Global Electrosurgical Devices Market: Snapshot
With the changing face of medical field since the last decade, triggered by an immense rise in technological advancements and rising healthcare expenditure across the globe, a large number of surgical procedures are making the shift from traditional ways to minimally invasive techniques. This is considered to be one of the key factors to have boosted the global adoption of electrosurgical devices of late. Electrosurgical products such as radiofrequency electrosurgery devices, eletrocautery devices are currently being extensively used for purposes such as cutting, desiccation, ablation, vaporization, and charring of target tissue.
Transparency Market Research estimates that the adoption of these products will continue to rise at a promising pace owing to the rising geriatric population, increasing prevalence of chronic diseases, and the resultant rise in demand for effective surgical procedures. The global market for electrosurgical devices is expected to exhibit a healthy 6.7% CAGR over the period between 2016 and 2024. Owing to this, the market will rise from a valuation of US$4,480.8 mn in 2015 to US$7,963.2 mn by 2024.
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In terms of product, the electrosurgical devices market has been segmented into radiofrequency electrosurgery devices, electrocautery devices, and electrosurgical accessories in the report. The segments of radiofrequency electrosurgery devices and electrocautery devices are further divided in to monopolar devices and bipolar devices.
The segment of radiofrequency electrosurgery devices, which had a valuation of US$923.6 mn in 2015, accounting for a relatively smaller share in the market as compared to the segments of electrocautery devices and electrosurgical accessories in 2015, will exhibit growth at the most promising pace from 2016 through 2024. Transparency Market Research estimates that the segment will expand at a favorable 7% CAGR over the said period, chiefly owing to their rising usage for the treatment of dermatological lesions, both benign and malignant.
On a whole, the segment of electrosurgical accessories is expected to emerge as the most attractive product segment in the electrosurgical devices market in terms of value and revenue contribution, exhibiting the attractiveness index of 1.6 and a 6.9% CAGR from 2016 to 2024. The segment held a dominant share of 53% in the global electrosurgical devices market in 2015 and is expected to maintain its leading stance over the forecast period as well. Technical innovations, new product launch in this field and increasing use of disposable accessories will drive the growth of electrosurgical accessories segment during the forecast period of 2016-2024.
Asia Pacific to Emerge Most Promising Market in Terms of Growth Rate
In terms of geography, North America is presently the most attractive regional market for electrosurgical devices. Several encouraging factors such as the rising number of surgical procedures, rising numbers of mergers and acquisitions, and easy availability of new and innovative product varieties are acting in favor of the electrosurgical devices market in North America. A large base of geriatric and obese population facing cardiac, orthopedic, and many other chronic problems and the rising incidence of cancer are also anticipated to drive the market in this region in the next few years.
The North America market will continue to exercise control over the global market over the forecast period as well, thanks to the high concentration of medical device manufacturers and rising investment aimed at research and development. Nevertheless, North America will lose prominence to Asia Pacific in terms of growth pace from 2016 through 2024.
The market for electrosurgical devices in Asia Pacific is expected to expand at a 7.7% CAGR over the said period. Improved healthcare infrastructure and rising healthcare spending by government are expected to increase adoption of electrosurgical devices in this region. Asia Pacific holds immense potential in the electrosurgical devices market also due to rising population, high unmet medical needs, and rise in health care-related customer expectations due to improved economic conditions.
Key players in this market are as follows Bovie Medical Corporation, Medtronic, B. Braun Melsungen AG, Erbe Elektromedizin GmbH, Boston Scientific Corporation, Olympus, Johnson & Johnson, Symmetry Surgical Inc., CONMED, KLS Martin and BOWA-electronic GmbH & Co. KG.
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