Northbrook, IL 60062 -- (SBWIRE) -- 08/11/2023 -- Erectile Dysfunction Devices Market in terms of revenue was estimated to be worth $1.7 billion in 2023 and is poised to reach $2.7 billion by 2028, growing at a CAGR of 8.8% from 2023 to 2028 according to a new report by MarketsandMarkets™. The growth of this market is majorly driven by growing research and development around shockwave therapy used for erectile dysfunction treatment and the rise in the geriatric population, which are more prevalent in prostate cancers.

The erectile dysfunction devices industry is poised for significant growth in the near future as the demand for effective solutions to address this prevalent condition continues to rise. With a growing aging population and increasing awareness about sexual health, the market for erectile dysfunction devices is expected to expand. Technological advancements in this field, such as the development of innovative and user-friendly devices, offer promising solutions for individuals seeking non-invasive and discreet treatment options. Additionally, the rising acceptance and normalization of seeking help for erectile dysfunction contribute to the market's growth. Furthermore, collaborations between manufacturers and healthcare professionals are fostering research and development, leading to the introduction of more advanced devices and personalized treatment approaches. As a result, the near future holds immense potential for the erectile dysfunction devices industry, providing individuals with improved access to effective and convenient solutions, and ultimately enhancing their quality of life.

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The penile implants segment is expected to account for the largest share in 2022.

The erectile dysfunction devices market, by type, has been segmented into vacuum constriction devices, penile implants, shockwave therapy, and other device types. The penile implants segment accounted for the largest share of erectile dysfunction devices by type, in 2022. The large share of this segment is attributed to its durability and advancements in implant technology which are expected to drive the erectile dysfunction devices market.

The vascular disorders and diabetes segment held the largest market share in the erectile dysfunction devices market.

By cause, the global erectile dysfunction devices market is broadly segmented into vascular disorders and diabetes, neurological disorders, and other causes. The vascular disorders and diabetes segment has accounted for the largest share by cause, in 2022. The growing incidence of diabetes and age related CVDs will drive the market during the forecast period.

North America dominates the global erectile dysfunction devices market.

Based on the region, the erectile dysfunction devices market is segmented into North America, Europe, Asia Pacific, and Rest of the World. The North American market is driven by the growing number of prostate cancer and the number of ASCs in the region. Asia Pacific is the second-largest market for erectile dysfunction devices, characterized by an increase in the geriatric population coupled with a rise in the prevalence of CVDs are the major factors driving the market in Asia Pacific.

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Erectile Dysfunction Devices Market Dynamics:

Drivers:

1. Increase in prevalence of prostate cancer

Restraints:

1. Risk associated with the use of erectile dysfunction devices

Opportunities:

1. Technological advancement

Challenges:

1. Low awareness regarding prostate health among men

Key Market Players:

Major players in the erectile dysfunction devices market include Boston Scientific Corporation (US), Rigicon, Inc. (US), Coloplast Group (Denmark), Promedon GmbH (Argentina), and Zephyr Surgical Implants (Switzerland).

Recent Developments:

- In 2023, Rigicon, Inc. (US) introduced the HL-LEVINE Combo Prosthesis Tool, which is a combination of the HL dilator tool and the traditional Furlow instrument, which are both used for penile implant surgery.

- In 2022, Advanced MedTech Holdings (Singapore) acquired Shenzhen Huikang Medical Apparatus Co., Ltd. (China). This acquisition expanded Advanced MedTech's urological market access in China via a comprehensive nationwide sales and service network and an established local R&D, manufacturing, and supply chain ecosystem.
- In 2022, Wikkon's extracorporeal shock wave lithotripter, model HK.ESWL-108A was successfully installed at Maria Clinic, Dili, East Timor.

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Erectile Dysfunction Devices Market Advantages:

- Non-invasive and Drug-free: Erectile dysfunction devices offer a non-invasive and drug-free approach to addressing the condition. This appeals to individuals seeking alternative treatment options and those who prefer to avoid pharmaceutical interventions.

- Discreet and Convenient: These devices provide a discreet solution that can be used in the privacy of one's home, offering convenience and flexibility. Users have the freedom to address their condition without the need for frequent visits to healthcare professionals.

- Demonstrated Efficacy: Erectile dysfunction devices have shown promising efficacy in helping individuals achieve and maintain erections. Clinical studies and positive patient testimonials support their effectiveness, instilling confidence in consumers.

- Versatility and Customization: The market offers a variety of erectile dysfunction devices, including vacuum erection devices, penile implants, and constriction rings. This allows individuals to choose the device that best suits their needs and preferences. The devices can often be adjusted or customized to accommodate individual anatomical differences.

- Technological Advancements: Ongoing technological advancements have led to the development of more user-friendly and sophisticated erectile dysfunction devices. Features such as wireless connectivity, Bluetooth compatibility, and smart technology integration enhance convenience, control, and monitoring capabilities for users.

- Global Accessibility: The market enjoys a global reach, making erectile dysfunction devices accessible to individuals around the world. Increased availability through e-commerce platforms and discreet shipping options further enhances accessibility and convenience.

- Evolving Attitudes and Awareness: Society's attitudes toward sexual health and erectile dysfunction are evolving, reducing stigma and encouraging individuals to seek appropriate solutions. Increased awareness of the condition and its treatment options contribute to the market's growth.

- Complementary to Other Treatments: Erectile dysfunction devices can be used in conjunction with other treatment approaches, such as medication or therapy. They offer a complementary option that can enhance the effectiveness of overall treatment plans.

- Improving Quality of Life: By providing individuals with the ability to achieve and maintain erections, erectile dysfunction devices have the potential to significantly improve their quality of life and sexual well-being.

- Cost-effective: Compared to long-term medication or surgical interventions, erectile dysfunction devices can offer a cost-effective solution for individuals seeking treatment. They provide a one-time or limited investment that can yield long-term benefits.