Global Electrosurgical Devices Market: Overview
Developing healthcare infrastructure, rising healthcare expenditure, immense rise in technological advancements, and demand for effective medical procedures are propelling the global market for electrosurgical devices. Electrosurgical procedures are utilized for numerous medical disciplines such as general surgery, abdominal surgery, gastroenterology, gynecology, pneumology, and urology. High unmet demand for minimally invasive surgeries are providing huge opportunities for growth of electrosurgery devices, as they find applications in various important surgical procedures such as thermofusion, devitalization, coagulation, and cutting. Due to factors such as ease of usage, minimal chances of infection, faster recovery time, and low risk to the patient various health organizations are promoting application of electrosurgery over conventional surgical techniques.
It is projected that the global electrosurgical devices market will attain the value of US$7,963.2 mn by the end of 2024 from its valuation of US$4,480.8 mn in 2015. The market is most likely to exhibit a healthy CAGR of 6.7% over the forecast period of 2015-2024.
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The Increasing Use of Disposable Accessories to Expand Electrosurgical Accessories Segment
Based on product type, the global market for electrosurgical devices can be segmented into electrosurgical accessories, electrocautery devices, and radiofrequency electrosurgery devices. The segments of electrocautery devices and radiofrequency electrosurgery can be further bifurcated into bipolar devices and monopolar devices. Among these, the radiofrequency electrosurgery devices segment accounted for US$923.6 mn in 2015, relatively less compared to electrosurgical accessories and electrocautery devices. However, the segment of radiofrequency electrosurgery devices is expected showcase most impressive growth trajectory over the forecast period owing to their increasing applications if the treatment of dermatological lesions. This segment is most likely to expand with a healthy CAGR of 7% over the aforementioned period.
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The electrosurgical accessories segment is also envisioned to provide fruitful opportunities for the market investors. This segment is most likely to project a 6.9% CAGR with attractive index of 1.6 over the period of 2016-2024. This segment held a dominant position in overall market in 2016, contributing over 53% to the global market. The increasing use of disposable accessories, new product arrivals, and innovations carried out by prominent players are some of the factors leading to the expansion of this segment.
North America to Dominate Market Due to Large Base of Geriatric Population
On the basis of geography, the overall market for electrosurgical devices can be segmented into Middle East and Africa, Latin America, Asia Pacific, Europe, and North America. Of these, North America is the most lucrative segment. The large number of product varieties, easy availability of products, rising numbers of mergers and acquisitions, and the increasing number of surgical procedures are helping this region to grow in terms of market revenue. Furthermore, the rising incidence of cancer, increasing obese population facing cardiac and orthopedic chronic problems, and a large base of geriatric population are further propelling the market in this region. The North America market will sustain its dominating position owing to rising investment for research and development programs and the high concentration of medical device manufacturers. However, Asia Pacific is predicted to display highest growth rate during the forthcoming years.
Prominent players operating in this market are leveraging advanced technology to expand their prominence, some of these companies include BOWA-electronic GmbH & Co. KG., KLS Martin, CONMED, Symmetry Surgical Inc., Johnson & Johnson, Olympus, Boston Scientific Corporation, Erbe Elektromedizin GmbH, B. Braun Melsungen AG, Medtronic, and Bovie Medical Corporation.
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