The Indian healthcare industry has been witnessing significant growth over the past few years owing to factors such as rising per capita income, increasing healthcare expenditure, growing geriatric population, and rising prevalence of chronic diseases. Electrosurgical devices play a crucial role in various surgical procedures such as general surgery, gynecology, urology, orthopedics, cosmetic surgery, and others. Electrosurgical devices utilize high-frequency alternating current delivered through an active electrode to cut through tissue through desiccation and fulguration. These devices offer numerous advantages including minimal blood loss, reduced risk of surgical site infections, improved visualization due to minimal smoke generation, and faster healing time.
The global India Electrosurgical Devices Market is estimated to be valued at US$ 264.91 Mn in 2023 and is expected to exhibit a CAGR of 2.4% over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends gaining traction in the India electrosurgical devices market is the rising adoption of bipolar electrosurgical devices. Bipolar electrosurgical devices utilize two electrodes—one for the current entry point and other for exit—to seal and cut tissue. Bipolar devices offer certain advantages over monopolar devices such as minimal electrical current dispersion through body, reduced risk of alternate site burns, and improved precision during surgical procedures. Furthermore, these devices are safer alternatives to monopolar electrosurgical devices in minimally invasive surgeries. As the demand for minimally invasive surgeries rises in India driven by advantages such as reduced hospital stays, lower risk of surgical site infections, and quick recovery times, the demand for advanced bipolar electrosurgical devices is also expected to increase in the country during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the India electrosurgical devices market is moderate. The existing key players dominate the market. Significant financial resources and well developed distribution networks are also required to compete effectively.
Bargaining power of buyers: The bargaining power of buyers in the India electrosurgical devices market is moderate. The presence of both international and domestic brands provides buyers options. However, the need for quality electrosurgical devices increases their dependence on suppliers.
Bargaining power of suppliers: The bargaining power of suppliers in the India electrosurgical devices market is low to moderate. The presence of a large number of component suppliers reduces the ability of buyers to increase prices. However, proprietary technologies development increases their power.
Threat of new substitutes: The threat of new substitutes in the India electrosurgical devices market is low. No cost-effective substitutes provide the same functionalities as electrosurgical devices. However, advances in minimally invasive surgeries pose a moderate threat.
Competitive rivalry: The competitive rivalry in the India electrosurgical devices market is high due to presence of numerous global and domestic players. Manufacturers compete on the basis of product quality, innovation, reliability, and price.
Key Takeaways
The India Electrosurgical Devices Market Growth is expected to witness high due to increasing surgical procedures, rising healthcare expenditure, and growing medical tourism. The global India electrosurgical devices market is estimated to be valued at US$ 264.91 Mn in 2023 and is expected to exhibit a CAGR of 2.4% over the forecast period 2023 to 2031.
North India dominates the market currently due to availability of advanced healthcare facilities in states like Delhi and Punjab. However, South India is expected to be the fastest growing regional market owing to improving healthcare infrastructure and initiatives by governments.
Key players operating in the India Electrosurgical Devices market are First Care Products, TyTek Group., PerSys Medical, IBC, H&H Medical Corporation and others. These players compete on the basis of product quality, technology, reliability and price. They are focusing on new product launches, geographical expansion and mergers & acquisitions to strengthen their market position. For instance, in 2021, PerSys Medical launched Thor 177, a new line of electrosurgical generator devices with advanced safety and performance features.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
