Plasma Resectoscope Is Estimated To Witness High Growth Owing To Growing Prevalence Of Prostate Conditions
Plasma Resectoscope market |
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.
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.
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