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According to a new TMR report, the benign prostatic hyperplasia treatment market is expected to grow at a robust 6% CAGR during 2019 to 2027. Due to rising prostate issues including growth of major issues like prostate cancer, the market will likely reach US 12 billion in valuation by 2027. The new cases of prostate ailments and minimally surgical procedures as well as potency and efficacy of the new drugs will drive growth of the benign prostatic hyperplasia treatment market.
The rise of the disease among middle-aged men is a newly discovered and growing cause of concern in the healthcare sector. Earlier, the disease was mostly linked with age, however, a particular age group of gender, and other factors like low BPH, numerous supporting government grants for research will drive new opportunities for growth in the benign prostatic hyperplasia treatment market.
Additionally, the market is expected to register robust growth in key regions like North America. The surrounding campaigns like national prostate health month, and rising awareness of the disease in the region are expected to create new opportunities for players in the benign prostatic hyperplasia treatment market.
Rising Cases Presents a Major Challenge for the Healthcare Sector
Currently, BPH presents the most common form of benign among various tumor cases. It is estimated that there are over 8 million American men who are suffering from the condition and 22 million patients suffer its mild symptoms. The widespread nature of this disease, and growth in related illnesses such as prostate cancers, obesity, stomach related ailments will drive robust growth for the BPH market in the near future.
Moreover, the disease also affects the elderly adversely despite its newly findings among middle-aged men. The increasing risks to elder population, and rise of risk factors by nearly 10% after the age of 40 is a worrying trend for the healthcare sector. Moreover, the growth of the tumor can make it difficult to operate on other serious ailments like prostate cancer among people above 90, whose risks is as high as 60%.
Rising Elderly Population to Drive Robust Growth Globally
Rising geriatric population globally is expected to create significant opportunities for expansion for existing players in the market. According to World Health Organization estimates, the elderly population is likely to reach near 2 billion by 2050. Moreover, this is expected to amount to 22% of the entire population. The population is also expected to rise at the fastest rate in the US, Japan, UK, China, Brazil, among others.
The changing demographics globally will create new opportunities for research and innovation in the market. The elderly population will likely drive need for minimally-invasive procedures, growth of the better diagnosis systems, and more research into association with related ailments.
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