Prostatic artery embolization (PAE) is a minimally invasive treatment procedure used to relieve symptoms due to benign prostatic hyperplasia (BPH). It involves injecting tiny particles called embolic agents into the blood vessels that supply blood to the prostate gland, cutting off its blood flow and causing it to shrink. PAE offers a potential alternative to medications or surgery for relieving BPH symptoms such as frequent urination, weak urine flow, urge incontinence, and discomfort or pain during urination. The procedure can be performed as an outpatient procedure under local anesthesia with minimal discomfort and downtime for patients. The success rates for symptom relief using PAE are reported to be over 80% comparable to traditional treatments. PAE allows for preservation of sexual function and avoids risks of surgery like urinary incontinence and erectile dysfunction.
The global prostatic artery embolization market is estimated to be valued at US$ 235 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Rise in geriatric population is expected to drive the growth of the global prostatic artery embolization market over the forecast period. According to the World Health Organization, the number of people aged 65 years or older is projected to grow from an estimated 524 million in 2010 to nearly 1.5 billion in 2050. As age is the most significant risk factor for BPH, the increase in geriatric population is likely to significantly uptick the demand for minimally invasive treatment procedures like PAE for the management of BPH symptoms during the forecast period. The other driver mentioned in the heading- rise in geriatric population increases risk of BPH symptoms thus drives the PAE market.
Segment Analysis
The prostatic artery embolization market is dominated by the TAV segment which accounts for over 80% of the market share. TAV or Transarterial embolization involves using embolic agents like polyvinyl alcohol particles or microspheres to block the blood vessels that supply the prostate gland. It has emerged as a minimally invasive treatment option for BPH as compared to surgical interventions and is found to be safer with shorter hospital stay and recovery time for patients.
PEST Analysis
Political: Government initiatives in major countries are focused on increasing awareness about minimally invasive treatments like TAV and also streamlining approvals and reimbursement policies to make such options more accessible and affordable for patients.
Economic: Rising geriatric population globally prone to BPH and higher healthcare spending are driving the demand in the market. However, availability of cheaper generic drugs for BPH management can hinder market growth to some extent.
Social: Growing social awareness about advanced nonsurgical treatments and changing consumer preference for minimally invasive treatments are favoring the adoption of TAV procedure over conventional surgical treatments.
Technological: Integration of advanced embolization technologies, devices and use of medicated liquid embolic agents is helping improve clinical outcomes of TAV procedures. 3D imaging and AI/AR enabled medical visualization tools are also enhancing safety and accuracy.
Key Takeaways
The Global Prostatic Artery Embolization Market Size is expected to witness high growth over the forecast period driven by rising elderly populatin prone to BPH, increasing social awareness about minimally invasive treatments and availability of reimbursement for such procedures in major countries.
The North America region currently dominates the market attributed to growing geriatric population base, availability of advanced healthcare facilities and trained medical professionals. The availability of private and public insurance coverage for TAV procedures in the US is also favoring market growth.
Key players operating in the prostatic artery embolization market are Ingersoll-Rand plc (Nexia), Vivint, Inc., Protection One Alarm Monitoring, Inc., The ADT Corporation, Telus Communications, Frontpoint Security Solutions, AT&T Inc., Johnson Controls, Inc., Comcast Corporation, Charter Communications (TWC), and CenturyLink, Inc. These leaders are focusing on new product launches and geographical expansion to strengthen their market presence.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
