Prostate Laser Surgery Market: An Overview
The prostate laser surgery market is expected to reach USD 13,790 Million by 2030 at 7.2% CAGR during the forecast period 2022-2030.
Spiraling incidences of urology disorders such as benign prostatic hyperplasia (BPH) or enlargement of the prostate induces high demand for prostate laser surgery. Such disorders are more common among the geriatric population. Rising geriatric population across the globe is a prime factor in shaping the growth of the global prostate laser surgery market.
A growing preference for minimally invasive surgical procedures is a significant factor in driving the growth of the global prostate laser surgery market. Laser surgery is associated with benefits such as speedy relief, minimal blood loss, and reduced post-operative complications.
Other driving factors include surging awareness about urological disorders, favorable reimbursement scenario, and continuous R&D efforts to improve laser surgical procedures. Besides, a growing number of FDA approvals for new laser devices stimulate the market growth. On the flip side, the market growth might be restricted by high costs of laser surgical procedures which hinders growth in cost-sensitive markets. Also, lack of awareness, affordability, and preference for other treatment options also limits the market growth considerably.
The global prostate laser surgery market has been segmented based on type, indication, and end user.
By type, the global prostate laser surgery market has been segmented into holmium laser ablation of the prostate, photoselective vaporization of the prostate, and holmium laser enucleation.
By indication, the global prostate laser surgery market has been segmented difficulty starting urination, slow urination, into benign prostatic hyperplasia, urinary tract infections, and others.
By end user, the global prostate laser surgery market has been segmented into hospitals & clinics, medical device companies, and others.
The Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA) are the key markets for prostate laser surgery. The Americas led the global market due to heightened demand for advanced treatment options and high healthcare expenditure. Also, the concentration of major players in North America acts as a plus for the market growth.
Europe follows the Americas closely and is the second largest market for prostate laser surgery led by Germany and France. Extensive demand for advanced laser surgical devices coupled with rigorous R&D activities in the region supports the market growth. Moreover, the key players in the region are aiming towards product differentiation by the adoption of new technologies.
APAC market is likely to progress at a relatively faster rate over the forecast period. Increasing geriatric population, widespread prevalence of urology disorders and rapid adoption of advanced technologies spur the growth of the APAC market.
The MEA market is anticipated to exhibit steady growth over the forecast period due to improving the healthcare sector and growing awareness about urology disorders in the region.
Medifocus Inc, and CoreTherm Medical Inc. (U.S.), Lumenis, Richard Wolf (U.S.), Olympus (Japan), Limmer Laser GmbH (Germany), Boston Scientific Corporation (U.S.), JenaSurgical GmbH (Germany), Urologix, LLC. (U.S.), Unique Medical Devices (India), and KARL STORZ SE & Co. KG (Germany) are the top global prostate laser surgery market players operating in the global industry.
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