July 15, 2024
Electrosurgical Devices Market

Growing Adoption of Advanced Technologies to Boost the Growth of the Electrosurgical Devices Market

The global Electrosurgical Devices Market is estimated to be valued at US$ 7361.08 Mn or Bn 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 medical devices that utilize electric current to cut, coagulate, desiccate, and fulgurate tissue. They are commonly used in surgical procedures such as general surgery, gynecological surgery, urological surgery, arthroscopic surgery, ophthalmic surgery, cardiovascular surgery, and cosmetic surgeries. Electrosurgical devices provide cauterization of vessels and control of bleeding during surgeries. They are used to cut, dissect, and coagulate soft tissues with minimal blood loss or damage to surrounding tissues. These devices offer advantages such as minimal scarring, reduced post-operative pain and recovery time, and precision during surgeries.

Market key trends:

One of the key trends in the electrosurgical devices market is the adoption of advanced technologies such as robotics, artificial intelligence, and Big Data analytics in electrosurgery. Several market players are focusing on developing advanced electrosurgical products integrated with advanced technologies. For instance, in July 2020, Medtronic launched a newly upgraded version of its surgical robot called Hugo RAS and showed how it can be used with a laparoscopic camera by Medtronic and electrosurgical instruments. Similarly, Bovie Medical Corporation is developing electrosurgical devices integrated with robotics and AI capabilities. Such advanced electrosurgical devices are expected to offer benefits like increased precision, reduced risk of human errors, and improved surgical outcomes. This rising focus on technological advancements in electrosurgery is expected to drive the demand for electrosurgical devices over the forecast period.

Porter’s Analysis

Threat of new entrants: The electrosurgical devices market requires intense investments in R&D and safety compliance requirements pose high entry barriers for new players.
Bargaining power of buyers: Due to the availability of alternative surgical procedures, bargaining power of buyers is moderate.
Bargaining power of suppliers: Presence of many suppliers in this market weakens their bargaining power over margins.
Threat of new substitutes: Alternate modalities like laser-based surgeries pose some threat, but electrosurgical devices have cost advantages over substitutes.
Competitive rivalry: Major players compete based on product innovation in areas like bipolar/monopolar technologies and minimally invasive procedures.

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 preference for minimally invasive surgeries.

Regional analysis: North America dominated the market and is estimated to continue its dominance over the forecast period, due to large patient population undergoing surgeries and technological advancements in healthcare. Asia Pacific is anticipated to witness the fastest growth rate, owing to rising medical tourism, growing healthcare spending and increasing adoption of advanced surgical technologies.

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 players are focusing on new product launches in minimally invasive modalities which include both reusable and disposable electrosurgical devices.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it