The plasma resectoscope market has witnessed significant growth owing to growing incidences of urology disorders such as benign prostatic hyperplasia (BPH) and prostate cancer. Plasma resectoscope surgery allows surgeons to treat blocked urine flow and recurrent prostate issues effectively using electrosurgical loops powered by radiofrequency. The device utilizes a high-frequency electrical current to cut and coagulate prostate tissue. It aids in removing prostate tissue safely and conveniently. Plasma resectoscope surgery is a minimally invasive procedure that reduces the recovery time as compared to open surgery. Increasing preference for minimally invasive surgical methods and growing geriatric population being prone to prostate issues are some key factors driving the adoption of 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 Karl Storz GmbH & Co. KG, Richard Wolf GmbH, Seemann Technologies GmbH, Maxer Endoscopy GmbH, and Smith & Nephew plc. Key players such as Richard Wolf GmbH provide advanced plasma resectoscopes such as CEROR Surgical Cone Resectoscope with integrated electrodes. This ensures efficient bleeding control and a clear visual field during prostate resection.
The growing demand for minimally invasive surgical methods is driving the adoption of plasma resectoscopes. According to a study published in the Urology Times journal, over 90% of surgeons opted for minimally invasive procedures for benign prostate hyperplasia treatment in 2020. Significant growth in geriatric population suffering from prostate disorders is fueling the demand.
Technological advancements such as improved visualization systems, efficient electrode design, and new surgical techniques are supporting the market growth. For instance, CEROR Surgical Cone Resectoscope by Richard Wolf GmbH provides 4K imaging for enhanced visualization during complex procedures.
Market Trends
Increasing preference for robot-assisted surgeries - Major players are focusing on developing robot-assisted plasma resectoscopes to enable precise and accurate procedures. Intuitive Surgical received FDA clearance for the use of da Vinci Surgical System for partial nephrectomy surgeries using plasma resectoscopes.
Rise of reusable resectoscopes - Reusable plasma resectoscopes are gaining traction due to benefits such as reduced medical waste and cost-efficacy over single-use devices. Major players have received regulatory approvals for reusable versions to support sustainable healthcare goals.
Market Opportunities
Growing demand in emerging markets - Emerging countries in Asia Pacific and Latin America show high potential for Global Plasma Resectoscope Market Size due to increasing healthcare infrastructure and coverage. Local players can leverage this opportunity through tie-ups or setting up local manufacturing.
Adoption in other urological procedures - Plasma resectoscope technology holds potential in procedures such as bladder neck incision, transurethral resection of bladder tumors, and endometrial ablation. Further applications can support market revenue growth over the forecast period.
Impact of COVID-19 on Plasma Resectoscope Market Growth
The COVID-19 pandemic has significantly impacted the growth of the plasma resectoscope market. During the initial months of the pandemic, most elective surgeries and non-emergency procedures were postponed or cancelled to focus healthcare resources on COVID-19 patients. This led to a sharp decline in demand for plasma resectoscopes from the first quarter of 2020. However, as lockdowns eased from mid-2020, the deferred surgeries resumed gradually with implementation of stringent safety protocols. This helped the market revert to a recovery path. Despite the initial setback, the market is estimated to grow at a CAGR of 9.5% during the forecast period on the back of rising geriatric population, growing incidence of urological disorders, and technologically advanced product offerings from key players.
While postponed elective procedures impacted short term sales, researchers point out that widespread Covid infections may lead to higher risks of kidney and urinary tract diseases in the long run. This could translate to increased demand for plasma resectoscopes after the pandemic is brought under control. However, future waves of the virus may continue to pose uncertainty for the market. Manufacturers will need to focus on strengthening supply chain resilience and enhancing inventory management to address demand fluctuations. Telehealth adoption may also help sustain business continuity amid regional lockdowns.
Regions with highest Plasma Resectoscope market value concentration
North America currently dominates the global plasma resectoscope market in terms of value, accounting for over 35% share. This is attributed to well-established healthcare infrastructure, heavy burden of urological diseases, and early product adoption. Europe has been the second largest regional market owing to supportive government funding for surgical technology development. However, Asia Pacific is projected as the fastest growing region during the forecast period due to rising medical tourism, healthcare spending from expanding middle class, and increasing patient awareness about novel therapies. China, India and South Korea will be the major revenue contributors to the Asia Pacific market.
Fastest growing region for Plasma Resectoscope market
Asia Pacific is forecasted to be the fastest growing region for the plasma resectoscope market during the period of 2024 to 2030. This growth can be attributed to factors such as rising geriatric population, increasing prevalence of urological disorders, growing medical tourism, expansion of private healthcare sector and favorable government initiatives to modernize healthcare systems across major countries like India and China. In addition, growing awareness about minimally invasive surgeries and continuous launch of innovative products by market players also contribute to high demand growth in Asia Pacific. With strong economic development and emergence of middle class, healthcare spending in Asia is expected to increase substantially over the coming years, further propelling the plasma resectoscope market.
Get more insights on- Plasma Resectoscopes Market
