Prostate Laser Surgery Market Grow at A CAGR Over 7.2% From 2019 To 2023
Prostate Laser Surgery Market Research Report: By Type (Photoselective Vaporization, Holmium Laser Ablation, Holmium Laser Enucleation), Indication (Benign Prostatic Hyperplasia), End User (Hospitals & Clinics, Medical Device Companies) - Global Forecast till 2027
The global prostate laser surgery market has been on an upward trajectory and is expected to reach a significant valuation by the end of the forecast period of 2017 – 2023, reveals Market Research Future (MRFR) in a minutely analyzed research report. Rising prevalence of urological disorders among men across the globe is the primary driver of the market. High incidences of urological disorders induce soaring demand for prostate laser surgeries which boosts the growth of the market. Moreover, towering demand for minimally invasive surgeries which requires very less incision is a crucial factor supporting the growth of the global prostate laser surgery market. Moreover, favorable reimbursement scenario for prostate laser surgeries fosters the growth of the market. Various insurers are cover prostate laser surgeries under health insurance policies which encourages patients to opt for laser procedures. Continuous R&D activities to develop new and advanced medical instruments along with approvals from FDA and regulatory bodies drive the market growth. However, the high cost of treatment and preference for other methods of treatment restrain the market growth significantly.
Segmentation
The global prostate laser surgery market has been segmented based on type, indication, and end users. By type, the market has been segmented into Photoselective Vaporization, Holmium Laser Ablation, and Holmium Laser Enucleation. By indication, the market has been segmented into benign prostatic hyperplasia, difficulty starting urination, slow urination, urinary tract infections, and others. By end users, the market has been segmented into hospitals & clinics, medical device companies, and others.
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Regional Analysis
The global prostate laser surgery market spans across the regions of the Americas, Europe, Asia Pacific, and the Middle East & Africa. The Americas account for the lion's share of the market owing to the heightened demand for laser treatment for various urology problems and presence of a robust healthcare sector in the region. The concentration of major market players in the region also influences the growth of the market. Additionally, high expenditure on healthcare and widespread prevalence of urology disorders in the region fosters the growth of the market. Europe is the second largest market for prostate laser surgery, France and Germany being the major contributors to the market. The region experiences steep demand for laser surgical devices owing to the high expenditure on healthcare. Most of the key players in the region are engaged in product differentiation through the adoption of new technologies. Moreover, extensive research and development activities in the field of urology also support the growth of the market. The Asia Pacific market is expected to grow at a relatively faster pace owing to rising geriatric population, the high prevalence of urology disorders and fast adoption of technologically advanced medical devices. The Middle East & Africa market is expected to exhibit slow but steady growth over the forecast period due to rising awareness about urological disorders and improvement in available treatment options facilitated by overall growth in the healthcare sector.
Competitive Landscape
The notable players operating in the global prostate laser surgery market include Olympus (Japan), Urologix, LLC. (U.S.), Unique Medical Devices (India), KARL STORZ SE & Co. KG (Germany), Medifocus Inc, CoreTherm Medical Inc. (U.S.), Limmer Laser GmbH (Germany), Boston Scientific Corporation (U.S.), JenaSurgical GmbH (Germany), Lumenis, and Richard Wolf (U.S.).
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Industry Updates
In June 2018, Clinical Laserthermia Systems and Exact Imaging, signed MOU to market image-guided laser surgery for the treatment of prostate cancer and benign prostatic hyperplasia (BPH). Both the companies’ have agreed to market and sell a laser system guided by high-resolution ultrasound imaging.
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