Medical microspheres are tiny, usually biodegradable, spheres made of various polymers or ceramics that are used for a variety of medical purposes, including diagnostic imaging and drug delivery. They range in size from 10 micrometers to 1000 micrometers and can be readily integrated with both imaging agents and drug treatments. Microspheres offer several advantages over other treatment methods as they allow for targeted delivery of medication to specific areas, continuous and extended release of drugs over time, and are less invasive than traditional surgery.
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 Opportunity:
Prostatic artery embolization offers a safe and minimally-invasive treatment option for benign prostatic hyperplasia that aims to improve patient symptoms and quality of life. Compared to transurethral resection of the prostate (TURP) surgery which is the current gold standard, PAE allows for reduced risk of complications, shorter hospitalization time, faster recovery and return to normal activities. As an outpatient procedure with localized embolization and no need for general anesthesia, PAE significantly limits invasiveness. With rising healthcare costs and an aging global population prone to prostate issues, the non-surgical PAE alternative is expected to gain increased popularity and adoption over the forecast period.
Porter's Analysis:
Threat of new entrants: The presence of large players with strong financial backing acts as a deterrent to new players. Significant capital investment required also prevents many new entrants from joining.
Bargaining power of buyers: The presence of substitutes like medications and non-medical therapies gives buyers some power in negotiating prices. However, specialty nature of the treatment limits impact.
Bargaining power of suppliers: Specialized medical equipment and skilled physicians needed are limited, giving suppliers more bargaining power to influence prices. However, established supplier networks reduce this impact.
Threat of new substitutes: New minimally invasive treatments can emerge as substitutes but prostatic artery embolization still has significant advantages over other therapies in terms of safety, efficacy and outcomes.
Competitive rivalry: Large players compete on technology upgrades, global expansion and partnerships. Acquisitions are also used to gain market share and competitive edge.
SWOT Analysis:
Strengths: Minimally invasive nature reduces risk of complications. Short hospital stay and quicker recovery time are key benefits. Improved clinical outcomes compared to other treatments.
Weaknesses: Availability of skilled interventional radiologists remains a challenge. Steep learning curve for physicians to master technique. Requires big investments to develop specialized skills and equipment.
Opportunities: Untapped growth potential in developing markets of Asia and Latin America. Ongoing research to expand indications can increase addressable patient population.
Threats: Reimbursement challenges in some regions hampers adoption. Rising procedural and device costs can affect pricing and access. Emergence of alternative newer therapies.
Key Takeaways:
The global Prostatic Artery Embolization Market Share is expected to witness high growth over the next decade due to its minimally invasive nature and superior clinical benefits over alternative treatments. The market size is projected to reach over US$ 600 Mn by 2030 from US$ 235 Mn in 2023, representing a CAGR of around 12%.
North America currently dominates market share due to supportive reimbursement policies and availability of advanced healthcare infrastructure as well as skilled radiologists in the region. However, Asia Pacific is expected to show fastest growth during the forecast period on back of growing geriatric population, rising healthcare expenditure and increased awareness about benefits of prostatic artery embolization.
Key players operating in the prostatic artery embolization market are Amgen Inc., Samsung Bioepis Co., Ltd., Sandoz International GmbH (Novartis AG), Mylan N.V., Boehringer Ingelheim International GmbH, Pfizer Inc., Fresenius Kabi AG, Coherus BioSciences, Inc., Biogen Inc., AbbVie Inc., Celltrion Inc., Amneal Pharmaceuticals, Inc., Lupin Pharmaceuticals, Inc., Merck & Co., Inc., Viatris Inc. Major players are focusing on new product launches, geographical expansions and partnerships to strengthen their market position.
For more insights, read- https://www.newsanalyticspro.com/prostatic-artery-embolization-market-trends-size-and-share-analysis/
COVID-19 Impact Analysis on Prostatic Artery Embolization Market report published by Value Market Research provides a detailed market analysis comprising market size, share, value, growth and trends for the period 2020-2027.
The major players in the prostatic artery embolization market include Merit Medical Systems, Boston Scientific, Mentice, Siemens Healthcare, Terumo Europe NV, General Electric Company, Tampa General Hospital, UNC Health Care, Henry Ford, and Spire Healthcare.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Prostatic Artery Embolization Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/prostatic-artery-embolization-market/download-sampleMarket DynamicsExpanding geriatric population, rising prevalence of benign prostatic hyperplasia, and growing preference for minimally invasive treatments drive the growth of the global prostatic artery embolization market.
Benign prostatic hyperplasia is a common condition in the aging population that results in bothersome symptoms and decreased quality of life.
Benign prostatic hyperplasia affects over 50% of men by the age of 60 years and up to 80% of men older than 70 years, and its burden is increasing as the population ages.
However, PAE-treated patients may experience nausea, pelvic pain, and frequent urination, which is likely to refrain them from opting for this treatment.The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis.
