The Global 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 to cut and remove tissue using an electrically heated loop. It allows surgeons to perform standard procedures such as transurethral resection of prostate and bladder tumors with minimal bleeding and tissue damage.
Market key trends:
One of the key trend in the Plasma Resectoscope market is the growing adoption of laparoscopic visualization systems for surgical procedures. Over the past few years, there has been rise in minimally invasive surgeries across the globe owing to benefits such as lesser pain, lower risk of infection, shorter hospital stays and faster recovery time. This has positively impacted the demand for laparoscopes and endoscopic cameras. Manufacturers are focusing on development of advanced plasma resectoscopes integrated with high definition cameras and digital imaging technologies for improved visualization during surgeries. Another key trend is the increasing partnerships between market players for product commercialization and geographic expansion.
Segment Analysis
One of the key trends in the plasma resectoscope market is the growing preference for minimally invasive surgeries. Plasma resectoscopes are being increasingly adopted for minimally invasive procedures like transurethral resection of the prostate (TURP) as they offer advantages like reduced blood loss, less post-operative pain and shorter hospital stay compared to traditional open surgeries. With rising awareness about the benefits of minimally invasive treatments, the demand for plasma resectoscopes is expected to rise substantially.
SWOT Analysis
Strength: Advanced bipolar and unipolar technology for precise resection and hemostasis. Weakness: High costs associated with plasma resectoscopes compared to conventional instruments. Opportunity: Increasing preference for minimally invasive surgeries in developing regions presents significant growth opportunities. Threats: Strong competition from key players and availability of substitutes like Holmium laser resection instruments.
Key Takeaways
The Global Plasma Resectoscope Market Growth size was valued at US$ 303.5 million in 2023. The market is expected to grow at a CAGR of 6.5% during the forecast period. North America dominated the market with over 30% share in 2023 due to advanced healthcare infrastructure and growing geriatric population undergoing surgeries. Europe held the second largest share owing to increasing prevalence of benign prostatic hyperplasia (BPH) in countries like Germany, U.K. and France.
The global market is driven by rising geriatric population susceptible to urological conditions like BPH. According to WHO, the number of people aged 65 years and above is projected to reach 1.5 billion by 2050 up from 703 million in 2019. Asia Pacific is expected to exhibit fastest growth through 2030 with increasing medical tourism and penetration of major players in countries such as China and India.
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., Optimed Medizinische Instrumente GmbH.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it