(I-BusinessNews.Com, July 30, 2021 ) The benign prostatic hyperplasia treatment market is projected to reach USD 14.1 billion by 2026 from USD 10.8 billion in 2021, at a CAGR of 5.3% from 2021 to 2026. The presence of a large geriatric and target patient population and the improving healthcare infrastructure in several APAC countries are expected to offer growth opportunities in the market during the forecast period.
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Key Market Players
The major players operating in this market are Boston Scientific Corporation (US), Coloplast Group (Denmark), Teleflex Incorporated (US), Olympus Corporation (Japan), GlaxoSmithKline PLC (UK), Eli Lilly (US), Pfizer, Inc. (US), Abbott (US), Asahi Kasei Corporation (Japan), Merck & Co., Inc. (US), Astellas Pharma Inc. (Japan), Allergan plc (Ireland), Alembic (India), IPG Photonics Corporation (US), Richard Wolf GmbH (Germany), Unilab, Inc. (Philippines), Pharex Health Corporation (Philippines), Biolitec AG (Austria), Urologix, LLC (US), Advin Health Care (India), Medifocus, Inc. (Canada), Asclepion Laser Technologies GmbH (Germany), Pnn Medical A/S (Denmark), Surgical Lasers Inc. (Canada). Quanta Systems (Italy), Allium Ltd. (Israel), Lumenis Ltd. (Israel), KARL STORZ SE & Co. KG (Germany), and SRS Medical (US).
OPPORTUNITY: Promising Product Pipeline
The BPH treatment market offers considerable growth opportunities to manufacturers of generics. The patents of most medications for BPH treatment such as Avodart, Cialis, and Jalyn have expired, which has paved the way for generics. Besides, demand has also risen for more effective treatment options, resulting in a strong pipeline of products in the BPH market.
Studies reveal that price of a generic version of an alpha blocker is as low as USD 8 or less for a month’s supply, compared to nearly USD 100 per month for a branded product. While the lower price may affect overall revenue generated in the short term, it also translates into a far higher level of access that may lead to increased sales volumes overall.
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North America commanded the largest share of the benign prostatic hyperplasia treatment market in 2021.
On the basis of region, the benign prostatic hyperplasia treatment market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. In 2019, North America commanded the largest share of the benign prostatic hyperplasia treatment market. The large share of this market segment can be attributed to the rising geriatric and obese population and the availability of research funding are the major factors driving the market growth. Initiatives by key players are also expected to contribute to the market.
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