The prostatic artery embolization market involves minimally invasive procedures that block blood flow to the prostate gland to treat symptoms of benign prostatic hyperplasia (BPH). The procedures involve injecting tiny gelatin sponge or beads into the blood vessels that supply blood to the prostate gland. This helps in reducing prostate size and relieves symptoms like frequent urination, weak urine stream, urgency, etc. associated with BPH. The advantages of prostatic artery embolization over medication or surgery for BPH include being non-invasive, recovery being faster with minimal post-procedure pain or side effects, and retaining natural functions. With a significant percentage of men being affected by BPH as they age, the demand for such minimally invasive procedures is increasing.

The global Prostatic Artery Embolization Market is estimated to be valued at US$ 235 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the primary trends driving growth in prostatic artery embolization market is increasing geriatric population. According to WHO estimates, the population aged 60 years and older is projected to grow to nearly 2.1 billion by 2050 globally. With advancing age, the chances of developing BPH and associated symptoms increases significantly. Additionally, growing preference for minimally invasive procedures amongst patients and physicians is augmenting adoption rates of prostatic artery embolization. Ongoing clinical advancements leading to shorter procedure times and faster recovery further increase acceptance of this technique over generic medications or surgeries for BPH treatment.

Porter’s Analysis

Threat of new entrants: The prostatic artery embolization market requires significant capital investment and strict regulations pose barriers for new companies.

Bargaining power of buyers: Individual customers have relatively low bargaining power as they rely on healthcare providers for treatment. However, large hospitals and clinics can negotiate on price and quality with suppliers.

Bargaining power of suppliers: A few key players dominate the global supply of prostatic artery embolization devices, giving them significant influence over pricing.

Threat of new substitutes: Non-invasive treatments like medications face competition but offer fewer side effects than prostatic artery embolization.

Competitive rivalry: Major players compete on the basis of technology, service, and geographic presence. This intensifies price competition.

Key Takeaways

The global Prostatic Artery Embolization Market Share is expected to witness high growth. The global Prostatic Artery Embolization Market is estimated to be valued at US$ 235 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030.

North America currently dominates the market due to advanced healthcare infrastructure and increasing prostate diseases. Factors like growing geriatric population and rising awareness about minimally invasive treatments will support market growth in the region. Europe holds the second largest share and growing research into prostatic artery embolization techniques is boosting adoption. Asia Pacific is expected to show fastest gains during the forecast period. Rising medical tourism, healthcare spending, and economic development in countries like China and India offer lucrative opportunities.

Key players operating in the prostatic artery embolization market are Amgen Inc., Samsung Bioepis Co., Ltd., Sandoz International GmbH (Novartis AG), Mylan N.V., Boehringer Ingelheim International GmbH, Pfizer Inc., Fresenius Kabi AG, Coherus BioSciences, Inc., Biogen Inc., AbbVie Inc., Celltrion Inc., Amneal Pharmaceuticals, Inc., Lupin Pharmaceuticals, Inc., Merck & Co., Inc., Viatris Inc. Major companies are focusing on new product launches and geographical expansion to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it