The Erectile Dysfunction Devices Market is estimated to be valued at US$ 1.55 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Erectile dysfunction devices help treat erectile dysfunction by enhancing blood flow to the penis. Common devices used are penile pumps, implants, medications, and other therapeutic options. Penile pumps involve placing a pump over the penis and drawing blood into the penis to achieve and maintain an erection for sexual intercourse. Implants involve surgically placing malleable or inflatable rods in the penis. These devices help achieve rigidity but do not produce an erection on their own. Medications like sildenafil help treat erectile dysfunction by enhancing the effects of nitric oxide, a chemical messenger that relaxes smooth muscles of the corpus cavernosa.
Market Dynamics:
Two key drivers for the erectile dysfunction devices market are increasing awareness and rise in incidence of erectile dysfunction. Over the years, awareness about erectile dysfunction as a medical condition and availability of treatment options has increased significantly. This has encouraged more men suffering from erectile dysfunction to seek treatment rather than remain embarrassed about it. Additionally, lifestyle factors like obesity, smoking, alcohol consumption and psychological issues are contributing to rising incidence of erectile dysfunction. According to studies, over 322 million men worldwide suffer from erectile dysfunction. This rising prevalence is expected to drive demand for erectile dysfunction devices over the forecast period.
Another driver is technological advancements in erectile dysfunction treatment devices. Manufacturers are focusing on developing more effective, discreet and easy to use devices. For instance, newer penile pumps are more compact and work quicker. Implant designs have also been improved for flexibility, comfort and natural appearance and feel. Such innovations are positively impacting adoption of erectile dysfunction devices.
Segment Analysis
Erectile Dysfunction Devices Market Size is dominated by penile implants sub segment. Penile implants accounted for approximately 40% share of the overall market in 2022. This is because penile implants provides highest level of satisfaction and reliability in treating erectile dysfunction as compared to drugs and other devices. It is the most preferred option among patients not responding to oral drugs.
PEST Analysis
Political: The erectile dysfunction devices market is regulated by various regulatory bodies globally which approves new products and regulates product standards. Favourable regulatory environment and reimbursement policies are supporting market growth.
Economic: Rising disposable income and growing awareness about erectile dysfunction treatment options is driving market growth. However, high cost of certain devices may limit market expansion.
Social: Social stigma associated with erectile dysfunction is reducing which is encouraging more patients to seek medical treatment. Support groups are creating awareness about various treatment options.
Technological: Advancements in penile implant designs and materials has enhanced efficacy and patient satisfaction levels. 3D printing technologies is allowing for customized implants designs catering to individual patient needs.
Key Takeaways
The global Erectile Dysfunction Devices market is expected to witness high growth, exhibiting CAGR of 9.5% over the forecast period, due to increasing prevalence of erectile dysfunction. The market size for 2023 is estimated to be US$ 1.55 Bn.
The North America erectile dysfunction devices market is expected to dominate the global market during the forecast period. This is attributed to robust reimbursement structure, supportive government campaigns to raise awareness and growing patient acceptance for various ED treatment options in the region.
Key players operating in the erectile dysfunction devices 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, and Futura Medical plc. Boston Scientific Corporation is the market leader with largest share owing to wide product portfolio and global market reach.
