Published: May, 2018
Transparency Market Research observes that the competition in the global electrosurgical devices market is high fragmented. The report points out that the competition is likely to intensify in the coming years due to low entry barriers. To stay ahead of the cutthroat competition vendors are expected to focus on research and development activities and product innovation. Analysts have picked out Erbe Elektromedizin GmbH, Bovie Medical Corporation, B. Braun Melsungen AG, Boston Scientific Corporation, and Johnson & Johnson as the players defining the competitive landscape in the global electrosurgical devices. To accelerate business expansion, companies are expected to focus on emerging economies in the near future.
According to the research report, the global electrosurgical devices market is expected to be worth US$7,963.2 mn by the end of 2024 from US$4,480.8 mn in 2015. During the forecast period of 2015 and 2024, the global electrosurgical devices market is expected to surge at a CAGR of 6.7%. Out of the various applications of electrosurgical devices, the demand for the same is expected to remain high in the general surgery segment. Consistently growing geriatric population and the improving access to medical care are expected to push the usage of electrosurgical devices in general surgery to newer heights during the forecast period. From a geographic point of view, North America is expected to dominate the global market for electrosurgical devices. Increasing incidences of obesity-related health issues in North America are expected to aid this regional market’s growth.
Orthopedic Injuries amongst Geriatrics to Drive Global Electrosurgical Devices Market
Medical devices have come a long way since their earlier usage. Today, the focus of overall healthcare industry is to minimize the recovery period after the surgery. This has given the electrosurgical devices a major impetus. Development of radiofrequency electrosurgery devices has fairly complemented the growth of the global market. The report notes a growing preference for these devices as demand for treating dermatological lesions is expected to remain high.
The market is also likely to rise as the geriatric population across the globe continues to be on the rise. The growing complications, especially related to orthopedics, amongst the older generation are likely to drive the global electrosurgical devices market between 2016 and 2024. Well-established healthcare centers, improving reimbursement policies, supportive government policies for the geriatrics, and technological advancements in the electrosurgical devices have also been identified as the potential reason for the steady expansion of the global market.
Possibility of Complications and Injuries with Electrosurgical Devices to Restrain Global Market
On the flip side, the global market for electrosurgical devices is expected to be pulled in the opposite direction due to few elements. The report points out that possibilities of post-operative complications is one of the key restraints for the global market. Furthermore, the market is also likely to be held back due to the likelihood of electro-thermal injuries due to these devices. However, the analysts state that these restraints can be turned around into strengths as companies will be compelled to launch effective devices, which can only be done with product innovation.
This review is based on Transparency Market Research’s report, titled “Electrosurgical Devices Market (Product Type - Radiofrequency Electrosurgery Devices (Monopolar and Bipolar), Electrocautery Devices (Monopolar and Bipolar), and Electrosurgical Accessories; Application - General Surgery, Gynecology, Cardiology, Urology, Dermatology and Cosmetology, Orthopedics, Neurology, Oncology, Dentistry, and Gastrointestinal Surgery; End User - Hospitals, Ambulatory Surgery Centers, and Specialized Clinics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024”.
For this study, the market has been segmented as follows:
Global Electrosurgical Devices Market, by Product
- Radiofrequency Electrosurgery Devices
- Monopolar Devices
- Bipolar Devices
- Electrocautery Devices
- Monopolar Devices
- Bipolar Devices
- Electrosurgical Accessories
Global Electrosurgical Devices Market, by Application
- General Surgery
- Dermatology & Cosmetology
- Others (Orthopedics, Neurology, Oncology, Dentistry And Gastrointestinal Surgery)
Global Electrosurgical Devices Market, by End User
- Ambulatory Surgical Centers
- Specialized Clinics
Global Electrosurgical Devices Market, by Geography
- North America
- Asia Pacific
- Latin America
- MEA (Middle East & Africa)
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