LONDON--(BUSINESS WIRE)--Technavio’s latest global penile implants market report highlights four key emerging trends predicted to impact market growth through 2020. Technavio defines an emerging trend as something that has potential for significant impact on the market and contributes to its growth or decline.
“Prostate cancer does not directly cause ED. However, the treatment methods such as surgery with radical prostatectomy, hormone therapy, and radiation therapy including external beam or brachytherapy can cause ED in men. The cases of ED caused by the treatment for prostate cancer present pharmaceutical companies with opportunities for growth. The increase in the number of people opting for surgical treatment for prostate cancer will fuel the penile implant market over the next four years,” said Amber Chourasia, one of Technavio’s lead industry analysts for lab equipment research.
Technavio’s market research study identifies the following four emerging trends expected to propel the global penile implants market:
- Disruptive alternative ED treatment technologies
- Migration of manufacturing and sales facilities to APAC
- Increasing demand for penile implants
- Product innovation
Disruptive alternative ED treatment technologies
There are many technologies being developed to treat ED. These include external penile support devices, low intensity extracorporeal shockwave, penile vibrators, nanotechnology, tissue engineering, and endovascular technology. These technologies are expected to revolutionize the treatment methods for ED. In addition, large investments are being made in stem cell therapy for ED. Studies on the effects of stem cell therapy showed results of improved endothelium, muscle, and nerve in the erectile tissue.
Migration of manufacturing and sales facilities to APAC
In the recent years, many manufacturers of ED solutions have either established or expanded their manufacturing and sales network in APAC. APAC has a high number of ED cases due to the presence of a large older population in countries such as China, South Korea, Japan, and Australia. So, this region provides a significant opportunity for vendors in the market. Vendors that are migrating their manufacturing facilities to APAC not only find it more economical but also have easy access to domestic markets at a lower logistics cost. The region provides an attractive proposition of lower cost of land and material, easily available labour, and access to a larger market.
Increasing demand for penile implants
In many countries, the demand for penile implants is increasing as a result of the growing number of ED cases. For instance, in the US, more than 20 million men have ED. A key reason for the growth in ED cases is the growing number of people with prostate cancer and diabetes. According to a report published by the Southeast Radiation Oncology Group in 2013, 238,590 men in the US were diagnosed with prostate cancer, which is a major cause of ED. In 2013, the US market for penile implants was estimated at $500 million.
APAC is one of the markets with great growth potential as many countries in this region such as China and Japan have a large older population. In China, the prevalence of ED in men over 50 years is more than 50%, which will increase in the future. Penile implants were first introduced in China in 2002, but they witnessed limited adoption due to high cost and poor patient acceptance. However, with reviving global economy and increase in disposable income, the market for penile implants is likely to show a gradual growth during the forecast period.
Vendors are innovating product technology to make penile implants more reliable and natural-looking. This will prompt more individuals to undergo penile implant surgeries to treat ED. For instance, Titan from Colopast is made from Bioflex and silicone. It includes a true lockout valve at the base of the reservoir. Such technologically advanced products provide maximum girth and rigidity while reducing the overall weight of the implant. In addition, these implants are easy to use and locate in the scrotum, which reduces the need for prosthesis training from experts. Thus, the use of penile implants among individuals with ED is expected to increase in the future.
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