by The global Electrosurgical Devices Market is estimated to be valued at US$ 7361.08 Mn or Bn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Electrosurgical devices are medical instruments that utilize an electric current to cut tissue or used to coagulate bleeding. They allow for precise hemostasis and provide an alternative to scalpels for procedures like laparoscopy.
Market key trends:
The increasing volume of surgical procedures across the globe is the major factor driving the growth of the electrosurgical devices market. As per in 2016, an estimated 313 million major surgical procedures were performed globally and this number is expected to increase to approximately 325 million by 2030. Furthermore, technological advancements in electrosurgical devices such as bipolar devices, monopolar devices and advanced vessel sealing technology are also fueling the market growth. However, availability of alternative technologies for procedures and risks associated with electrosurgical procedures can hamper the market growth.
Market key trends:
Electrosurgery uses high-frequency electrical currents to cut, coagulate, desiccate, and fulgurate tissues. One of the key trends in the electrosurgical devices market is the growing adoption of bipolar electrosurgical devices. Bipolar electrosurgical devices work by using two electrodes—one for current inflow and one for current outflow—to deliver focused energy at the target site and minimize current spread to surrounding tissues. Bipolar devices help reduce the chance of collateral tissue damage and enable more precise surgeries.
SWOT Analysis
Strength: Advanced technologies such as bipolar technology and robotics allow for precision and safety in procedures.
Weakness: High costs associated with electrosurgical devices limit their adoption in cost-sensitive markets.
Opportunity: Rising geriatric population and growing number of surgical procedures present an opportunity for market growth.
Threats: Stringent regulatory framework and recalls pose threats to market players.
Key Takeaways
The Global Electrosurgical Devices Market Size is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing number of surgical procedures.
Regionally, North America dominates the electrosurgical devices market currently due to easy access to advanced healthcare facilities and procedures. Asia Pacific is expected to witness the fastest growth during the forecast period due to rising healthcare expenditure and increasing access to healthcare in developing countries in the region.
Key players operating in the electrosurgical devices market are Bovie Medical Corporation, Medtronic Plc, BOWA-Electronic GmbH & Co. KG, KLS Martin, B. Braun Melsungen AG, Conmed, Olympus Corp., Boston Scientific Corporation, Erbe Elektromedizin GmbH, Symmetry Surgical Inc., Encision Inc., Gala Therapeutics, Inc., Apyx Medical Corporation, and Johnson & Johnson Services, Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
