Albany NY, United States: The global electrosurgical devices market is witnessing growth through a robust competition.
Albany NY, United States: The global electrosurgical devices market is witnessing growth through a robust competition. The market landscape is fragmented and growing costs of R&D poses major restraint to growth. However, the investment in R&D is growing by major players. Key players in the market are Medtronic, B. Braun Melsungen AG, Bovie Medical Corporation, Boston Scientific Corporation, Erbe Elektromedizin GmbH, Olympus, and Johnson & Johnson.
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A major electrosurgical devices company’s subsidiary in Canada has received approval for its use HVAD (HeartWare Ventricular Assist Device) system. The device during trials registered reductions in surgery times by almost 30%. The approval signals a speedy and efficient approval process aimed at bringing in meaningful innovation in the electrosurgical devices market.
The global electrosurgical devices market is predicted to grow at 6.7% CAGR during 2016 and 2024. It is expected to reach US$7,963.2 mn by 2024.
The market is growing, thanks to a rising demand from minimally invasive surgeries. Specialty of the advanced equipment and growing demand for safety driven both by consumers and regulators are expected to boost the electrosurgical devices market further. The next frontier for innovation is predicted to be applications in coagulation, devitalization, thermo fusion, and cutting.
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Geographically, Asia Pacific is expected to witness highest growth during the forecast period. The region is expected to surpass Europe during the forecast period. The regional market is increasingly being driven by large investments in R&D and infrastructure by private and public entities. Growing investments and penetration by major players in the global market are expected to drive the electrosurgical devices market during the forecast period. The market in North America is also expected to make significant gains during the forecast period. Investment in innovations and growing number of surgeries are expected to drive this market during the forecast period.
Advanced and Reliable Techniques drive growth for the electrosurgical devices market
The growing demand for advanced and reliable techniques for treating patients is driving the demand for electrosurgical deviecs. Electrosurgical devices are essential in surgeries related to gastroenterology, abdomen, urology, and gynecology. Additionally, the large degree of fragmentation in the market and investment in R&D has driven many companies in emerging markets. Their entry into new markets of Asia Pacific, Africa and Middle East is enabling major players to cement their position in the global electrosurgical devices market.
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The electrosurgical devices market is home to a large variety of devices. These include electro cautery devices, electrosurgical accessories, and radiofrequency electro surgery devices. The devices laden with radiofrequency are expected to register significant growth during the forecast period. The growing skin lesions and dermatologic disorders are expected to drive the global electrosurgical market during the forecast period.
The global electrosurgical market also faces several uncertainties during the forecast period. The electrosurgical devices market is a fragmented landscape as mentioned earlier. Hence, there are very few barriers to entry. On the other hand, the high costs of R&D is expected to keep many out of the market during the forecast period.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Electrosurgical Devices Market (Product Type - Radiofrequency Electrosurgery Devices (Monopolar and Bipolar), Electrocautery Devices (Monopolar and Bipolar), and Electrosurgical Accessories; Application - General Surgery, Gynecology, Cardiology, Urology, Dermatology and Cosmetology, Orthopedics, Neurology, Oncology, Dentistry, and Gastrointestinal Surgery; End User - Hospitals, Ambulatory Surgery Centers, and Specialized Clinics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024”.
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