by Plasma resectoscopes utilize an electrode loop that cuts tissue with the help of an electrosurgical current. Compared to conventional resectoscopes which utilize mono-polar electric current, plasma resectoscopes use bipolar current that provides improved visualization and control during surgery while minimizing the risk of complications. The growing prevalence of Benign Prostatic Hyperplasia (BPH) and the increasing adoption of minimally invasive surgeries are majorly fueling the demand for plasma resectoscopes.
The Global Plasma Resectoscope Market is estimated to be valued at US$ 349.64 Bn in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the plasma resectoscope market are Tarmac, Delta Sand & Gravel Co., LafargeHolcim Ltd., Aggregate Industries Management, Inc., CEMEX, Vulcan Materials Company, CESPA, Green Stone Materials, CRH Plc., and Heidelberg Cement AG.
The market provides significant growth opportunities owing to the rising geriatric population suffering from BPH and prostatic diseases. Furthermore, favorable reimbursement policies and growing healthcare expenditure in emerging nations are supporting the adoption of minimally invasive surgeries using plasma resectoscopes.
Technological advancements such as the development of high-definition cameras, improved visualization systems, and reusable bipolar and monopolar electrodes are aiding surgeons in performing complex transurethral resection of the prostate procedures with precision. This is positively influencing the plasma resectoscope market growth.
Market Drivers
The growing prevalence of BPH owing to increasing lifestyle changes and rising geriatric population globally is a key factor driving the plasma resectoscope market. As per estimates, nearly 50% of men aged between 51-60 years and over 80% of men older than 80 years are affected by BPH. Moreover, the increasing awareness about minimally invasive surgeries and their benefits such as reduced complications, quick recovery, and fewer scars is boosting the adoption of plasma resectoscopes.
Current Challenges in Plasma Resectoscope Market:
The Global Plasma Resectoscope Market Size is facing various challenges currently which can inhibit its growth potential. The market participants have to overcome issues like lack of skilled surgeons, rising cost of treatments, and inadequate reimbursement policies across various regions. As plasma resection procedures require specialized training, there is dearth of trained professionals in developing nations. This poses accessibility challenges for patients living in remote areas. High procedure costs put financial burden on patients. Additionally, private and public health insurers provide limited or no coverage for such treatments in many countries.
SWOT Analysis
Strength: Precision and control over plasma resection allows minimizing collateral thermal damage to surrounding tissues. Plasma technology provides improved visualization during procedures.
Weakness: Plasma resection instruments are expensive compared to other modalities. Learning curve for surgeons is significant which hampers early adoption.
Opportunity: Rising geriatric population prone to issues like BPH expands patient base. Growing healthcare investments in emerging nations present new revenue avenues.
Threats: Threat from alternative treatment options like laser therapies, robotic and mechanical resection instruments. Economic slowdowns can dampen healthcare spending affecting market growth.
Geographical Regions of Concentration
North America currently holds the largest share of the plasma resectoscope market owing to growing BPH patient numbers, high healthcare spending, and availability of advanced treatments. The US accounts for the major revenue in the region.
Fastest Growing Geographical Region
The Asia Pacific region is poised to witness the fastest growth during the forecast period attributed to improving access to healthcare in developing countries, rising medical tourism, and expanding geriatric population susceptible to urogenital problems. Increasing investments by public and private players to strengthen local healthcare infrastructure will further support the market expansion.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
