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Electrosurgical devices are widely utilized for both minimally invasive as well as open surgeries across numerous clinical domains such as orthopedic, neurology, gynecology, cardiovascular, dermatology, urology, and ENT. Electrosurgical devices offer significant advantages over conventional scalpels including minimal blood loss, reduced risk of infection, reduced scarring, and faster healing time. The growing preference for minimally invasive surgeries using electrosurgical devices owing to their numerous clinical benefits is driving the growth of the global electrosurgical devices market.
The global electrosurgical devices market is estimated to be valued at US$ 6,892.4 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 key trends: One of the key trends in the electrosurgical devices market is the growing popularity of bipolar electrosurgical devices. Bipolar electrosurgical devices offer advantages such as reduced risk of accidental burns to the patient, highly focused energy delivery, and minimizing collateral tissue damage. Various players in the market are focusing on developing advanced bipolar devices with improved safety and efficacy. For instance, Medtronic launched the LigaSure Precise Blunt Tip vessel sealing device in 2022 which features advanced bipolar technology for highly accurate sealing and cutting of vessels up to 7mm in diameter. Advancements in minimally invasive electrosurgery techniques are another major trend. Companies are developing electrosurgical generators integrated with advanced energy platforms and state-of-the-art visualization systems to optimize surgical outcomes in minimally invasive procedures. Growing demand for multi-functional electrosurgical devices with capabilities such as cutting, coagulation, and ablation using advanced electrosurgical technologies will continue to present significant growth opportunities.
Porter’s Analysis
Threat of new entrants: The high costs of R&D, production, marketing, and distribution required to compete in the electrosurgical devices market pose barriers to entry for new companies.
Bargaining power of buyers: Individual healthcare providers and facilities have limited bargaining power due to the specialized nature of electrosurgical devices and the bargaining power of larger group purchasing organizations.
Bargaining power of suppliers: A few major companies dominate the supply of key components and technologies for electrosurgical devices, giving them significant bargaining power over OEMs.
Threat of new substitutes: There is a moderate threat of substitution from alternative energy-based surgical technologies; however, electrosurgery remains very cost-effective for many routine procedures.
Competitive rivalry: The global electrosurgical devices market is highly competitive due to the presence of numerous large and small players. Companies compete based on product features, brand recognition, and price.
Key Takeaways
The global electrosurgical devices market is expected to witness high growth. North America currently dominates the market due to the high volume of surgical procedures performed in countries like the US. However, Asia Pacific is expected to grow at the fastest pace during the forecast period due to rapidly improving healthcare infrastructure and increasing medical tourism in countries like China, India, and Indonesia.
Regional analysis
North America holds the largest share of the electrosurgical devices market owing to improved healthcare infrastructure, high adoption of advanced medical technologies, and the rise in chronic diseases. However, Asia Pacific is anticipated to grow at the highest CAGR during the forecast period due to increasing awareness regarding minimally invasive surgeries, continuously developing economic conditions, and rising healthcare expenditure.
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 players are focusing on new product launches and geographic expansion to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
