The electrosurgical device supports a variety of surgeries and surgical procedures. Neurosurgery, general surgery, cosmetic surgery, gynecology, cardiovascular surgery, urology, and orthopedic surgery are just a few surgical specialties where electrosurgical devices are employ and useful. Hospitals, ambulatory surgery centers, and specialty clinics all use electrosurgical devices.
In 2021, the market for electrosurgical devices was worth USD 3.18 billion, and by 2030 it will be worth USD 5.25 billion, growing at a 5.73% CAGR during the forecast period.
The expansion of the electrosurgery devices market is fuel by factors such as an enormous geriatric population, an increase in the prevalence of chronic diseases, and technological advancements. The government’s strict regulatory frameworks for product approval may limit the industry’s growth. Furthermore, the market for electrosurgery devices will have favorable growth due to the strong market potential in emerging nations.
Market Dynamics
Drivers
The global market is expanding due to an increase in the usage of electrosurgical devices due to an increase in minimally invasive operations and an increase in different cardiovascular, cancer, and neurological problems. These tools are utilize in various surgical procedures for conditions like cancer, urology, gynecology, cardiovascular problems, and more.
Cardiovascular disorders now affect more than 500 million people worldwide, up from just under 270 million in 1990. Globally, more than 18 million new cases of cancer are diagnose each year, and by 2040, that number will rise by 28 million.
The number of cosmetic surgeries has increased over the last few decades, and more than 23% of those treatments are minimally invasive. The rise in surgeries caused by an increase in disease prevalence will have a large positive impact on the global market.
Restraints
The lack of qualified medical specialists and the dangers of electrosurgical procedures are restraining market growth.
Opportunity
Growing markets with high development potential will offer lucrative growth prospects. Moreover, complex, high-tech equipment with high precision and dependability is require for surgical procedures, including cranial surgery, spine surgery, and neurological surgery, among many others. These operations thereby increase demand and encourage market growth.
Market Segmentation
By product
On the basis of product, the electrosurgical devices market is segmented into electrosurgery instruments & accessories, electrosurgery generators, and argon and smoke management systems.
The electrosurgical generator segment ruled the entire market in 2020. Therapeutic endoscopy is made simpler by electrosurgical generators, which supply the high-frequency electrical current need by many endoscopic equipments. Electrosurgical generators will grow fastest due to technical developments in the healthcare sector and rising demand for minimally invasive procedures (MIS).
By Application
On the basis of application, the electrosurgical devices market is segment into urologic surgery, general surgery, gynecology surgery, cardiovascular surgery, cosmetic surgery, neurosurgery, orthopedic surgery, veterinary surgery, and other applications.
In 2020, the general surgery segment was the largest market with the biggest revenue share. Due to the aging population and rising incidence of chronic diseases like diabetes and obesity, electrosurgical instruments are frequently use in general surgery.
By End-Use
In 2020, the hospital sector held the greatest market share in the electrosurgical devices market. Due to the fact that most surgeries are perform in hospitals, electrosurgical equipment is frequently employ in hospitals.
Regional Overview
North America was the largest regional market in 2020. The largest share of this regional market is due to the increasing number of government-funded insurance policies that cover various procedures. Additionally, these nations’ advanced healthcare systems, cutting-edge equipment, skilled medical professionals. And government support are driving up demand for electrosurgical devices. A rise in the number of heart procedures conducted in these places is driving up demand for electrosurgical equipment in these areas.
The Asia-pacific region market is expanding at the quickest rate. The demand for electrosurgical devices will increase as the region’s population expands and problems like heart and general disorders get worse. Electrosurgical equipment is in great demand on the market as a result of the growing population. And increased need for laparoscopic surgery in these locations.
Key Players
- Ethicon Inc.
- Bovie Medical Corporation
- ATMOS Inc.
- Olympus Corporation
- Kirwan Surgical Products LLC
- Covidien plc
- Parkell Inc.
- Braun Melsungen AG
- Smith & Nephew
- Boston Scientific
In 2021, the market for electrosurgical devices was worth USD 3.18 billion. And by 2030 it will be worth USD 5.25 billion. Growing at a 5.73% CAGR during the forecast period. Significant factors influencing market revenue growth include the rising demand for minimally invasive operations. Rising adoption of technologically improved products, and rising awareness of the most recent surgical techniques in developing regions.
Mechanical advancement has prompted an expansion in the quantity of medical procedures being played out every year. Attributable to the gamble of diseases related with intrusive medical procedures, individuals favor painless or insignificantly obtrusive medical procedures. Moreover, an expansion in the quantity of street mishaps, a maturing populace, and rising medical services use in arising economies are among the elements prone to support the quantity of surgeries during the gauge time frame. These are expected to decidedly impact income age from ultrasonic electrosurgical gadgets. As per the U.S. Statistics Department, medical services spending overall is expected to increment to USD 18.28 trillion by 2040, developing at a CAGR of 2.6%. As per WHO, the total populace matured 60 years or more is supposed to arrive at 2 billion by 2050 from 900 million of every 2015. The geriatric populace is more defenseless to countless illnesses, which is probably going to build the need to treat sicknesses successfully, accordingly helping the market.
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