The global penile implants market was valued at USD 265.43 million in 2021, growing at a CAGR of 2.24% during the forecast period from 2022 to 2027 to reach USD 302.62 million by 2027. The penile implants market is witnessing a positive growth owing to the various factors such as increasing incidence of penile cancer, increasing prevalence of erectile dysfunction, rising male population, and surge in impotency awareness. Therefore, the market for penile implants is estimated to grow during the forecast period from 2022 to 2027.
Penile Implants Market Dynamics:
One of the main drivers of the penile implants market is the rising male population. For instance, according to the United Nations Department of Economic and Social Affairs Population Dynamics data published in the year 2022, worldwide, in 2019, the total male population was 3,889,035, & in 2020 it was 3,929,974. In 2021, there were 3.97 billion males in the world which represents 50.42% of the world population. Thus, rising number of males worldwide increases the number of cases for erectile dysfunction and penis diseases, this result in increase in penile implants demand, driving the penile implants overall market forward over the forecast period (2022-2027).
Moreover, another key factor which is responsible for the growth of penile implants market is the increasing prevalence of erectile dysfunction. For instance, as per the data published by the World Health Organization (WHO) in the year 2020, in 1995, over 150 million men throughout the world were estimated to have been affected by erectile dysfunction, and this is projected to rise to 320 million by the year 2025. Thus, increasing prevalence of erectile dysfunction surge the demand for penile implants as they are used for its treatment purpose, which promotes the overall penile implants market during the forecast period from 2022-2027.
Therefore, the factors stated above collectively drives the penile implants market during the forecast period from 2022-2027.
However, high cost of penile implants procedure and risks related to penile implants such as infection, can hamper the global penile implants market growth.
Additionally, COVID-19 pandemic outbreak has slowed down the penile implants market. This was because of nationwide lockdown in almost every country, movement restrictions for non-essentials good and unavailability of the workforce at the production sites hampered the manufacturing rate of penile implants. Further, elective surgeries were not given priority when compared to COVID-19 patients, they were given more preference in terms of the treatment. For instance, according to the American Hospital Association 2020, in between March and June 2020, there had been an estimated loss of USD 50.7 billion to the United States hospitals as a resulted due to reduction in the “elective” procedures. As per the same source, on an average these procedures had accounted to about 31% of the net revenue in the United States. However, with masses being vaccinated worldwide, easing of lockdown restrictions, restart of supply chains, logistics, and production units, increase in the elective surgeries, the penile implants market has picked momentum and is expected to further grow during the forecast period.
Penile Implants Market Segment Analysis:
Penile Implants Market by Implant Type (Inflatable, Concealable, Soft, and Malleable), End-user (Hospitals, Ambulatory Surgery Centers, and Urology Centers), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).
In by implant type segment of penile implants market, inflatable implants are expected to hold a significant revenue share in the year 2021. The key attributes which supports the market includes, as they are easy to hide due to the ability to deflate when an erection is not desired, the three-piece inflatable implant has been linked to form more natural erections. Moreover, it also contains pump which is easy to use, they are much more reliable, and penile sensation is unchanged. Therefore, the benefits associated with inflatable implants, increases the penile implants demand which drives the growth for overall global penile implants market during the forecast period. However, technological advancements with respect to the product offerings of inflatable penile implants also drives its market growth.
Several technological advancements such as the device consists of a scrotal pump that transports fluid between the intracorporal cylinders and the fluid reservoir, which is usually located in the Retzius space anterior to the bladder or in the submuscular region under the rectus muscle. The tubing and connections connecting the devices, the addition of Rear Tip Extenders (RTE), and different coatings applied to the devices themselves are all additional components. Moreover, new cylinder designs help to prevent aneurysm, antibiotic coatings allow reduction in infection, and lockout valves prevent autoinflation, thereby, offering additional advantages.
Moreover, due to the interplay of all the factors mentioned above, this can result in the rising demand for penile implants, which in turn provide a conductive growth environment for overall penile implants during the market forecast 2022-2027.
North America is expected to dominate the overall Penile Implants Market:
Among all the regions, North America is expected to dominate the global penile implants market in the year 2021 and is expected to do the same during the forecast period from 2022-2027. Factors such as increasing incidence of penile cancer and rise in male population are expected to increase the demand for penile implants in the North America market.
According to the data published by the American Cancer Society Inc in the year 2022, in United States it is estimated that 2070 new cases of penile cancer will be diagnosed in 2022. Thus, increasing incidence of penile cancer in the region, boost the demand for penile implant, this surge the penile implants overall market forecast.
Moreover, rise in male population is the factor responsible for increase in penile implants in United States. For instance, as per the data published by the World Bank Group in the year 2022, the male population in United States was 49%. Therefore, increasing the number of men in the region leads to an increase in erectile dysfunction and penis illnesses instances, which results in the boost of the penile implants demand, propelling the market for penile implants overall during the forecast period.
Therefore, increasing incidence of penile cancer and rise in male population, would provide a conductive growth environment for North American region in penile implants market.
Penile Implants Market Key Players:
Some of the key market players operating in the Penile implants market include Boston Scientific Corporation, Coloplast Corp, PROMEDON GmbH, SILIMED, ZSI Zephyr Surgical Implants, Rigicon Inc, Advin Health Care, G.SURGIWEAR LTD, and among others.
Recent Developmental Activities in the Penile Implants:
- In December 2019, Rigicon Inc, a global provider of innovative, diverse, & complete portfolio of prosthetic urology options, announced that the U.S. Food and Drug Administration (FDA) cleared its Rigi10™ New Generation Malleable Penile Prosthesis for implantation into the corpora cavernosa of the penis for males who were diagnosed with erectile dysfunction. The prosthesis is placed in the penile to offer enough stiffness for sexual activity.
- In July 2019, Boston Scientific Corp. a manufacturer of medical devices, launched the Tactra Malleable Penile Prosthesis in the United States for the treatment of erectile dysfunction. The Tactra Penile Prosthesis is made of dual-layer silicone with a Nitinol core to provide optimal comfort, stiffness, and durability for optimum penetration and concealment.
Key Takeaways from the Penile Implants Market Report Study
- Market size analysis for current penile implants market (2021), and market forecast for 5 years (2022-2027)
- The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the penile implants market
- Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint venture happened over the last 3 years
- Key companies dominating the global penile implants
- Various opportunities are available for the other competitor in the penile implants market space.
- What are the top-performing segments in 2021? How these segments will perform in 2027.
- Which are the top-performing regions and countries in the current penile implants market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for penile implants market growth in the coming future?
Who Will Benefit from this Penile Implants Market Report Study
- Penile implants providers
- Research organizations and consulting companies
- Penile implants-related organizations, associations, forums, and other alliances
- Government and corporate offices
- Start-up companies, venture capitalists, and private equity firms
- Distributors and traders dealing in penile implants
- Various End-users who want to know more about the Penile implants market and latest technological developments in the penile implants
Table of Contents
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Boston Scientific Corporation
- Coloplast Corp
- PROMEDON GmbH
- SILIMED
- ZSI Zephyr Surgical Implants
- Rigicon Inc
- Advin Health Care
- G.SURGIWEAR LTD
