Our in-depth analysis of the prostatic arterial embolization market includes the following segments:
By End User
On the basis of regional analysis, the prostatic arterial embolization market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market in Asia-Pacific region is estimated to witness the highest growth rate in prostatic arterial embolization market during the forecast period. This can be attributed to increased government initiatives for improvement of the medical industry in the region along with growing technological advancements in various treatment techniques in the field of urology.
On the other hand, the market in North America is anticipated to hold the largest share in the market on account of presence of large number of established medical facilities in the region and rising expenditure on healthcare among the population. Increasing awareness about improved diagnostics and treatment procedures is an additional factor estimated to propel the growth of the prostatic arterial embolization market in this region. The growing medical advances and increased revenue in healthcare industry is estimated to increase the growth of the market in the Europe region as well.
The prostatic arterial embolization market is further classified on the basis of region as follows:
Prostatic arterial embolization is an alternate technique for the treatment of benign prostatic hyperplasia. The numerous advantages of this treatment method over others, including high efficacy and safety, is a factor estimated to result in a high demand for prostatic arterial embolization in future.
The prostatic arterial embolization market is anticipated to record a considerably high CAGR over the forecast period, i.e., 2019-2027. The market is segmented by product, by end user and by region, out of which, the end user segment is further segmented into hospitals, ambulatory surgical centers and clinics. On the basis of end user, the hospitals segment is anticipated to hold the largest share in the prostatic arterial embolization market on account of growing number of patients in hospitals that are undergoing treatment for enlarged prostate and other urinary disorders.
According to the U.S. Centers for Disease Control and Prevention, about 202,000 visits to the emergency departments of hospitals by men above the age of 65 with various symptoms related to the urinary system were recorded in the U.S. in 2015.
Moreover, the minimally invasive technique of prostatic arterial embolization is highly favorable among men since it can be performed in outpatient departments of hospitals and does not require admission of patients in the hospital for days. This is estimated to significantly impact the market growth during the forecast period.
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Growing Awareness About Prostate Hyperplasia To Drive The Market Growth
Incidence of hyperplasia of the prostate was found to rise by 15.94% from 2000 to 2012, with 255.3 cases per 100,000 men among the population of high income countries as suggested by W.H.O. The growing number of cases of this disorder is generating awareness among the male population about the treatments available at medical institutions. This is a major growth factor estimated to drive the growth of prostatic arterial embolization market.
Medical Advancements In Urology-Related Procedures To Boost The Market Growth
Development of highly effective medical treatments such as prostatic arterial embolization which is a minimally invasive technique is estimated to increase the demand for the technology and products in the market. The safe procedure combined with a faster recovery duration makes it highly desirable among patients, thereby increasing the demand for prostatic arterial embolization. These factors are anticipated to drive the market growth during the forecast period.
‘Post Prostatic Arterial Embolization Syndrome’ To Restrain The Market Growth
‘Post PAE syndrome’ is a side effect associated with prostatic arterial embolization which involves occurrence of symptoms such as fever, nausea, pain and frequent urination for several days after the treatment. This factor, along with a few other side effects of the procedure are estimated to hinder the growth of prostatic arterial embolization market.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani