Pune, India -- (SBWire) -- 07/17/2018 --The global electrosurgical devices market is characterized by intense competition and fair degree of fragmentation in the vendor landscape, notes Transparency Market Research (TMR). The landscape features relaxed entry barriers. However, substantial funds needed for research and development and the marked competitive pricing established players opt for makes it difficult for new ones to get a stable foothold in the global market, observes TMR.
The marked degree of fragmentation characterizing the overall competitive landscape has led several companies to shift their attention to emerging economies in regions such as Africa, Asia Pacific, and the Middle East. This has enabled them to tap vast latent opportunities thereby consolidating their positions in the market.
The global electrosurgical devices market stood at US$4,480.8 mn in 2015 and is anticipated to reach a worth of US$7,963.2 mn by 2024 end. The market is expected to rise at 6.7% CAGR during the forecast period of 2016–2024.
Top players include Olympus Corporation, Symmetry Surgical Inc., Medtronic, CONMED Corporation, Boston Scientific Corporation, Johnson & Johnson, Bovie Medical Corporation, B. Braun Melsungen AG, and Erbe Elektromedizin GmbH.
The various types of devices are electrosurgical accessories, electrocautery devices, and radiofrequency electrosurgery devices. Of these, the radiofrequency electrosurgery segment is projected to rise at the most attractive CAGR of 7% during the forecast period. The impressive growth rides on the back of vast demand of the device type in treating various skin lesions and dermatologic disorders.
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Regionally, presently North America contributed the major revenue in the global market and is expected to hold its sway in the coming years as well. The growth of the regional market is fueled essentially by the presence of a wide variety of products and their rising usage in general surgery for various diseases, particularly in cancer treatment.
Extensive Demand for Electrosurgical Devices in Minimally-invasive Surgeries in various Specialties Fuels Growth
The rising demand for advanced and safe technique for achieving desired surgical results in various medical specialties is a key factor driving the demand for electrosurgical devices. The market is driven by the rising usage of electrosurgical devices in various surgeries such as those related to abdomen, gastroenterology, gynecology, urology, and in pneumology. The rising demand for minimally invasive surgical procedures in these specialties in various parts of the world is propelling the growth of the electrosurgical devices market. Moreover, the market is gaining from the growing popularity of these devices in effective devitalization, coagulation, cutting, and thermofusion.
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The rapidly rise in aging population, especially in emerging and developed countries, is favorably influencing the growth of the market. In this regard, the vast uptake of electrosurgical devices in general surgery is a noteworthy trend. The substantial demand can be attributed to the several benefits these offer to clinicians and patient population, such as ease of usage, less infection, faster recuperation time, and inherently low risk to patients.
Manufacturers Efforts to bring Technological Advancement in Devices to enhance Surgical Outcomes augur Well
The rising prevalence of cardiac and orthopedic problems is contributing to the expanding demand for electrosurgical devices. However, in recent years, electrosurgical devices has attractive some adverse patient reaction owing to incidence of post-operative complications and thermal injuries from the instrument.
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Nevertheless, the increasing effort by manufacturers to launch technology-advanced devices and accessories is helping them to allay such concerns. Furthermore, the attractively rising demand for disposable accessories is creating new, exciting avenues in the global market. The market is also expected to gain attractive gains from the advent of computer-assisted or robotic minimally invasive surgeries, especially in developed countries. The rising number of strategic mergers and acquisitions in developing and developed regions is also catalyzing the growth of the market.
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Electrosurgical Devices Market to Rise to US $7,963.2 Mn by 2024