The Electrosurgical Devices Market is estimated to be valued at US$ 7361.08 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Electrosurgical devices are used in medical procedures such as tissue cutting, coagulation, fulguration, and desiccation. These devices utilize high-frequency electric current to cut tissue and control bleeding during surgeries. Key product types include electrosurgical generators, electrodes, and accessories & other consumables. Electrosurgery is commonly used in general surgery, gynecology, urology, arthroscopy, dermatology, and plastic surgery procedures.
Market Dynamics:
One of the major drivers of the Electrosurgical Devices Market is the increase in the number of surgical procedures worldwide. With rising incidences of chronic diseases and traumatic injuries, the demand for minimally invasive surgeries is growing rapidly. This is creating high demand for electrosurgical devices. Additionally, technological advancements are facilitating new product launches. Manufacturers are developing advanced bipolar electrosurgical devices with added safety features, which is expected to further aid the market growth over the forecast period. However, alternative technologies for surgical procedures such as laser surgery and cryotherapy may limit the market growth. Factors such as safety concerns related to electrosurgical devices and availability of substitutes may also hamper the market growth.
Segment Analysis
The global electrosurgical devices market can be segmented into electrosurgical generators, electrosurgical instruments & accessories, and electrosurgical generators. Electrosurgical generators hold the largest market share currently and are dominating the market as they are an integral part of the procedure and are needed along with instruments and accessories. Technological advancements in generators allowing better performance and utilization are driving the segment.
PEST Analysis
Political: Regulations regarding safety of electrosurgery devices are driving innovation. Economic: Growing geriatric population and increasing surgical procedures are fueling market growth. Social: Rising preference for minimally invasive surgeries is a key trend. Technological: Developments like bipolar electrosurgery and advanced energy devices are supporting market expansion.
Key Takeaways
The Global Electrosurgical Devices Market Size is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing number of surgical procedures worldwide. The market size for 2023 is US$ 7361.08 Mn. North America region currently dominates the market attributed to developed healthcare infrastructure and higher surgical volumes in the US and Canada. Key players operating in the electrosurgical devices market are Bovie Medical Corporation, Medtronic Plc, BOWA-Electronic GmbH & Co. KG, KLS Martin, B. Braun Melsungen AG, Conmed, Olympus Corp., Boston Scientific Corporation, Erbe Elektromedizin GmbH, Symmetry Surgical Inc., Encision Inc., Gala Therapeutics, Inc., Apyx Medical Corporation, and Johnson & Johnson Services, Inc. Geographically, North America region currently dominates the market attributed to developed healthcare infrastructure and higher surgical volumes in the US and Canada. The Asia Pacific region is expected to exhibit fastest growth over the forecast period owing to increasing healthcare expenditure and demand for quality healthcare in emerging economies 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
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