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Electrosurgical devices use high-frequency electric current to cut, coagulate, and desiccate tissues and vessels. They are commonly used in general surgery, gynecology, urology, gastroenterology, and others. Key advantages include precise dissection, improved visualization, and effective hemostasis. The growing prevalence of chronic diseases and rising number of surgical procedures globally have increased the demand for electrosurgical devices significantly.
The Global Electrosurgical Devices Market is estimated to be valued at US$ 6,892.4 Mn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030. Electrosurgical devices find wide application in hospitals, ambulatory surgical centers, specialty clinics, and others due to their versatility and efficiency. The increasing volume of minimally invasive surgeries and technological advancements that facilitate more precise operations are major factors fueling market growth.
Key Takeaways
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. Miniaturized electrosurgical devices that enable targeted tissue treatment have gained widespread acceptance in recent years.
The growing demand for minimally invasive surgeries worldwide is augmenting the uptake of electrosurgical devices. According to market analysts, minimally invasive procedures reduce recovery time, scarring, and risks of surgery. This is a key factor boosting demand across diverse surgical specialties.
Manufacturers are increasingly focussing on global expansion to tap the potential offered by emerging economies. Asia Pacific is viewed as an area with immense opportunities owing to improving healthcare infrastructure and rising medical tourism in countries such as India, China, and South Korea. New product approvals and collaborations with local players will remain important growth strategies.
Market Key Trends
One of the main trends being witnessed in the electrosurgical devices market is miniaturization of products. Manufacturers are developing highly precise electrosurgical instruments with significantly smaller dimensions. This allows surgeons to perform intricate procedures through small incisions. Miniaturized electrosurgical devices facilitate targeted tissue treatment with minimal collateral damage. They are ideal for use in minimally invasive surgeries and permit faster recovery times and less post-operative pain for patients. The trend towards miniaturization is expected to continue and propel market revenues over the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants face high startup costs for R&D, manufacturing facilities, and obtaining regulatory approvals which acts as a barrier.
Bargaining power of buyers: Individual buyers have low bargaining power due to availability of substitutes but hospital buyers have some power due to high purchase volumes.
Bargaining power of suppliers: A few large suppliers exist for key components which gives them some bargaining power over device manufacturers.
Threat of new substitutes: New energy-based surgical modalities pose a threat but electrosurgery still has advantages of precision and control for many procedures.
Competitive rivalry: Industry is dominated by large multinational companies leading to intense competition on product features and pricing.
Geographical Regions
North America accounts for the largest share of the electrosurgery devices market currently due to technological advancements, developed healthcare infrastructure and rising chronic disease prevalence in the region.
The Asia Pacific region is poised to grow at the fastest rate during the forecast period owing to increasing medical tourism, growing patient awareness and rising healthcare expenditures in emerging countries such as China and India.
