Latest Report Titled On:- Global Benign Prostatic Hyperplasia Market – Segmented by Drug Type, Distribution Channel, and Geography – Growth, Trends, and Forecast (2018 – 2023)
Global “Benign Prostatic Hyperplasia Market” report provides a detailed analysis of the market from 2018 to 2023. Benign Prostatic Hyperplasia market report focuses on market capacity, share, current market trends and upcoming future predictions. Global Benign Prostatic Hyperplasia Market is expected to register a CAGR of approximately 8.5% during the forecast period of (2018 – 2023).
360 MARKET UPDATES Report provides a 360-degree overview of the global Benign Prostatic Hyperplasia Market with special emphasis on all aspects including CAGR Status, drivers, restraints, and opportunities, market and regional segmentation.
Benign Prostatic Hyperplasia Market Report Covers Leading Manufacturers: Allergan PLC, Astellas Pharma Inc., Boehringer Ingelheim, Eli Lilly and Company, GlaxoSmithKline PLC, Nymox Pharmaceutical Corporation, Pfizer, Inc, Sanofi, Sophiris Bio Corp, and Teva Pharmaceutical Industries Limited, among others.
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Benign Prostatic Hyperplasia Market Overview
The benign prostatic hyperplasia market is expected to register a CAGR of approximately 8.5% over the forecast period, 2018-2023. Benign prostatic hyperplasia (BPH) also known as benign prostatic hypertrophy is characterized by the unusual propagation of the prostatic cells, which causes difficulties like urinary retention and infections of the urinary tract. It is most common among the aging men population, primarily driving this market. On the basis of geographical analysis, the North American region is expected to retain its dominance in this market owing to better healthcare infrastructure, high healthcare expenditure on urological disorders, increased awareness in the society increasing the outpatients center and hospitals visits.
Rising Geriatric Population to Induce a Surge in the Benign Prostatic Hyperplasia Market
Benign prostatic hyperplasia (BPH) is being accepted as a growing health problem of elderly men. With the rising number of elderly males in the population, the degree of the problem is projected to rise multifold over the next few years. As per a publication of 2018 in the United States Census Bureau the population of people aged 65 and above in the US would increase drastically between 2016 and 2060 period. By 2030, one in five US citizens is expected to be 65 years and older, crossing 78.0 million. The diseased population is also significantly increased in the emerging markets. The advancements in early diagnosis of the disease and geriatric population along with adults drive the demand for the benign prostatic hyperplasia market.
In addition, the other factors contributing to driving this market include technological advancements in personalized medicines and rising awareness in the society through campaigns.
Non-adherence of Patients to Pharmacological Therapy will impede the Growth of Benign Prostatic Hyperplasia Market
Patient adherence to therapeutics for Benign Prostatic Hyperplasia is low. Especially, the need for usage of a combination of two drugs for the treatment of BPH characterizes is among the major hurdle for adherence of patients to pharmacotherapy. Persistence on therapeutic approach is generally associated with a lower rate of hospitalization for complications regarding BPH. This is more associated with social stigma mainly in low and middle-income countries. The majority of patients rely on the conservative management, particularly in Asian countries. According to data published in 2015, in BioMed Central, a significantly lesser percentage of males suffering from BPH try to seek for any medical assistance and even lesser go for the pharmacological treatment. Thus, it is considered among the major hindrance in the growth of the benign prostatic hyperplasia market.
Another evolving barrier in this market includes increasing preference for the minimally invasive surgeries.
North America expected to Lead the Benign Prostatic Hyperplasia Market
North America dominates the market owing to the high prevalence of BPH and other associated lower urinary tract symptoms. Several studies in past one era have reported a significant percentage of men in the US, aged between 45 and 80 years suffer from some type of lower urinary tract symptoms and mostly have some form of BPH symptoms. In addition, several hospitals across the US, and Canada have collaboration with the non-profit organization and companies such as GlaxoSmithKline in some of the projects to raise awareness and adequate resources for the treatment of urological disorders. Thus, it acts a very lucrative market for the companies contributing to a large share of this market. Europe and Asia Pacific region are expected to follow next.
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