Global Vasectomy Market - Overview
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 continues 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. Types of vasectomy include: conventional vasectomy, Fascial interposition, No-needle anesthesia, No-scalpel vasectomy, Open-ended vasectomy, Vas irrigation, Vas occlusion techniques and others. Vasectomy is a highly effective procedure to control birth and only 1 or 2 cases fail in 1000. Vasectomy reversal is also carried out if a patient regrets after a vasectomy procedure. If the Vasectomy reversal is carried out within 10 years of vasectomy the reversal success rate is 55% whereas if it is carried out after 10 years the success rate may be around 25%.
Furthermore, the global vasectomy market is likely to grow at a 7.4% CAGR between 2023 and 2032, reaching USD 27.46 billion. 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.
Global Vasectomy Market - Competitive Analysis
There are various 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 research 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.
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