US erectile dysfunction device market to grow at 9.7% CAGR through 2034. Aging population & lifestyle changes drive demand. The growth of this market is majorly driven by growing research and development around shockwave therapy used for erectile dysfunction treatment and the rise in the geriatric population, which are more prevalent in prostate cancers.
NEWARK, Del, Feb. 07, 2024 (GLOBE NEWSWIRE) — The global erectile dysfunction device market is anticipated to reach a valuation of US$ 1.5 billion in 2024, driven by healthcare reimbursement policies. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 9.5% between 2024 and 2034, and reaching a total valuation of approximately US$ 3.9 billion by 2034.
One of the major factors contributing to the growth of the market is the integration of digital health technologies, including mobile applications, wearables, and sensor based devices, into erectile dysfunction treatment platforms, which enables remote monitoring of treatment progress, data analytics, and personalized intervention strategies, thereby enhancing patient outcomes and driving market growth.
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Increasing awareness initiatives focusing on male sexual health and wellness are driving conversations around erectile dysfunction, encouraging men to seek timely medical intervention and explore available treatment options, including erectile dysfunction devices.
Collaborative efforts between academia, industry stakeholders, and patient advocacy groups facilitate knowledge exchange, research collaboration, and the development of innovative erectile dysfunction devices tailored to address evolving patient needs and treatment paradigms.
The emergence of regenerative medicine therapies, such as platelet rich plasma therapy and stem cell-based treatments, offers potential alternatives or complementary approaches to conventional erectile dysfunction treatments, presenting new opportunities for market expansion and therapeutic innovation.
There is growing interest in non-pharmacological solutions, with concerns over the side effects and contraindications of pharmaceutical interventions for erectile dysfunction, which includes devices like penile traction therapy, which aims to address ED through mechanical means without relying on medication.
Incorporating AI and machine learning algorithms into ED devices and treatment platforms can enhance diagnostic accuracy, treatment planning, and outcome prediction. AI-enabled devices can analyze patient data, identify patterns, and optimize treatment protocols for improved efficacy and patient satisfaction.
“The proliferation of e-commerce platforms and direct-to-consumer sales channels enables erectile dysfunction device manufacturers to reach a broader audience and bypass traditional distribution networks. The trend enhances market accessibility and facilitates consumer education and product awareness,” opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).
Key Takeaways from the Market Study:
- The global erectile dysfunction device market was valued at US$ 1.4 billion in 2023.
- From 2019 to 2023, the market demand expanded at a CAGR of 11.7%.
- The market in Japan is expected to expand at a CAGR of 8.7% through 2034.
- By device type, the non-surgical devices segment accounts for a CAGR of 9.3% through 2034.
- The absolute dollar growth of the market is projected to reach a value of US$ 2.3 billion during the forecast period.
- The market in the United Kingdom is expected to expand at a CAGR of 10.2% through 2034.
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Competitive Landscape:
Prominent players in the erectile dysfunction device market are:
- Boston Scientific Corporation
- Coloplast Corp.
- Zephyr Surgical Implants
- Owen Mumford Ltd.
- Augusta Medical Systems
- Storz medical AG
- Promedon
- The Elator
- Timm Medical
- Silimed
- Giddy
- Alma Lasers
Recent Development:
- In 2022, Wikkon achieved the successful installation of the latest extracorporeal shock wave lithotripter, the HK ESWL 108A model, at Maria Clinic in Dili, East Timor.
Segmentation Analysis of the Erectile Dysfunction Device Market:
By Device Type:
- Non Surgical Devices
- Vaccum Construction Devices
- Erectile Dysfunction Shockwave Generators
- External Penile Rigidity Devices
- Surgical Devices
- Penile Implants
- Inflatable Implants
- Malleable Implants
By End User:
- Hospitals
- Clinics
- Ambulatory Surgery Centers
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
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Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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