The benign prostatic hyperplasia (BPH) treatment market growth will thrive on factors such as the surging geriatric population, growing prevalence of prostate cancer, soaring awareness of prostate cancer and its treatments, rising adoption of minimally invasive procedures, enhancing healthcare infrastructure, and increasing technological advancements in personalized medicine, during the forecast period (2021–2030). According to P&S Intelligence, the market revenue will rise from $10 billion in 2020 to $17 billion by 2030.
One of the prominent growth drivers for the market is the soaring geriatric population across the world. According to the World Ageing Population 2020 report, the population of people aged 65 years or above will reach approximately 1.5 billion by 2050. As old people are highly susceptible to diseases such as BPH, market players are undertaking numerous research and development (R&D) activities to treat prostate conditions, particularly in the aging population, thereby fueling the need for additional care.
Whereas, the Asia-Pacific (APAC) BPH treatment market is expected to demonstrate the fastest growth during the forecast period. This can be majorly owed to the burgeoning geriatric population, rising incidence of BPH and associated disorders, and mounting expenditure on healthcare in the region. As per the United Nations Population Fund (UNFPA), by 2050, one out of every four people in APAC will be over 60 years. Furthermore, by 2050, the population of people aged 60 years and above in Asia will reach around 1.3 billion.
Therefore, the growing elderly population will drive the demand for BPH treatment medicines and devices in the coming years.
