Stingray devices are electrosurgical equipment used in surgical procedures to cut, coagulate, desiccate and fulgurate tissues. These devices offer various advantages over traditional surgical knives such as precision cutting, reduced blood loss and controlled coagulation. With growing prevalence of chronic diseases and rising geriatric population worldwide, the demand for minimally invasive surgical procedures has increased significantly. This has propelled the adoption of stingray electrosurgical devices among healthcare facilities.
The global stingray device market is estimated to be valued at US$ 180.87 Mn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the stingray device market: Key players operating in the stingray device market include Eli Lilly and Company, Novo Nordisk, Sanofi, Merck & Co., Bristol Myers Squibb, AstraZeneca, Boehringer Ingelheim, Johnson & Johnson and Takeda Pharmaceutical. These established players dominate the market owing to their robust product portfolios and global distribution networks.
Growing demand: Rising prevalence of various lifestyle diseases such as diabetes, cardiovascular diseases and cancer has increased the demand for minimally invasive surgical procedures worldwide. This is a major factor driving the demand for stingray electrosurgical devices globally. Rapid technological advancements have also enabled stingray devices to be used for advanced surgical applications across various clinical specialties.
Global expansion: Key manufacturers are focusing on expanding their presence in emerging Asian, Latin American and Eastern European markets where healthcare infrastructure is developing rapidly. In addition to direct sales forces, companies are utilizing distribution partnerships to cater to the growing needs in international markets. Several private equity firms have also invested in stingray device companies to tap the high-growth opportunities in global markets.
Market key trends
Development of multi-functional devices: Technology leaders are innovating Stingray Device Market Demand with additional functions such as ultrasonic cutting, vessel sealing and advanced coagulation modes. Combination devices that offer synergistic effects have gained popularity as they enhance surgical efficiency and flexibility. This trend is expected to continue with further incorporation of robotics and artificial intelligence capabilities in the future.
Increased adoption in ambulatory surgical centers: The rise of ambulatory surgical centers has aided the adoption of stingray electrosurgical devices due to their utility in short, focused procedures. These centers offer favorable reimbursement scenarios and reduce burden on hospitals. This has encouraged more clinicians to incorporate stingray devices in day-care settings for common surgical specialties.
Porter’s Analysis
Threat of new entrants: New entrants face significant investment requirements and developing competencies to compete effectively with established players.
Bargaining power of buyers: There is moderate bargaining power of buyers as there exist few alternative options in the market.
Bargaining power of suppliers: There is moderate bargaining power of suppliers due to the presence of numerous raw material suppliers for this market.
Threat of new substitutes: There is low threat of substitutes as stingray devices are highly specialized medical devices with limited substitution possibility.
Competitive rivalry: The competitive rivalry is intense as many players cater to similar customer needs and are engaged in competitive pricing strategies.
Geographical Regions
North America dominates the global stingray device market by accounting for around 40% of the total market value in 2024, owing to large patient population suffering from chronic diseases and increasing product adoption. Asia Pacific represents the fastest growing regional market and is expected to register a CAGR of over 7% during the forecast period. This high growth can be attributed to rising healthcare spending, growing diabetes population and increasing government support in countries such as China and India.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it