India Electrosurgical Devices Market Is Estimated To Witness High Growth Owing To Increasing Number Of Surgical Procedures
The India Electrosurgical Devices Market is estimated to be valued at US$ 229.95 Mn Or Mn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Electrosurgical devices are medical equipment that uses high-frequency electric current to cut, coagulate and ablate tissues. The electrosurgical generators produce electric current that is delivered through an active electrode in order to perform procedures like general surgery, gynecological surgery, urological surgery, cardiothoracic surgery, cosmetic surgery, neurosurgery, and arthroscopic surgery among others. Electrosurgical devices reduce blood loss during surgery and decrease the risk of surgical site infections when compared to traditional scalpel.
Market Dynamics:
The India electrosurgical devices market is driven by increasing number of surgical procedures performed in the country. As per National Health Profile 2018 report by Central Bureau of Health Intelligence, India saw around 25 million surgeries in 2017 including 14.6 million general surgeries and 10.4 million obstetric and gynecologic surgeries. The growing aging population, rising obesity rates, and high burden of chronic diseases in India are fueling the demand for various types of surgeries. This in turn is expected to propel the adoption of electrosurgical devices during the forecast period. Additionally, advancement in electrosurgery techniques and introduction of user-friendly and versatile electrosurgical generators with advanced energy modalities will further aid the market growth over the forecast period.
SWOT Analysis
Strength:
- Growing healthcare infrastructure and rising disposable incomes in India are driving the demand for technologically advanced electrosurgical devices in the country.
- Increasing number of surgeries and growing geriatric population are fueling the growth of electrosurgical devices market.
- Presence of key players such as Medtronic, Olympus, and CONMED provides a wide range of innovative electrosurgical products to the Indian market.
Weakness:
- Lack of adequate healthcare infrastructure and services in rural areas of India limit the widespread adoption of electrosurgical devices.
- High cost of advanced electrosurgical devices make it inaccessible for price-sensitive consumers in India.
Opportunity:
- Growing medical tourism industry in India creates significant opportunity for players to expand penetration of electrosurgical devices.
- Rising number of cosmetic and obesity surgeries open new application areas for electrosurgical equipment in the country.
Threats:
- Stringent regulatory approval process and compliance issues affect product launches and increase operational costs for players.
- Availability of low-cost alternatives from local players poses pricing pressure on major brands.
Key Takeaways
The Global India Electrosurgical Devices Market Sizeis expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing burden of chronic diseases and rising medical tourism in India.
Regional analysis
The western region dominates India's electrosurgical devices market owing to presence of well-developed healthcare infrastructure and key medical facilities in states like Maharashtra. The southern region is anticipated to grow at fastest pace during the forecast period, supported by rising medical expenditures and availability of advanced treatment options.
Key players
Key players operating in the India electrosurgical devices market are Medtronic plc., CONMED Corporation, Ethicon, Inc., Symmetry Surgical Inc., B. Braun Melsungen AG, Olympus Corporation, Erbe Elektromedizin GmbH, Innoblative Designs, Inc., Stryker Corporation, OmniGuide Inc., and PENTAX Medical.
Read More : https://marketinsightsminds.blogspot.com/2023/11/india-electrosurgical-devices-market-is.html
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