Erectile dysfunction (ED) is a common sexual disorder affecting millions of men across the globe. Erectile dysfunction devices have proven to be an effective treatment option for patients suffering from ED. These devices help achieve and maintain an erection during sexual intercourse. Penile implants, vacuum erection devices, and penile ring systems are some commonly used erectile dysfunction devices. Penile implants involve surgically placing rods or inflatable cylinders inside the penis to achieve an erection. Vacuum erection devices utilize suction to increase blood flow to the penis. Penile ring systems are placed at the base of the penis to maintain blood flow and sustain erection. These devices have advantages like non-invasiveness, effectiveness, and preservation of spontaneity as compared to oral medications. The growing prevalence of ED and increasing awareness about treatment alternatives to oral pills is expected to drive the adoption of erectile dysfunction devices in the coming years.
The global 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.
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Market key trends:
There is a considerable focus on the development of novel erectile dysfunction devices. Companies are investing in R&D activities to develop advanced implantable and non-implantable devices. For instance, researchers are working on neuromodulation devices that can stimulate specific areas of the genital region for erectile function. Technological advancements are allowing improved designs of penile implants and vacuum erection systems. Miniaturization of components and use of coated materials is making these devices more effective, discrete, and comfortable for patients. Rising obesity prevalence is another factor contributing to the growing erectile dysfunction patient pool. This is expected to propel the demand for erectile dysfunction treatment devices over the forecast period.
Threat of new entrants: The erectile dysfunction devices market has moderate barriers to entry due to growing complex regulatory measures. However, companies with strong R&D capabilities can enter the market easily.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitute products. However, brands have strong brand loyalty and medical necessity reduces impact of bargaining power.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the availability of substitutes and fragmented supply chain of devices and components.
Threat of new substitutes: Threat of new substitutes is low as erectile dysfunction devices have strong brand positioning and medical advantages over alternatives.
Competitive rivalry: The global market is dominated by few big players and witnessing high competition in pricing and new product development.
The global erectile dysfunction devices market is expected to witness high growth at a CAGR of 9.5% during the forecast period owing to growing prevalence of erectile dysfunction.
Regional analysis: North America is expected to dominate the global market during the forecast period owing increasing cases of erectile dysfunction and presence of key players in the region. Asia Pacific is expected to witness fastest growth due to growing awareness and increasing healthcare expenditure.
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.
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it