The Electrosurgical Devices Market is estimated to be valued at US$ 7361.08 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 Overview:
Electrosurgical devices are used in surgeries to seal and cut tissues and vessels with the help of high-frequency electrical current. These devices offer benefits such as reduced blood loss, less pain, fewer scars, and faster recovery time as compared to traditional surgeries. With the rise in chronic diseases and aging population globally, the demand for electrosurgical devices is growing.
Market key trends:
One of the key trends fueling the growth of electrosurgical devices market is the increasing preference for minimally invasive surgeries (MIS). MIS requires smaller incisions as compared to open/invasive surgeries, which results in less pain, fewer complications, shorter hospital stays, and faster recovery. According to a study by National Center for Biotechnology Information (NCBI), the number of MIS procedures performed in the U.S. increased at a CAGR of 12.5% during 1998-2014. Growing adoption of MIS is expected to boost the demand for electrosurgical devices during the forecast period. Moreover, technological advancements in the field of electrosurgery such as plasma technology, vessel sealing, and advanced bipolar devices are introducing more precise surgeries resulting in improved patient outcomes. Introduction of next-gen electrosurgical devices with advanced capabilities is estimated to further support the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: New companies are not likely to enter the market as it requires significant R&D investment and established distribution channel relationship. Bargaining power of buyers: Buyers have moderate bargaining power as there are several established electrosurgical device manufacturers. Bargaining power of suppliers: Suppliers have low bargaining power as raw materials required are commodity items and not difficult to source. Threat of new substitutes: Technological development is enabling new minimally invasive procedures which poses a threat. Competitive rivalry: Intense as key players constantly upgrade their portfolio and invest heavily in R&D.
SWOT Analysis
Strengths: Technological advancements enabling precise surgeries. Wide portfolio catering to various specialties. Weaknesses: High pricing of newer electrosurgical devices limits adoption in low-income countries. Stringent regulatory approvals delay product launch.
Opportunities: Expanding healthcare infrastructure in developing nations. Growing geriatric population increasing disease burden.
Threats: Development of alternative minimally invasive procedures. Economic slowdown impacting capital equipment purchases.
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 incidence of chronic diseases and rising medical tourism.
Regional Analysis
North America dominated the electrosurgical devices market in 2023 with highest regional market share owing to continuous technological upgrades and widespread health insurance. Asia Pacific is poised to register fastest growth through 2030 due to increasing healthcare expenditure, rising medical tourism and expansion of private healthcare systems in China and India.
Key Players Analysis
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. These companies are focused on new product launches and partnerships for consolidated market presence.
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