Global vasectomy market is expected to grow at a CAGR of 7.1% with a value of USD 24 billion during the estimated projected period. The vasectomy market is expected to grow at a steady rate during the forecast period. Increasing awareness about rising population is the key factor driving the growth of the market. Additionally, low cost of surgical procedure, health insurance coverage, no need of hospitalization and risks associated with female contraception like hormonal imbalance, increase in body weight, risk of cancer and others, are some of the factors influencing the market growth. Whereas, ethical and ideological issues, infections, bleeding, haematoma, bruising, risks of certain cancers, increased risk of heart disease, damage of sexual organs may hinder the growth of the market.
Vasectomy is a surgical procedure to block the sperm’s entrance into the urethra which eventually prevents fertilization of a female egg. After the vasectomy procedure, the testes continue to produce sperm but it is retained in the body. According to the Urology Care Foundation, more than 500,000 male population in the U.S. undergo vasectomy for birth control each year. It is a short 30 min procedure and does not require hospitalization.
Global Vasectomy Market - Competitive Analysis
There are various key Vasectomy market players operating in the vasectomy market. Companies are developing vasectomy products like vasectomy kits, dissecting clamps, ringed forceps, anesthetics, pain killers, antibiotics, cold packs, gel caps for vasectomy patients. The companies are strengthening their market presence by developing innovative solutions. For instance, Femcare-Nikomed Limited provides Femcare No Scalpel Vasectomy Kit that contains Vas Clamp and Dissecting Forceps. This kit can be reused and is cost effective. Furthermore, Advanced Meditech International, Inc (AMI) provides, ringed forceps, dissecting clamp, Iris Scissors especially for No-Scalpel Vasectomy. Some of the other prominent market players are pfizer, Inc., Abbott, GlaxoSmithKline plc, Sanofi S.A., and others.
Regional Analysis
The vasectomy market is dominated by North America owing to rising healthcare expenditure in this region. According to the Centres for disease control and prevention (CDC), in 2015 the United States spent 3.2 trillion USD on national health expenditures. Also, the rising male-female equality, increased adoption of technologically advanced devices, high concentration of the major hospitals, health insurance coverage and rising awareness about increasing population drives the market growth in this region.
It is estimated that Europe stood second in the global vasectomy market. Growing pharmaceutical and healthcare sector and increasing health care activities are driving the growth of this market in Europe. Germany and France are leading countries in vasectomy market due to rapid adoption of technologically advanced devices.
Asia Pacific was projected to be the fastest growing region for the global vasectomy market. Key factors such as growing population, increase need for birth control, and growing population control awareness programs influences the market in this region. According to the United Nations, India has a population of 1.26 billion in 2018 and with such growth rate, India will be the most populated country by 2028. Hence the need of birth control in this region will boost the market growth.
The Middle East and Africa holds a least share in the global vasectomy market due to presence of strict government rules and poor social development. However, increasing healthcare investment in countries like Saudi Arabia and the UAE by major market players in this region can boost the market growth in this region. The African region is expected to observe a poor growth due to poor economic and stringent political conditions, and improper healthcare development.
The key the players in the global Vasectomy are Femcare-Nikomed Limited pfizer, Inc., Abbott, Vasectomy Depot, GlaxoSmithKline plc, Sanofi S.A., Millennium Surgical Corp, Novartis AG, Bayer AG, Bristol Myers Squibb Company, Eli Lilly and Company, Inc., Accurate Surgical & Scientific Instruments Corporation, Sklar Surgical Instruments, Advanced Meditech International and others.
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