Aging Population Driving U.S. Benign Prostatic Hyperplasia Procedures Market Growth
The U.S. benign prostatic hyperplasia (BPH) procedures market is expected to advance at a 4.2% CAGR during the forecast period (2017–2023). This growth is driven by the rising incidence of BPH and technological enhancements in diagnostic and therapeutic procedures. The disease, wherein the prostate gland becomes enlarged, is common among aging men. The prostate gland surrounds the urethra, and as the prostate enlarges, it can partly block or squeeze the urethra, thus causing trouble while urinating.
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Thus, a key factor propelling the market growth is the booming aging population in the country. Men aged 50 years and above are more susceptible to the disease and, therefore, opt for various BPH treatment procedures. As per the U.S Department of Health and Human Services, the population of people aged 60 and above in the nation rose from 50.7 million to 68.7 million during 2006–2016. Moreover, the favorable reimbursement scenario for BPH procedures is expected to generate lucrative market opportunities in the coming years.
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Key players in the U.S. benign prostatic hyperplasia procedures market are launching advanced BHP treatment devices and gaining private and public insurance coverage for a competitive edge. For example, NeoTract Inc., in May 2017, announced that its patent UroLift system is insured by Cigna Insurance Services Co. Other key players offering devices for BPH procedures in the country include Boston Scientific Corporation, Convergent Laser Technologies, NxThera Inc., and Urologix LLC.