The penile implants market is estimated to be valued at USD 271.4 Mn in 2024 and is expected to reach USD 317.2 Mn by 2031, growing at a compound annual growth rate (CAGR) of 2.2% from 2024 to 2031. The market has been experiencing steady growth owing to the rising prevalence of erectile dysfunction and increased adoption of penile implants for treatment after failed oral therapies.

Market Driver - Increased Demand for Erectile Dysfunction Treatment

The rising prevalence of erectile dysfunction among men has been a key factor driving growth in the penile implants market.

Lifestyle diseases are on the rise globally due to changing dietary patterns and sedentary behaviors. Conditions like diabetes and heart disease which can potentially lead to erectile dysfunction are affecting men at younger ages too. All these have combined to spike the patient population requiring medical intervention.

As men are becoming increasingly aware of treatment options available for erectile dysfunction, there is less stigma associated with the condition now. More men are willing to acknowledge they have a problem and are actively seeking help.

Penile implants offer a very reliable solution for men who do not respond adequately to oral medications or prefer a more permanent treatment method. The success rates of implants are very high and they restore natural function. This has made them an increasingly popular choice, providing a major push to the penile implants market.

Overall, as erectile dysfunction is impacting greater numbers of men and they are willing to address it proactively, it has amplified demand for options like penile implants significantly.

Market Driver - Technological Innovations Facilitating Development of Advanced Implants

Continuous innovation has played a vital role in shaping the penile implants market favorably. Over the decades, extensive research and developmental efforts have transformed penile implant technology. The designs have become more sophisticated with sturdier materials allowing smaller prosthesis sizes. Surgical techniques as well have been streamlined to make implantation simpler, less traumatic and recovery quicker.

A key breakthrough was the introduction of inflatable or hydraulic penile implants in the 1980s using hydraulics and a fluid system. These devices could be easily concealed inside the body when not inflated and provided a more natural appearance and feel. Most recent models now have advanced features to improve safety, versatility and performance. Some incorporate antibiotic coatings for enhanced biocompatibility and reduce risk of infection.

Technology continues to play a pivotal role in driving the penile implants space positively. Current research focuses on engineering more life-like prostheses using flexible materials, minimally invasive insertion techniques and adding sensing capabilities for a natural erection-detumescence cycle. They have transformed penile implants into a preferred treatment recourse, vastly increasing uptake and opportunities for manufacturers in the penile implants market.

Market Challenge - High Cost of Penile Implant Procedures

One of the major challenges facing the penile implants market is the high cost of procedures. Penile implant surgery is typically not covered by health insurance and can cost patients thousands of dollars out of pocket. The average cost of a penile prosthesis ranges from $8,000 to $15,000 per implant depending on the type and whether it is a single-component or multi-component device.

For many men suffering from erectile dysfunction, the high price tag associated with penile implants presents a significant barrier to treatment. The cost burden often leads patients to opt for less invasive yet potentially less effective treatment options like oral medications or pumps first before considering a surgical solution.

Device manufacturers and medical facilities performing the surgeries must consider ways to help offset these costs for patients in order to drive demand and make penile implants a viable treatment path for more men in need. Offering financing options or providing discounts to uninsured patients could potentially help address this challenge and make the procedure more accessible.

Market Opportunity - Technological Advancements in Implant Designs

One opportunity area in the penile implants market is the development of new device designs with improvements in infection reduction and reliability. Infections have historically been a challenge with penile prosthetics due to the insertion of foreign materials near the genital region.

Advances in antimicrobial coatings and improved sealing of implant components have the potential to significantly reduce infection risks. Design enhancements that allow for easier revision surgery in the rare case of mechanical failure could also give patients and doctors greater peace of mind.

Continued innovation to develop more natural feeling and fully inflatable prostheses may further increase patient satisfaction and uptake rates. Manufacturers investing in research to design penile implants with better outcomes have an opportunity to drive penile implants market forward through best-in-class technology.

Keeping pace with technological change will be important for companies targeting long-term growth within this sizable patient population in need of erectile dysfunction solutions.

Insights, By Implant Type: Inflatable Implants Remain in Demand Owing to their Effectiveness and Natural Feel

The inflatable segment holds 45.1% share in the penile implants market in 2024, due to its effectiveness in treating erectile dysfunction. Inflatable implants allow the penis to be soft or hard depending on the man's situation, similar to a natural erection. This provides psychological benefits as it allows intimate activities without obvious prosthetics being involved.

Inflatable implants consist of three pieces - two cylinders that are surgically inserted into the penis and a small reservoir and pump assembly implanted in the scrotum. Fluid is pumped into the cylinders from the reservoir to achieve and maintain an erection. Deflation occurs by pushing a button on the pump to remove fluid from the cylinders.

The naturalism and spontaneity provided by inflatable implants make sexual intercourse more spontaneous and satisfying compared to other device types. Men can achieve and maintain erections discreetly on demand. Their adjustable functionality also means maintenance of partial erections is possible for intimate touching and foreplay without full rigidity.

Physicians prefer inflatable implants as they are minimally invasive to insert and easy to use. They produce rigidity comparable to a natural erection. Adjustability and the look and feel of a natural erection have boosted patient satisfaction rates with this implant type above other options. Consumers are also receptive to inflatables due to their discretion and enhanced sexual experiences.

Insights, By End User: Hospitals Offer Insurance Coverage and Specialist Expertise

Hospitals dominate the end-user segment in penile implants market with a 56.2% revenue share due to insurance coverage of procedures in hospital facilities. Since penile implants are a form of reconstructive surgery used to treat medical conditions, implant insertion is usually covered by private and government health insurance plans when done in hospitals. This allows procedures to be more financially accessible for patients.

In addition, hospitals have urologists and other specialists trained to perform penile implant surgeries safely and effectively. The procedures require delicate surgical skills and experience with male pelvic anatomy and available implant technologies. Urologists practicing in hospitals are often board-certified and keep up with the latest techniques through hospital-based residency programs and continuing education courses.

Product representatives from implant manufacturers also provide product demonstrations and surgical support primarily in hospital operating rooms where procedures are regularly performed. This collaborative relationship between manufactures and hospital surgeons advances adoption of new innovations and less invasive implantation approaches.

• Global Prevalence of Erectile Dysfunction: Erectile dysfunction affects a significant portion of the male population worldwide, with prevalence increasing with age. This growing patient pool underscores the potential in penile implants market for penile implants.
• Preference for Inflatable Implants: Inflatable implants are generally preferred over malleable ones due to their ability to provide a more natural erection, influencing penile implants market trends towards inflatable options.
• Adoption of Minimally Invasive Surgical Techniques: Surgeons are increasingly utilizing minimally invasive procedures for implant placement, resulting in reduced recovery times and lower risk of complications, thereby attracting more patients.
• Collaborations for Patient Education: Manufacturers and healthcare providers are partnering to increase awareness about erectile dysfunction and available treatments, helping to destigmatize the condition and promote penile implants market growth.

The major players operating in the penile implants market include Boston Scientific Corporation, Coloplast Corp, PROMEDON GmbH, SILIMED, ZSI Zephyr Surgical Implants, Rigicon Inc, Advin Health Care, and G.SURGIWEAR LTD.

• In July 2023, Boston Scientific Corporation expanded its urology and pelvic health portfolio by acquiring Axonics, a company specializing in innovative implant technologies. Axonics focuses on sacral neuromodulation (SNM) therapy, a minimally invasive treatment for urinary and bowel dysfunction. The acquisition, valued at $3.7 billion, strengthens Boston Scientific's position in the urology market, giving them access to Axonics' advanced technologies for overactive bladder and fecal incontinence treatment​.
• In March 2023, Coloplast Corp launched the Titan® Touch, a new inflatable penile implant designed to improve durability and provide a more natural feel. The device features an innovative "one-touch release" pump that simplifies deflation, allowing for easier use and a quicker return to a flaccid state. The implant also incorporates Bioflex® material for enhanced cylinder strength, providing increased girth and rigidity. This product aims to enhance patient outcomes by offering improved ease of use, durability, and a more lifelike experience, addressing common patient concerns like loss of penile size during treatment.
• In December 2019, Rigicon Inc received FDA clearance for its Rigi10™ Malleable Penile Prosthesis for treating erectile dysfunction. This innovation allows males to regain sufficient stiffness for sexual activity. This prosthesis is designed to help men with erectile dysfunction achieve adequate penile rigidity for sexual intercourse. The device's flexible rod technology allows for easier implantation and a better fit, enhancing both comfort and functionality.
• In July 2019, Boston Scientific launched the Tactra Malleable Penile Prosthesis in the United States. This device uses dual-layer silicone and a Nitinol core, designed to optimize both comfort and rigidity for patients suffering from erectile dysfunction. It represents Boston Scientific's first major innovation in penile implants in over a decade and aims to provide patients with a durable, natural-feeling option for the restoration of sexual function. The device is particularly suited for those who cannot use other erectile dysfunction treatments or inflatable prostheses due to medical conditions. The Tactra prosthesis is manually adjustable, allowing patients to lift it for intercourse and push it down for concealment when not in use.

• By Implant Type
  • Inflatable
    • Two-piece Inflatable Implants
    • Three-piece Inflatable Implants
  • Concealable
  • Soft
  • Malleable
• By End User
  • Hospitals
  • Ambulatory Surgery Centers
  • Urology Centers