The Plasma Resectoscope market is estimated to be valued at US$ 303.5 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Plasma resectoscope is a medical device used in endoscopic surgeries. It is used to resect or cut tissues and blood vessels using high-frequency electrical current. Plasma resectoscopes are commonly used in surgeries related to prostate conditions such as benign prostatic hyperplasia (BPH) and prostate cancer. The resectoscope is introduced through the urethra into the prostate gland and uses a combination of electric current and saline solution to cut and remove prostate tissue for relieve symptoms and diagnostic purposes.
Market Dynamics:
Growing prevalence of prostate conditions primarily drives the growth of the plasma resectoscope market. According to the American Cancer Society, prostate cancer is the second most common cancer among men in the United States and one in eight men will be diagnosed with prostate cancer in their lifetime. In addition, BPH affects nearly 50% of men aged above 50 years and up to 90% aged above 80 years. Thus, rising geriatric population is leading to increasing incidences of prostate conditions boosting the demand for plasma resectoscopes. Furthermore, technological advancements integrating advanced features such as irrigation, triangulation light systems, and HD cameras to plasma resectoscopes also support the market growth.
SWOT Analysis
Strength: Plasma Resectoscope allows surgeons to perform surgeries precisely and quickly with minimal thermal damage to surrounding tissues. It offers superior coagulation and simultaneous tissue cutting. The built-in irrigation system ensures clear visibility during procedures.
Weakness: Plasma Resectoscope devices are expensive which increases the overall cost of procedures. The learning curve for operating these advanced devices is relatively steep which requires extensive training for surgeons.
Opportunity: Rising geriatric population globally is increasing the patient pool for urological procedures. Growing awareness about minimally invasive surgeries is driving the adoption of advanced devices like Plasma Resectoscope. Favorable reimbursement policies in developed countries are encouraging the utilization of such technologies.
Threats: Stringent regulatory approvals and quality standards set by regulatory bodies increase the entry barriers for new players. Cost containment efforts by various governments to reduce healthcare expenditures can negatively impact the market growth.
Key Takeaways
The Global Plasma Resectoscope Market Growth is expected to witness high exhibiting a CAGR of 6.5% over the forecast period, due to increasing demand for minimally invasive surgeries.
Regional analysis
North America is expected to dominate the global Plasma Resectoscope market over the forecast period owing to growing geriatric population, rising prevalence of urological diseases, and strong presence of key players in the region. The Asia Pacific region is anticipated to exhibit the fastest growth rate fueled by improving healthcare infrastructure, increasing medical tourism, and rising healthcare spending.
Key players
Key players operating in the Plasma Resectoscope market are Olympus Corporation, KARL STORZ SE & Co. KG, Richard Wolf GmbH, Stryker Corporation, Medtronic plc, Ethicon (Johnson & Johnson), Braun Melsungen AG, Boston Scientific Corporation, Cook Medical, ROCAMED, Maxer Endoscopy GmbH, Vimex Endoscopy, PENTAX Medical (HOYA Corporation), Hunan Handlike Minimally Invasive Surgery Co., Ltd., and Optimed Medizinische Instrumente GmbH.