by 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 surgical device used to perform transurethral resection of the prostate (TURP). It comprises of insulated sheath containing a cutting loop or electrode, which generates plasma to resect prostate tissue utilizing electrosurgery. The device offers advantages such as improved precision, enhanced coagulation, and reduced procedure time compared to conventional resectoscopes. Growing prevalence of benign prostatic hyperplasia (BPH) and prostate cancer is expected to drive the demand for plasma resectoscope procedures. According to American Urological Association, nearly 50% of men in their sixties experience symptoms of BPH. This high prevalence of urological conditions is anticipated to propel the plasma resectoscope market growth over the forecast period.
Market key trends:
Technological advancements in plasma surgical devices is one of the key trends witnessed in the market. Manufacturers are focusing on developing next-generation plasma resectoscopes integrated with advanced features such as irrigation channels, video cameras, and lighting systems for enhanced visualization during surgeries. Growing preference for minimally invasive procedures is another trend favoring market expansion. Plasma resection using resectoscopes is a minimally invasive alternative to traditional surgery for urological conditions. Favorable reimbursement scenario for plasma resectoscope procedures in developed regions also supports the market growth.
Porter’s Analysis
Threat of new entrants: Low capital requirements and lack of economies of scale poses a low threat of new entrants in this market.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and price sensitivity of products.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes and differentiation in products.
Threat of new substitutes: Threat of new substitutes is low as minimally invasive procedures offer several advantages over traditional open surgeries.
Competitive rivalry: High due to presence of major global players and differentiation in product offerings.
Key Takeaways
The Global Plasma Resectoscope Market Growth is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing adoption of minimally invasive surgical procedures.
The North America plasma resectoscope market is expected to dominate the global market during the forecast period owing to increasing technological advancements and rising geriatric population in the region prone to urological diseases. The Asia Pacific region is anticipated to exhibit the fastest growth rate over the forecast period due to growing healthcare expenditure and increasing medical tourism in the region.
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. Olympus Corporation leads the plasma resectoscope market with wide product offerings and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
