Global Electrosurgical Accessories Market: Overview
Electrosurgical accessories comprise a full range of electrosurgical equipment and consumables needed to achieve daily goals for a variety of applications, including general surgery, gynecology, cardiology, urology, dermatology and cosmetology, orthopedics, neurology, oncology, dentistry, and gastrointestinal surgery. The global electrosurgical accessories market is estimated to expand rapidly during the forecast period. Increase in prevalence and incidence of chronic diseases and rise in minimum invasive surgeries for treatment of diseases are driving the market. Moreover, increasing usage of electrosurgical devices in numerous medical disciplines has led to a massive rise in the demand for the global electrosurgical accessories market. The market is anticipated to expand at a significant CAGR by the end of the forecast period. High demand for minor surgeries are unmet, which in turn drives the demand for electrosurgical accessories.
Global Electrosurgical Accessories Market: Key Trends
Additionally, a surge in the number of industry users of electrosurgical accessories and increase in the inclination toward advance products are likely to fuel the market during the forecast period. Increase in the number of primary end-users, such as hospitals, ambulatory surgery centers, and specialized clinics, is also driving the market. Increase in the adoption of technologically advanced instruments in developing countries, user-friendliness in case of minimum invasive surgery, rise in investments in R&D activities in developed as well as developing countries, and increase in the number of hospitals are projected to propel the global electrosurgical accessories market during the forecast period. Moreover, lower cost of electrosurgical accessories and an increase in government initiatives are likely to drive the global electrosurgical accessories market in the near future.
Global Electrosurgical Accessories Market: Segmentation
The global electrosurgical accessories market can be segmented based on product, application, end-user, and region. Based on product, the global electrosurgical accessories market can be classified into electrodes, pencils, footswitches, return electrodes, suction coagulators, forceps, and others (cords, adapters, tip cleaners and others). In terms of application, the global electrosurgical accessories market market can be categorized into general surgery, gynecology, cardiology, urology, dermatology and cosmetology, orthopedics, neurology, oncology, dentistry, and gastrointestinal surgery. Based on end-user, the global electrosurgical accessories market can be divided into hospitals, ambulatory surgery centers, and specialized clinics.
Global Electrosurgical Accessories Market: Regional Analysis
In terms of region, the global electrosurgical accessories market can be classified into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. In terms of value, North America dominates the global electrosurgical accessories market. Factors attributable to the expansion of the market in North America include developed health care infrastructure, increased prevalence of diseases, high rate of adoption of advanced products, surge in health care expenditure, and rise in automation in the region. Europe also holds a significant share of the global electrosurgical accessories market, due to a rise in research activities in the region. The market in Asia Pacific is expected to expand between 2018 and 2026, owing to improved healthcare infrastructure in the region, increased awareness among people regarding healthcare and surgical devices, rise in medical tourism, and increase in the number of hospitals in countries such as India and Japan.
In terms of products, the disposable electrosurgical accessories contribute significantly, in terms of revenue, toward the expansion of the global electrosurgical accessories market. Inclusive use of disposable electrosurgical accessories in the U.S. and increasing awareness about disposable electrosurgical accessories in other regions is driving the market in U.S. Reusable electrosurgical accessories are widely utilized in low and middle income countries and therefore, the segment accounted for a significant share of the global market.
Global Electrosurgical Accessories Market: Competitive Landscape
Key players are adopting strategies such as development of user-friendly and cost-effective products, mergers and acquisitions, extensive R&D activities, and geographical expansion in order to consolidate their position in the global electrosurgical accessories market. Prominent players operating in the global electrosurgical accessories market include Bovie Medical Corporation, Medtronic, B. Braun Melsungen AG, Ebre Elektromedizin GmbH, Boston Scientific Corporation, Olympus, Johnson & Johnson, Symmetry Surgical Inc., OmniGuide Holdings, Inc., CONMED, KLS Martin, and BOWA-electronic GmbH & Co.KG.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.