Market Size of Benign Prostatic Hyperplasia Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 8.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Benign Prostatic Hyperplasia Market Analysis
The benign prostatic hyperplasia market is expected to register a CAGR of nearly 8.5% during the forecast period (2022-2027). Benign prostatic hyperplasia (BPH) also known as benign prostatic hypertrophy is characterized by the unusual propagation of the prostatic cells, which causes difficulties, like urinary retention and infection of the urinary tract. It is most common among aging men.
According to the Union for International Cancer Control (UICC) in May 2020, there was a significant decrease in disease diagnostic rates in the United States during the COVID-19 pandemic. This had a significant impact on the market growth. However, such hindering impact on growth is anticipated to persist for a short duration. Moreover, according to the study titled 'Impact of the COVID-19 outbreak on prostate care in the Netherlands', published in the Cancer Treatment and Research Communications in January 2022, during the first COVID-19 wave, there was a 17% decrease in prostate cancer diagnoses. The reduction was most noticeable among the elderly and those with low-risk localized prostate conditions such as Benign Prostate Hyperplasia.
Benign prostatic hyperplasia (BPH) is being accepted as a growing health problem among elderly men. As per the 2022 data published by World Population Review, the average age of men is highest in Monaco i.e., 52 years as of 2022. The data suggests that the old men population is believed to increase rapidly over the coming years. With the rising population of aged men, the degree of the problem is projected to rise multifold over the next few years.
The geriatric population is expected to have a significant impact on the market studied as people aged above 65 are more prone to prostate cancer. According to the World Health Organization Facts of 2021, the proportion of the global population aged 60 and up will nearly double from 12% to 22% between 2015 and 2050. By 2050, 80% of the world's elderly will live in low and middle-income countries. The population is aging at a much faster rate than in the past. Every country faces significant challenges in ensuring that its health and social systems are prepared to take advantage of this demographic shift. According to the World Health Organization, in May 2020, by 2030, one out of every six people on the planet will be 60 years old or older. The number of people aged 60 and up is expected to rise from 1 billion in 2020 to 1.4 billion by 2050. By 2050, the global population of people aged 60 and above will double to reach 2.1 billion. Between 2020 and 2050, the number of people aged 80 and above is expected to triple, reaching 426 million. Benign prostate hyperplasia (BOH) is majorly associated with the age of a person and as the age increases, the chances of BPH increases. Hence, with a rise in geriatric population, the market studied is expected to witness strong growth in coming years.
