In-Depth Analysis Of Electrosurgical Devices Market

In-Depth analysis of electrosurgical devices market


Electrosurgical

Electrosurgical instruments are frequently utilized in medical specialties such as general surgery, gastroenterology, gynecology, neurology, cosmetics, cardiology, and urology to reduce bleeding and quickly incise soft tissue during surgery. This is done by creating a high-frequency spark between the surgical site and the probe, which causes the soft tissue to be locally heated and destroyed. Due to the lower risk of infection, quicker recovery time, and lower risk to patients than standard surgical methods, this technique is greatly recommended.

The market for electrosurgical devices was USD 3.18 billion and will reach USD 5.25 billion by 2030, growing at a 5.73% CAGR.

The expansion of the electrosurgical devices market is driven by factors such as an enormous geriatric population, an increase in the rate of chronic diseases, and technological advancements. On the other side, the government’s strict regulatory frameworks for product approval may limit the industry’s growth. However, the market for electrosurgical devices will experience attractive development due to the significant market potential in emerging economies.

Market Dynamics

Drivers

The global market will expand during the projected period due to an increase in the usage of electrosurgical devices due to an increase in minimally invasive operations and different cardiovascular, cancer, and neurological problems. These tools are used in various surgical procedures for conditions like cancer, urology, gynecology, cardiovascular problems, and more.

Cardiovascular disorders now affect more than 500 million people worldwide, up from just under 270 million in 1990. Nearly 18 million people die from cardiovascular disorders each year, making them the leading cause of mortality worldwide. Globally, more than 18 million new cases of cancer are detected yearly, and by 2040, that number is expected to rise to 28 million.

See also  Global Electrosurgical Devices Market Size, Share, Price, Trends, Growth, Analysis, Key Players, Outlook, Report, Forecast 2022-2027

The number of aesthetic surgeries has increased over the last few decades, and more than 23% of those treatments are minimally invasive. The rise in surgeries brought on by an increase in disease prevalence will have a large positive impact on the world market.

Restraints

Factors limiting the market expansion rate are the lack of skilled specialists and the risk associated with the electrosurgical process.

Opportunities

High development potential in underdeveloped markets will provide lucrative growth possibilities for the industry. Furthermore, complex technological equipment with high precision and dependability is required for surgical treatments such as spine surgeries, neurological surgeries, cranial surgical operations, and many others. As a result, these surgeries increase demand and encourage market growth.

Market Segmentation

Product Insights

The market for electrosurgery devices is ruled by the segment of electrosurgical generators based on product. The significant proportion of the electrosurgical generator segment can be attributed to the high utilization volume of both reusable and disposable electrosurgical instruments. Additionally, the market is expanding because of technological advancements in electrosurgical equipment and a rise in the number of plastic and cosmetic treatments.

Application Insights

The general surgery segment held the largest market position in the electrosurgery devices market based on application. The segment’s significant contribution is due to the growing aging population and the consequent rise in the frequency of various disorders, the rising number of surgical procedures, and the rising incidence of obesity.

End Use Insights

The hospital sector held a dominant position in the electrosurgery devices market. It is due to the large number of electrosurgery procedures performed in hospitals, the increasing preference for minimally invasive surgeries, and the expanding adoption of new imaging modalities to improve hospital workflow efficiency.

See also  What Is A Major Service? Why Is It Critical For Your Vehicle?

Regional Insights

In terms of revenue, North America ruled the worldwide electrosurgery devices market in 2020. This is due to the vast number of players and the intense competition present in the area. The rise of the electrosurgery devices market is supported during the forecast period by a high adoption rate of contemporary technologies and the existence of qualified people.

On the other hand, Asia-Pacific will rule the market for electrosurgery devices during the forecast period. It is because of the region’s sizable senior population, rising disposable incomes, and increased patient awareness of various types of cancer. 

Key Players Analysis

  • Smith and Nephew
  • Boston Scientific
  • Parkell Inc.
  • B. Braun Melsungen AG
  • Covidien plc
  • Olympus Corporation
  • Bovie Medical Corporation
  • Kirwan Surgical Products LLC
  • ATMOS Inc.
  • Ethicon Inc.

The market for electrosurgical devices was USD 3.18 billion and will reach USD 5.25 billion by 2030, growing at a 5.73% CAGR. Over the next ten years, the electrosurgical devices market will experience growth primarily due to the growing use of electrosurgical instruments or devices in various therapeutic fields, including plastic surgery, dermatology, ophthalmology, urology, gynecology, dentistry, etc.