Electrosurgical Devices Market Growing Geriatric Population & Associated Rise in Chronic Diseases
Electrosurgical Devices Market Insight
According to The Insight Partners market research study titled ‘Electrosurgical Devices Market to 2025 – Global Analysis and Forecasts by Product and Application. The global electrosurgical devices market is expected to reach US$ 8,000.9 Mn in 2025 from US$ 4,828.4 Mn in 2017. The market is estimated to grow with a CAGR of 6.8% from 2018-2025. The report highlights the trends prevalent in the global electrosurgical devices market and the factors driving the market along with those that act as deterrents to its growth.
The market for electrosurgical devices is expected to grow as rising demand of minimally invasive surgeries, increase in the number of surgical procedures, and growing geriatric population & associated rise in chronic diseases are expected to fuel the market growth during the forecast period. In addition, the development of argon plasma coagulation (APC) are likely to have a positive impact on the growth of the market in the coming years.
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Electrosurgical Devices Market Comparative Landscape and Key Development
The major players operating in the electrosurgical devices market include Olympus Corporation, Medtronic, Ethicon US, LLC. Boston Scientific Corporation, B. Braun Melsungen AG, CONMED Corporation, Erbe Elektromedizin GmbH, Kirwan Surgical Products, LLC, BOVIE MEDICAL, and Parkell, Inc.
For instance, in May 2018, Olympus launched and received the approval for the ESG-300 Electrosurgery Generator. This is the latest generation of electrosurgical devices developed majorly for GI and pulmonary, and includes all of the modes and settings needed by physicians that requires argon plasma coagulation (APC). The launch increased the ability to strengthen the portfolio of GI and pulmonary devices. The developments performed by the companies are helping the market to grow in the coming years.
Rising Prevalence of Diseases Requiring Endoscopy
In recent years, there has been a substantial rise in the number of cases of cancer and other diseases needing endoscopy. As per WHO, around 8.8 million deaths were caused due to cancer in 2015, making it the second leading cause of death globally. The most common cancers to claim lives in 2015 were, lung cancer, liver cancer, colorectal cancer, stomach cancer and breast cancer. The American Cancer Society estimates 1,735,350 new cancer cases and 609,640 cancer deaths in the US alone, during 2018. The procedure of endoscopy is highly preferred during the detection as well as treatment of cancer.
Favourable Government Initiatives
The Endoscopy Action Plan implemented by the Queensland Government was aimed towards improving the health of Queenslanders by means of delivering sustainable access to better quality gastrointestinal endoscopy services. The demand for gastrointestinal endoscopy has been increasing rapidly due to national bowel screening program and a growing geriatric population. As per the plan, US$ 160 million would be invested over four years to deliver better services and improve the access across Queensland health system. Under the plan, the services will be expanded to deliver 50,000 more endoscopy procedures. Due to the implementation of this plan, the waiting time for endoscopy procedure has significantly reduced and better services have been made available across the state.
Electrosurgical Devices market segmentation Review
Global electrosurgical devices market, based on the product was segmented into electrosurgical generators, active electrodes, dispersive electrodes and other products. In 2017, the electrosurgical generators segment held the largest share of the market, by product. However, the active electrodes is expected to grow at the fastest CAGR during the forecast period owing to the limiting amount of time that a high voltage setting is used and can also eliminate concerns about capacitive coupling.
The endoscopy devices market by application was segmented into gastrointestinal endoscopy, laparoscopy, arthroscopy, otoscopy, urology endoscopy, bronchoscopy, laryngoscopy, other applications. The laparoscopy segment held the largest share of the market, by application. The gastrointestinal endoscopy segment is likely to dominate in the forecast period, due to rapid increase in the number of gastrointestinal disorders.
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