by Plasma resectoscopes utilize an ionized gas (plasma) to dissect and remove prostate tissue performing transurethral resection of the prostate (TURP). This allows for minimally invasive treatment of BPH, improving symptoms and increasing urine flow rates. The plasma resectoscope allows for precise and controlled cutting of prostate tissue with improved visualization and bleeding control during the TURP procedure.
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. These players are focusing on developing advanced plasma resectoscopes with improved visualization systems, fluid management capabilities and versatile bipolar and monopolar options.
The rising geriatric population suffering from BPH presents significant growth opportunities for players in the plasma resectoscope market. Players are investing in creating awareness programs regarding minimally-invasive TURP procedures and advantages of plasma technology. This is expected to drive the adoption of plasma resectoscopes over the forecast period.
North America and Europe hold major shares of the Global Plasma Resectoscope Market Size as of now owing to high awareness regarding BPH treatments and developed healthcare infrastructure. However, rising healthcare spending and increasing focus on procedural urology in Asia Pacific and Latin America are expected to drive robust expansion of the plasma resectoscope market in these regions over the forecast period.
Market drivers
The key driver for the growth of the plasma resectoscope market is the rising geriatric population globally which is more prone to develop benign prostatic hyperplasia. According to the National Institute of Aging, the population of people aged 65 years or older is projected to double from 52 million in 2018 to around 95 million by 2060 in the United States alone. This substantial rise in the geriatric population base suffering from BPH will propel the demand for effective minimally-invasive treatment options like TURP procedures performed using plasma resectoscopes over the coming years.
PEST Analysis
Political: The plasma resectoscope market is governed by various regulations and standards set by regulatory authorities such as the FDA in the US and EU. These regulate the safety, efficacy and quality of plasma resectoscope devices.
Economic: Rising healthcare expenditures and increasing demand for minimally invasive surgeries are some of the key factors driving growth in the plasma resectoscope market.
Social: Advancements in medical technologies and increasing awareness about urological conditions has increased the demand for effective treatment options such as transurethral resection of the prostate using plasma resectoscopes.
Technological: Innovations in plasma resection techniques and the development of new generations of plasma resectoscopes with improved efficacy, precision and safety features are expected to support market growth over the forecast period.
Geographical regions with high market concentration
North America represents the largest market for plasma resectoscope globally in terms of value, owing to the high rates of urological disorders, favourable reimbursement policies, technological advancements and presence of key market players in the region. Europe is the second largest market followed by Asia Pacific.
Fastest growing region
The market in Asia Pacific region is expected to grow at the fastest rate during the forecast period. This can be attributed to factors such as rising geriatric population, increasing healthcare spending, growing awareness about urological conditions and expanding healthcare infrastructure in emerging countries of the region.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
