Educational Campaigns Augmenting Patient Base for Benign Prostatic Hyperplasia Treatment
There has been alarming rise in the number of patients suffering from benign prostatic hyperplasia (BPH), demanding central authorities to take strong action and control the progression
progression of this condition. According to a study published by the Canadian Journal of Urology, around 50% men are likely to suffer from BPH by the age of 50 years. This has led to an increase in awareness campaigns by central healthcare bodies.
For instance, every year, September is observed as the 'National Prostate Health Month' in North America, aimed at educating men regarding the risks pertaining to BPH conditions, which is increasing the patient base for availing diagnosis and proper treatment. On the back of the steady rise in demand for therapeutics, a recent study by Fact.MR portends that, the benign prostatic hyperplasia treatment market would record a value tantamount to US$ 12 Bn by 2027.
Loss of Patent Exclusivity Creating Lucrative Ground for Generic Drugs
Instances of patent expirations have been long-influencing the revenue of the benign prostatic hyperplasia treatment market. As per the study, 2024 will witness patent expiration of key BPH treatment drugs, such as Avodart, Cialis, Jalyn, and Rapaflo. Absence of branded drugs opens lucrative avenues for regional and local players to increase investments towards the development of generic drugs and biosimilar products.
Low-cost impact of generic drugs limits the sales opportunities for branded drugs, which creates concerns for leading players, as they invest huge capital to fuel their R&D activities. Though the sales of generic drugs fillip the growth of the BPH treatment market, their revenue contribution is significantly lesser as compared to branded drugs.
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Market Share of Minimally-invasive Surgeries to Grow, while Drug Class Retains Pole Position
Nearly 50% of the total revenue in the benign prostatic hyperplasia treatment market is projected to arrive from drug classes by 2027. Availability of short-term and long-term alpha inhibitors that lower blood pressure and improve blood flow is found to relieve symptoms of BPH, which has led and continues to lead to the high adoption of these drugs.
However, introduction of surgeries and therapeutics that relieve symptoms in one go in tandem with rising awareness regarding the side-effects of drugs, such as dizziness and nausea, is likely to move the market share accounted by minimally-invasive surgeries to a higher value.
Rise in Medical Tourism Catapulting Indian Benign Prostatic Hyperplasia Treatment Market
According to the Fact.MR study, the typical cost of transurethral resection of the prostate (TURP) in the U.S. ranges from US$ 8,000 to US$ 12,000, while cost of the same surgery in India is significantly lower (around US$ 1,500 to US$ 6,000). Cost benefits of TURP surgery in India are despite the use of cutting-edge technology and diagnostic equipment by surgeons for offering better patient outcomes.
This is creating a novel revenue stream for the benign prostatic hyperplasia treatment market through medical tourism, especially driven from patients from Western countries such as the U.S. and the U.K. Also, hospitals—both, private and public—are free from long waitlists, and India has also relaxed visa policies, which further turns the country favourable for medical tourism.
A similar trend is being witnessed in the BPH treatment market in Japan. High technological advancements are complementing developmental efforts of manufacturers, such as Olympus Corporation, Astellas Pharma, Inc., Asahi Kasei Corporation, operating in Japan. On the back of medical tourism strengthening demand and intense R&D efforts ensuring long-term supply, the benign prostatic hyperplasia treatment market in Asia Pacific is witnessing an accelerated pace, projected to expand at a CAGR of 7.3% during the forecast period.
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Benign Prostatic Hyperplasia Market – Assessment of Key Segments
Authors of this comprehensive study have classified the BPH treatment market into key segments for an in-depth study of the market. Categorisation of the benign prostatic hyperplasia treatment market is based on treatment type, end user, and region. This detailed study also offers information about the incremental opportunities present in the benign prostatic hyperplasia treatment market during the forecast period. Key segments considered while studying the benign prostatic hyperplasia treatment market include:
Revenue of the benign prostatic hyperplasia treatment market has been estimated in terms of US$ Mn for the period of 2020 to 2027. In addition to this, compound annual growth rate (CAGR %) has been estimated for all segments during the forecast period 2020-2027, considering 2019 as the base year, in the benign prostatic hyperplasia treatment market.
Research analysts of the study on the benign prostatic hyperplasia treatment market have focused on leading, prominent, and emerging players, which include Olympus Corporation, Boston Scientific Corporation, LISA Laser, Teleflex Incorporated, Urologix, LLC, and Endo International PLC.
Benign Prostatic Hyperplasia (BPH) Treatment Market – Scope of the Study
The study on the benign prostatic hyperplasia (BPH) treatment market is an exclusive report published by Fact.MR, which brings to the fore crucial parameters that have been influencing the growth of the market.
This exclusive study provides incisive insights regarding recent developments in the benign prostatic hyperplasia treatment market, by analysing the historical data for the period of 2017-2019, while the duration 2020-2027 is considered as the forecast period.
Evaluation of the benign prostatic hyperplasia treatment market’s revenue has been calculated in terms of value (US$ Mn). This research provides information into the key trends that are potential enough to influence the growth of the benign prostatic hyperplasia treatment market.
Besides this, the study also includes several macroeconomic and microeconomic growth indicators complementing growth of the BPH treatment market during the forecast period. This detailed study provides information into the key dynamics, and their influence on the benign prostatic hyperplasia treatment market during the forecast period.
The report also provides information into the key challenges and threats that could deter the growth potential of players in the benign prostatic hyperplasia treatment market.
The study unveils profitable opportunities for manufacturers, which they can adopt to strengthen their position in the global BPH treatment market. With a view of aiding stakeholders in the benign prostatic hyperplasia treatment market, the study comprises a detailed section on the competition analysis.
This exclusive study offers a dashboard view of the benign prostatic hyperplasia treatment market, with detailed information about the market players, based on overall revenue, key developments, and their market presence. Additionally, key strategies of players in the benign prostatic hyperplasia treatment market have also been included in this comprehensive study.
Benign Prostatic Hyperplasia Market – Research Methodology
The primary objective of this exclusive study on the BPH treatment market is to offer precise estimates and forecasts of the market in terms of value (US$ Mn) for the period of 2020-2027. The secondary objective includes analysis of key market segments exhibiting significant growth rates, leading strategies adopted by players in the benign prostatic hyperplasia treatment market, and recalibrate the adoption rate of benign prostatic hyperplasia treatment in key regions across the world.
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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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