Erectile Dysfunction Treatment Market is Estimated to Witness High Growth Owing to Opportunity in Expanding Patient Base
Erectile dysfunction (ED) is a condition in which a man finds it difficult to get or maintain an erection that is firm enough for sex. ED becomes more common as men grow older. Erectile dysfunction can occur due to various psychological and physical factors. Some common physical causes of erectile dysfunction include diabetes, obesity, cardiovascular disease, neurological problems, hormonal imbalance and injuries or surgery related to the pelvis, prostate or bladder. Treatment options for ED include oral medications, penile injections, penile implants and other therapies. Oral medications such as phosphodiesterase type 5 (PDE5) inhibitors are the most prescribed first-line treatment for ED as they are non-invasive and have fewer side effects. Other popular treatment methods include penile injections and penile implants which provide firmer erections.
The global Erectile Dysfunction Treatment Market is estimated to be valued at US$ 4.54 Bn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The expanding patient base suffering from erectile dysfunction presents a major market opportunity for players in the erectile dysfunction treatment market. As per estimates, over 340 million men globally suffer from ED. The condition is more prevalent in older men, with about 40-70% of men aged over 65 years having some degree of ED. The risk of developing ED also increases with health conditions like diabetes, obesity, kidney disease, cardiovascular disease, and pelvic surgery. With a growing geriatric population and rising prevalence of lifestyle diseases, the number of ED patients is expected to increase significantly. Moreover, improved awareness and societal acceptance about treatment options have encouraged more men to seek medical help for the condition. The large and growing patient pool worldwide presents lucrative growth opportunities for erectile dysfunction drugs, penile implants, devices and other therapies. Launch of advanced treatment products catering to the different needs of patients can help companies gain market share in the expanding erectile dysfunction treatment industry.
Porter’s Analysis
Threat of new entrants: The erectile dysfunction treatment market has moderate threat of new entrants due to high research and development costs involved in developing new drugs and therapies. regulations further limit new competition.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute treatment options. However, increasing awareness help patients demand safe and effective treatment alternatives.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to intellectual property held by suppliers of active ingredients and established pharmacy benefit managers and pharmaceutical companies.
Threat of new substitutes: Threat of new substitutes is moderate as new non-drug therapies like vacuum devices, penile implants emerge though lack efficacy of pharmaceutical therapies.
Competitive rivalry: Market features strong competition due to presence of numerous established players offering generic drugs and therapies.
SWOT Analysis
Strength: Non-drug therapies have few side effects. Growing patient awareness and availability of generic drugs increases access and adherence.
Weakness: Social stigma limits patients from openly discussing ED. High prices of branded drugs in developing regions.
Opportunity: Rapid urbanization and lifestyle changes in emerging markets boost patient base. New sustained release drug delivery systems can improve efficacy.
Threats: Stringent regulations delay market entry. Growingadoption of alternative medicines impact sales.
Key Takeaways
The global erectile dysfunction treatment market is expected to witness high growth on account of rising sensitized patient population and growing preference for pharmacological drugs and therapies over risky surgical treatments.
Regional analysis: North America dominates the market backed by supportive reimbursement policies and strategic initiatives by regional players. However, Asia Pacific is poised to be the fastest growing market due to rising geriatric population, growing health awareness and improving access to healthcare in major countries.
Key players: Key players operating in the erectile dysfunction treatment market are Mangoceuticals, Inc, Futura Medical, CURE Pharmaceutical Holding Corp, Glenmark Pharmaceuticals Ltd, Mylan Pharmaceuticals Inc., Boston Scientific, Cipla Ltd , Pfizer Inc., Coloplast CORP, Eli Lily & Co, Gust Inc, Altera, Promedon, Dr. Reddys Laboratories Ltd, Bayer Pharma AG, and Reflexonic LLC.
