The rising incidences of chronic diseases across the globe are likely to create immense growth opportunities for the electrosurgery market during the forecast period of 2021-2031. Electrosurgery is a medical procedure that involves the destruction of tissues by the use of electricity. Furthermore, the increasing geriatric population has increased the risk of chronic diseases which may boost the growth of the electrosurgery market.
The electrosurgery market can be segmented into monopolar forceps, electrosurgical pencils, electrosurgical electrodes, and electrosurgical electrode handle based on monopolar instruments. Bipolar instruments for electrosurgery include bipolar system and bipolar forceps. The electrosurgery market can further be segmented into smoke evacuation systems, argon systems and accessories, and suction coagulators and irrigation devices by electrosurgery accessories. On the basis of application, the market can be bifurcated into general, cosmetic, orthopedic, gynecology, urological, and cardiovascular surgery. The end-user can be hospitals, clinics, ambulatory surgical centers, and others.
The team at TMR has curated the report on the electrosurgery market by analyzing the current market scenario. The key aspects such as drivers, restraints, developments, competitive landscape, and current trends are taken into consideration. The deep insights and in-depth analysis of all the factors that impact the market growth prove to be beneficial for the stakeholders and CXOs to take proper decisions. Furthermore, the effect of COVID-19 is also included in this report.
The electrosurgery market comprises major players who have been striving to formulate new strategies to establish their market presence. The key players are investing in rigorous R&D activities to innovate new methods and procedures that can be accurate and efficient. The regulatory bodies have set regulatory norms for surgical procedures which have been catered to make the surgery safe and minimally invasive. The key players are collaborating with mergers, acquisitions, joint ventures, partnerships, and startups.
Some key players operating in the electrosurgery market are KLS Martin Group, Olympus Corporation, Braun Melsungen AG, Medtronic, Apex Medical Corporation, Boston Scientific, Smith & Nephew plc, Elektromedizin GmbH, and BOWA-electronic GmbH & Co KG.
The government funding for well-equipped healthcare infrastructure coupled with increasing research and development activities may propel the growth of the electrosurgery market. The rising preference of the major chunk of the population for electrosurgery over conventional surgeries is likely to fuel the growth of the electrosurgery market. Further, the technological advancements in the instruments used for electrosurgery may fuel market growth.
The increasing disposable income in emerging economies has increased spending on cosmetic surgeries. Additionally, the inclination of gen z towards altering physical appearance has increased the adoption of cosmetic surgeries may ultimately promote the growth of the electrosurgery market. The rising trend of non-invasive surgeries has surged due to the efficacy of electrosurgery equipment. Further, it causes less blood loss and reduces recovery time. The safety factor involved in these surgeries may propel the growth of the electrosurgery market.
The electrosurgical generators have been widely accepted among other electrosurgical devices. Further, the innovations in these devices may be the driving force for the growth of the electrosurgery market. Also, the increasing application of advanced electrosurgical devices with monopolar and bipolar modes may prove to be a growth booster for the electrosurgery market.
The global market can be segmented into Asia Pacific, Latin America, Europe, North America, the Middle East and Africa based on regions. North America is expected to witness promising growth due to the technological advancements in electrosurgical devices and increasing demand for non-invasive surgeries. Asia Pacific may acquire a substantial share due to rising incidences of chronic and cardiovascular diseases in this region. Furthermore, government initiatives for improvement in healthcare facilities may boost the growth of the global electrosurgery market.