Boston Scientific’s Rezum Product. Retrieved From: https://www.bostonscientific.com/en-US/products/lithotripsy/rezum-water-vapor-therapy.html
iData Research recently completed a detailed SKU-level analysis on the U.S. market for single-use urology devices. The analysis includes an overview of the companies and products for the following segments: benign prostate hyperplasia (BPH) treatment devices, male incontinence devices, urethral bulking injection devices, erectile restoration devices, single-use ureteroscopes, laser fiber devices, and stone management devices. In addition, our analysis includes revenue, units sold, revenue share, unit share, and average selling prices (ASPs). Because over 20 companies are included in the urological devices SKU analysis, we decided to narrow in on one specific segment – BPH treatment devices.
MARKET OVERVIEW
Overall, the analysis of the BPH treatment devices market revealed a remarkable achievement, with the combined revenue of the four competing companies (included in our analysis) surpassing $106 million by the close of the fourth quarter in 2022. This marked an unprecedented pinnacle for the market, contrasting with its earlier oscillation between $80 million and $90 million throughout 2021 and early 2022. Notably, three out of the four companies examined exhibited substantial upswings in their revenue, thereby instilling a robust momentum within the market. Pertaining to average selling prices (ASPs), each product scrutinized in the analysis demonstrated price escalations from Q3 ’22 to Q4 ’22. Fortunately, this strategic pricing adjustment proved its mettle as the ensuing revenue surge amounted to an impressive increment from Q3 ’22 to Q4 ’22.
BPH Treatment Devices: BRAND ANALYSIS
iData’s analysis covers 6 brands offered by 4 different companies in the BPH treatment devices market. Because of this, we chose to focus on all of the competing companies and brands for the analysis including: Boston Scientific, Olympus, Procept, and Teleflex.
Boston Scientific
In our analysis focused on the United States, we delved into Boston Scientific’s Rezum BPH treatment device. Described by the company as a tool that administers precise, controlled amounts of stored thermal energy in the form of water vapor directly to the prostate gland area, Rezum held an unrivaled standing in the market. Boston Scientific commanded a dominant role in the laser BPH sector and enjoyed a near-monopoly in the Rezum® market throughout 2021. While the company moderately raised the Average Selling Price (ASP) of the Rezum device in Q3 ’22, a decision was made to implement a more substantial ASP increase in Q4 ’22. However, these ASP hikes did not yield significant alterations in the generated revenue. Curiously, following the initial ASP augmentation, the revenue actually declined, stabilizing after the subsequent increase.
Olympus
In the domain of BPH treatment devices, we focused on a prominent offering from Olympus: iTind. Olympus characterizes iTind as “a nitinol device temporarily implanted, providing swift relief from BPH symptoms through minimally invasive means.” (1) Notably, there was a sharp decline in revenue during Q2 ’22. However, Olympus managed to rebound from this setback and achieved its highest quarterly revenue during Q4 ’22. During the second quarter of 2022, Olympus implemented a modest increase in the Average Selling Price (ASP), potentially influencing the overall revenue for that period. Contrastingly, in Q4 ’22, the company introduced a more substantial ASP increase that proved fruitful, resulting in an impressive surge in revenue.
Procept
Moving on, we turn to the analysis of a BPH treatment device featured in our MedSKU lineup: AquaBeam by Procept. Procept characterizes AquaBeam as “The pioneering heat-free robotic therapy guided by imagery, exclusively designed to address lower urinary tract symptoms (LUTS) arising from benign prostatic hyperplasia (BPH).” (2) AquaBeam has adopted a strategic approach of maintaining consistent Average Selling Prices (ASPs) throughout the entirety of 2022, with only a slight deviation below the average in Q1 ’22. This approach, combined with other contributing factors, played a pivotal role in facilitating a remarkable surge in the company’s revenue. Remarkably, each quarter witnessed noteworthy increments in revenue, with Q4 ’22 standing out as a particularly impressive period of revenue generation.
Teleflex
Lastly, Teleflex emerges as a key contender, presenting a trio of distinct products: UroLift, UroLift 2, and UroLift ATC. Each of these offerings, as described by Teleflex, encapsulates minimally invasive procedures tailored to alleviate symptoms stemming from an enlarged prostate. A noteworthy point of differentiation lies in the UroLift® 2 System, representing the evolution of the minimally invasive Prostatic Urethral Lift procedure, while the UroLift® Advanced Tissue Control (ATC) System presents an adapted iteration of the UroLift® System. Teleflex executed sporadic and marginal ASP increases across all three products, with the most substantial elevation occurring in Q3 ’22 for the UroLift product. Over the course of 2022, both the UroLift and UroLift ATC experienced gradual revenue augmentation. However, the UroLift product encountered a sharp decline in revenue subsequent to the ASP hike implemented in Q2 ’22.
BPH Treatment Devices: WHICH BRAND LEADS?
(Based on revenue, revenue share, and units sold in Q4 ’22)
In the grand scheme, Teleflex achieved a commanding feat by attaining the highest revenue, the most substantial revenue share, and the greatest number of units sold during Q4 ’22. UroLift 2, in particular, emerged as Teleflex’s star performer. Remarkably, in the sole span of Q4 ’22, this product achieved sales exceeding 62,000 units, translating to a revenue of over $61 million. To lend this accomplishment more weight, the second-highest revenue-generating product during Q4 ’22 contributed merely $19 million. Notably, Teleflex strategically positioned its UroLift 2 product with a lower Average Selling Price (ASP) compared to most other products featured in the MedSKU analysis. This astute pricing strategy likely contributed to the resounding success UroLift 2 achieved.
Anticipation builds as we eagerly await UroLift 2’s performance in 2023, curious to witness whether any competing products will manage to surpass its stellar achievements and claim the title for next year.
WANT TO LEARN MORE ABOUT MEDSKU?
MedSKU (™) is an accurate brand-level custom solution from iData. MedSKU provides a level of detail for a go-to strategy of medical device companies of any size. The analysis of single-use urological devices is one of many studies that provide up-to-date data and trends on the ASPs, units sold, unit share, revenue, and revenue shares of the top-performing products in the U.S.
References:
- https://medical.olympusamerica.com/products/itind
- https://www.procept-biorobotics.com/aquabeam-surgical-robotic-system/
