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Electrosurgical devices are essential medical instruments used for surgical procedures such as open surgery, minimally invasive surgery, and robotic surgeries. These devices utilize high-frequency electrical currents to cut, coagulate, desiccate, and fulgurate tissues. Some key advantages of electrosurgical devices include accuracy, precision, reduced blood loss, and minimized tissue damage. With the rising prevalence of chronic diseases and growing geriatric population undergoing various surgical procedures, the demand for electrosurgical devices is increasing substantially. The Global Electrosurgical Devices Market is estimated to be valued at US$ 6,892.4 Mn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030.
Key Takeaways
Key players: 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.
Key opportunities: Technological advancements focusing on developing next-generation electrosurgical devices with enhanced features like improved precision and versatility are expected to create fresh opportunities for market players. In addition, rising medical tourism in developing nations will boost market growth opportunities.
Technological advancements: Technological advancements like bipolar electrosurgical devices and advanced energy platforms like plasma surgery and laser-induced thermal therapy are gaining traction. These developments enhance safety, precision, and procedural effectiveness of electrosurgical procedures.
Market drivers: The key drivers propelling the electrosurgical devices market growth are increasing incidence of chronic diseases, rising geriatric population undergoing various surgeries, and growing adoption of minimally invasive surgeries among patients and surgeons. In addition, favorable reimbursement policies and increasing medical expenditure is fueling the demand for electrosurgical devices worldwide.
Current challenges in the Electrosurgical Devices Market
The electrosurgical devices market is witnessing various technological advancements in order to increase efficiency and reduce complications associated with surgeries. However, it still faces challenges like lack of adequate reimbursement policies in developing nations and high costs associated with electrosurgical procedures. Additionally, insufficient training to operate complex electrosurgical units and lack of skilled medical professionals pose major hurdles in the growth of this market.
SWOT Analysis
Strength: Electrosurgical devices offer benefits like reduced blood loss, less scarring and decreased risk of surgical site infections. They also help in faster recovery.
Weakness: Safety issues related to burns, leaks and electrical malfunctions are a major concern. High costs of electrosurgical generators also limit widespread adoption.
Opportunity: Growing demand for minimally invasive surgeries across developing nations provides major opportunities. Development of advanced bipolar devices with enhanced safety also presents scope for market growth.
Threats: Stringent regulatory frameworks and recalls due to device failures can negatively impact revenues. Delay in new product launches also threatens market position of existing players.
Geographical regions with major market share
North America currently dominates the electrosurgical devices market and accounts for around 40% of the global market share in terms of value. This is attributed to factors like well-developed healthcare infrastructure, rising surgical volume and growing prevalence of chronic conditions in the US and Canada.
Fastest growing region
The Asia Pacific region is poised to be the fastest growing market for electrosurgical devices during the forecast period. This impressive growth can be accredited to increasing healthcare spending, huge patient population, rising medical tourism and growing demand for advanced surgical treatments in emerging countries like China and India.
