The medical devices industry has been witnessing an annual growth rate of approximately 4.5%, since 2011. The medical device manufacturers are facing increasing demand for higher productivity and cost reduction. Rising demand for minimally invasive surgeries are significantly impacting the electrosurgical devices market. Therefore, to sustain in the highly competitive market, electrosurgical devices is gradually becoming an indispensable solution for medical device industries. Moreover, current clinical environment demands safe and efficient electrosurgical devices and accessories to work in high-throughput manner which can be attained by the utilization of electrosurgical devices during surgeries.
Besides minimizing blood loss, electrosurgical devices also decreases the risk of lateral tissue destruction, and chances of infection during electrosurgery. Furthermore, advancement in the field of minimally invasive surgeries such as laparoscopic adrenalectomy, appendectomy, biliary enteric bypass, bariatric surgery, gynaecological surgery, and urological surgery requires high frequency energy-based devices to overcome complex challenges. Therefore, to accomplish this process several conglomerate companies are making strenuous efforts by innovating new products or redesigning existing devices to attain better process efficiency.
According to a new market intelligence report by BIS Research, titled “Global Electrosurgical Devices Mar…recast, 2017-2023”, the global electrosurgical devices market was estimated at $2.64 billion in 2016, and is estimated to reach $4.33 billion by 2023.
The global electrosurgical devices market is expected to grow at a single digit compound annual growth rate between the years 2017 and 2023, aided by the impressive growth in the fields of orthopaedic surgery and cosmetic surgery.
North America is currently the leading contributor to the electrosurgical devices market. The market was valued $1.18 billion in 2016. Factors, such as rising demand for minimally invasive surgeries, increasing cases of chronic diseases, aging populations, and growth of computer assisted surgery are driving the growth of the North American electrosurgical devices market. However, the Rest of the World (Mainly Middle East Africa) is expected to register the highest CAGR of 11.00% during the forecast period 2017-2023.
- The emergence of electrosurgical devices has enabled the reduced blood loss during electrosurgery, increased accuracy and efficiency of the surgical procedure, precise tissue cutting with minimized thermal damage, and reduction in post-operative recovery time.
- Currently, the orthopaedic surgery application specific electrosurgical devices segment is acknowledged to be the major contributor to the global electrosurgical devices market, and is expected to grow at 9.80% CAGR during the forecast period 2017-2023
- The global electrosurgical devices market comprises of substantial investments made by several conglomerate and small-medium enterprises. More than 300 products from approximately 130 companies are available in the market
- The electrosurgical accessories segment is expected to witness a robust CAGR of 8.40% in the forecast period 2017-2023.
Source: BIS Research Analysis
Key questions answered in the report:
- What are the major market drivers, challenges and opportunities in the global electrosurgical devices market?
- What was the market value of the leading segments and sub-segments of the global electrosurgical devices market in 2016?
- How will each segment of the global electrosurgical devices market grow during the forecast period and what will be the revenue generated by each of the segments by the end of 2023?
- What are the influencing factors that may affect the market share of the key players?
- How will the industry evolve during the forecast period 2017- 2023?
- What are the key developmental strategies that are being implemented by the key players to sustain in this market?
- What is the market share of each of the companies by electrosurgical generators, devices and accessories across various regions?
- Who are the key players in the electrosurgical generators, devices and accessories market and what are their contributions?
- What are the major benefits of the implementation of electrosurgical devices in different field of applications including general surgery, gynaecological surgery, urologic surgery, orthopaedic surgery, cardiovascular surgery, cosmetic surgery, and neurosurgery?
- What is the scope of electrosurgical devices in the emerging economies of Asia Pacific and Latin America?
- What is the scope for expansion by the key players of the electrosurgical devices market in Asia Pacific and Latin America?
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