A report, published by Fior Markets, has found that the Global Penile Implants Market is more likely to grow from $450.28 million in 2019 to $643.25 million by 2027. It is expected to grow at a CAGR of 4.56% between the forecast period 2020 and 2027.
The report found that there have been many advancements happening in the global penile implants market, with new technologies and scientific methods developed to treat erectile dysfunction (ED).
The new techniques include penile vibrators, low-intensity extracorporeal shockwave, nanotechnology, penile support devices, and endovascular technology.
The growing incidence of ED globally, awareness about the disease, and advancements in ED treatment procedures could propel the penile implants market in the near future.
Penile implants, also called a penile prosthesis, are medical devices often advised to men with ED, especially those who have issues taking oral drugs like Viagra, Cialis, or Levitra.
ED can be caused by a variety of physical and psychological conditions – such as heart disease, hypertension, diabetes, high blood cholesterol, prostate cancer, spinal cord injury, Peyronie’s disease, depression, anxiety, etc.
Penile implants or devices are implanted in one of the sections of the penis called corpus cavernosum through surgical operation. They are considered safe and effective for men with ED when other treatments like Viagra or vacuum devices fail to work.
More than 30 million American men have ED, according to the National Center for Biotechnology Information. Globally, ED affects more than 150 million men.
With less income and broken supply chains due to the ongoing COVID-19 pandemic, the global penile implants market growth is expected to slow down a bit.
The report mentions some of the key players operating the global penile implants market, such as Coloplast, Boston Scientific Corporation, Zephyr Surgical Implants, American Medical Systems, Promedon, and Rigicon Inc., etc.
It has also been found that inflatable penile implants have dominated the market than non-inflatable implants, holding the largest market share of nearly 60% in 2019.
The global penile implants market is basically analyzed based on value, volume, export, and import.
The report includes the analysis of over 30 countries for each segment, offering an in-depth analysis of driving factors, trends, opportunities, strategies, restraints, and challenges for gaining the key insight of the industry. The global penile implants market growth also includes raw material analysis.