good question, easy answer: While they are similar, there are some important differences in detail. A device applies a hard to adjust and permanent force over prolonged time, often many hours. Instant and fine adjustments are possible. Exercises apply a force you can control with your hands, you get direct feedback from you body/penis and you are only doing them for a few minutes with a few repetitions. If you want to open a door, you can use a crowbar or a key, both open the door, while one destroys the lock, the other one doesn’t do any harm. Yes, a slightly odd comparison, but you get the idea.
A study in the Journal Of Urology researching new therapies for erectile dysfunction found that "neovascularisation using vascular growth factors have been demonstrated to be feasible in animal models". So if you inject growth factors into a human penis, it'll grow new tissue and blood vessels and you will end up with a cock the size of a horse (probably).
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The challenge was how to properly extract the tissue and also how to resolve three related problems. For a number of years some plastic surgeons performed “fat grafts” as a technique for penile enhancement. However, such approaches were known to eventually deteriorate into a clumpy, unhealthy form. Additionally, the body tended to reabsorb the bulk of that implanted tissue causing a loss of increased size. Finally, the technique offered no opportunity to increase penile length – a common patient request with augmentation.
Performed on the halfway tumescent penis, jelqing is a manual manipulation of simultaneous squeezing and stroking the shaft from base to corona. Also called "milking", the technique has ancient Arab origins. Despite many anecdotal reports of success, medical evidence is absent. Journalists have dismissed the method as biologically implausible, or even impossible, albeit unlikely to seriously damage the penis. Still, if done excessively or harshly, jelqing could conceivably cause ruptures, scarring, disfigurement, and desensitization.
As previously noted, gaining weight can result in the penis appearing shorter because the base becomes buried in fat. Liposuction may be used to reduce the pubic fat pad to make the penis appear larger . Studies show that suprapubic liposuction is very safe and successful with minor or no complications when it is performed meticulously, and long with improving associated esthetic concerns, it may help improve self-esteem as well .