The U.S. benign prostatic hyperplasia (BPH) procedures market is expected to advance at a 4.2% CAGR during the forecast period (2017–2023).
This growth is driven by the rising incidence of BPH and technological enhancements in diagnostic and therapeutic procedures. The disease,Guest Posting wherein the prostate gland becomes enlarged, is common among aging men. The prostate gland surrounds the urethra, and as the prostate enlarges, it can partly block or squeeze the urethra, thus causing trouble while urinating.
Thus, a key factor propelling the market growth is the booming aging population in the country. Men aged 50 years and above are more susceptible to the disease and, therefore, opt for various BPH treatment procedures. As per the U.S Department of Health and Human Services, the population of people aged 60 and above in the nation rose from 50.7 million to 68.7 million during 2006–2016. Moreover, the favorable reimbursement scenario for BPH procedures is expected to generate lucrative market opportunities in the coming years.
The type segment of the U.S. benign prostatic hyperplasia procedures market is classified into laser-based procedure, surgical procedure, UroLift, and other energy-based procedure. Amongst these, the laser-based procedure category accounted for the largest market share in 2016, as these procedures are more effective than other procedures and less likely to cause complications. The UroLift category will exhibit the fastest growth throughout the forecast period, on account of the low cost of the procedure, booming geriatric population, and expanding insurance coverage for the procedure by numerous insurers.
These companies are also focusing on acquiring other players to provide innovative equipment for BPH treatment procedures and, in turn, widen their customer base in the U.S. For example, in September 2017, Teleflex Incorporated announced its acquisition agreement with NeoTract Inc. to leverage the potential long-term advantages from the second-generation UroLift system of NeoTract Inc. The widening product portfolio of these companies is, therefore, facilitating the U.S. benign prostatic hyperplasia procedures market growth.
Thus, the growing population of the elderly and surging availability of advanced BPH treatment products in the U.S. is expected to fuel the market growth in the coming years.