prostatic hyperplasia (BPH). High success rate of the TURP surgery is encouraging market players to further explore advanced technologies and increase surgical precision. On account of technological leaps, robotic surgery and laser therapy are the most recent breakthroughs in the benign prostatic hyperplasia treatment market, which are being fast-adopted by medical professionals to relieve the symptoms of BPH.
However, these high-end therapeutics are currently not under the ambit of insurance, resulting in high out-of-pocket spending for patients. To sum it all, the study expects moderate growth of the benign prostatic hyperplasia treatment market during the forecast period (2020-2027).
Key Highlights of Benign Prostatic Hyperplasia Treatment Market Study
- Hospitals will remain key treatment centres, with over 40% revenue contribution to the BPH treatment market during 2020-2027. However, expensiveness of TURP surgeries, lengthy procedures, and long stays in hospitals are diverting patients’ inclination towards specialty clinics.
- Manufacturers continue to extend efforts towards enhancing product efficacy, which is strengthening the pipeline for BPH treatment with numerous inhibitors and immunotherapies in phase II and phase III trials. This signifies a sustainable supply of branded therapeutics during the forecast period.
- The U.S. is projected to account for around 25% of the global BPH treatment market share during 2020-2027, as regional manufacturers gain the early-slice of technology to foster innovation. However, India is projected to grow at the highest rate in the benign prostatic hyperplasia treatment market, on account of relatively low BPH treatment costs that attract a large number of medical tourists.
- Loss of patent exclusivity of branded drugs is increasing the availability of generic drugs, which prevents the benign prostatic hyperplasia treatment market from reaching its true revenue potential.
A senior consultant at Fact.MR opines,“Manufacturers can target expansions in India and China, as relatively low setup and labour costs would result in reduced price of products, and, in turn, improve the adoption rate of otherwise expensive therapeutics. Also, a large geriatric population in Japan and high prevalence of BPH among men over 50 years are likely to increase market opportunities in this country.”
Switch from Rx to OTC Drug Status to Remain Crucial for Leading Players to Improve Sales Prospects
Olympus, Teleflex, and Boston Scientific Corporation hold significant share tantamount to 58% in the global benign prostatic hyperplasia treatment market. These leading players have high focus on R&D activities to increase the exclusivity of products and strengthen the pipeline of branded drugs. However, frequent instances of patent expiration are opening market opportunities for prominent and emerging players, who develop generic drugs and biosimilar products. Low costs of generic drugs as compared to branded ones are creating a wide base of consumers for this drug category. However, the same takes a toll on the market value of branded drugs, which is turning into a concern for leading market players. To offset this challenge, leading manufacturers are changing the status of their branded drugs from prescription-based drugs to OTC to achieve high adoption of their products.
Find More Valuable Insights on Benign Prostatic Hyperplasia Treatment Market
Fact.MR, in its new offering, brings to the fore an unbiased analysis of the global benign prostatic hyperplasia treatment market, presenting historical demand data (2017-2019), and forecast statistics for the period of 2020-2027. The study divulges compelling insights on the benign prostatic hyperplasia treatment market on the basis of treatment type (drug classes, minimally-invasive surgeries, laser therapy, and others), end user (hospitals, ambulatory surgical centres, specialty clinics, and others), across five major regions.
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