Erectile Dysfunction Devices Market Analysis
Erectile Dysfunction Devices Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026
Erectile Dysfunction Devices Market Overview
Erectile dysfunction (ED) also known as impotence, is the inability to get an erection during sexual intercourse. It is a common medical condition in men. Though less common among the younger age group, erectile dysfunction affects 5%–10% of men under 40 years of age. A recent study published in the Journal of Sexual Medicine revealed that one in four patients who sought medical help for erectile dysfunction are under the age of 40 years. Men undergoing cardiovascular or diabetes treatment are at higher risk of developing erectile dysfunction. The condition is strongly related to physical and psychological health. Treatment options include ED drugs, injectable, penile implants, surgery, and vacuum constriction devices. Usually medications such as Sildenafil, Tadalafil, Vardenafil, Avanafil, Alprostadil, and Udenafil are prescribed to treat erectile dysfunction. However, a very small percentage of men are aware of the prevalence of the condition and lower still are the number of people who opt to consult an urologist about it, mainly due to social stigma attached to it. As per a study conducted by the European Association of Urology, only 25% of the men estimated to be suffering from the condition seek medical treatment.
Wide availability of advanced technology devices drives growth of erectile dysfunction devices market
The global erectile dysfunction devices market can be analyzed on the basis of type of device and geography. On the basis of type of device, the global erectile dysfunction devices market is classified as vacuum pumps, penile implants (internal penile pump/inflated pump), vibrators, ED rings, and medicated urethral system (MUSE). Some of the major bands available in the market are Erektor, Viberect, SomaTherapy-ED, Encore, Bonro Medical, and Vacurect.
Vacuum pump, also known as Vacuum Erection device (VED), requires no medication or surgery and is also reimbursed in the U.S. According to the National Health Services, nine out of ten men using vacuum pumps are able to have sex regardless of the underlying cause of ED. Penile implants are medicated devices, which further requires research on its efficacy and safety.
Alternative treatment options hindering growth of erectile dysfunction devices market
Wide availability of effective OTC oral medication such as Viagra adversely impacts demand for erectile dysfunction devices. Also, lack of awareness about proper usage of these devices and pain associated with use, inhibit the growth of erectile dysfunction devices market. Besides, alternative treatment options such as low-intensity extracorporeal shockwave therapy, herbal medicines, and lifestyle changes also limit the demand for ED devices. New technologies such as tissue engineering and nanotechnology are being explored to develop more effective solutions for treatment of erectile dysfunction.
Regional Analysis of Erectile Dysfunction Devices Market
America, Europe, Asia Pacific, Latin America, Africa, and Middle East are major global markets for erectile dysfunction devices. Growing prevalence of ED, increasing awareness about treatment, and high disposable income in developed regions propel the growth of erectile dysfunction devices market. Major marketing activities carried out by various players in the market have contributed largely in creating awareness among the population. However, various device types and their advantages are still not known to healthcare professionals, which in turn results in lower adoption among the general population.
Key Players involved in the erectile dysfunction devices market
There are many regional players operating in this market owing to low entry and exit barriers. Being class 1 and 2 devices and fueled by increasing awareness levels, various players are entering this market. Some of the major players in the global erectile dysfunction devices market are Meda Pharmaceuticals, Inc., Coloplast, Global Life Technologies, Reflexonic, LLC, Augusta Medical Systems, and Boston Scientific Corporation.
Key players in the erectile dysfunction devices market are focused on product development and launches in order to expand their consumer base in untapped markets. For instance, in July 2019, Boston Scientific announced the launch of the Tactra penile implant, which is a durable implant with a natural feel for treating ED.
Similarly, in August 2019, Ohio, U.S. based Integrated Medical announced that they are offering a state-of-the-art Extra Corporeal Shock Wave Therapy (ESWT) for treating ED. The therapy will utilize power generated through acoustic sound waves and radial shockwaves to stimulate neovascularization.
Product approvals by regulatory authorities is also expected to drive growth of the market over the forecast period. For instance, in March 2019, South Korea’s Ministry of Food and Drug Safety approved the country’s first extracorporeal shock wave equipment, HNT Medical’s Carewave which is developed by Medytox Korea.