India Electrosurgical Devices Market Is Estimated To Witness High Growth Owing To Rise In Minimally Invasive Surgical Procedures
The India Electrosurgical Devices Market is estimated to be valued at Us$ 229.95 Mn in 2023 and is expected to exhibit a CAGR Of 7.2% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Electrosurgical devices are medical devices used for performing minimally invasive surgical procedures. These devices utilize high-frequency electric current to cut, coagulate, and desiccate tissue. Electrosurgical devices provide advantages such as minimally invasive surgeries, reduced blood loss and pain, shorter hospital stays, and faster recovery time.
Market key trends:
The India electrosurgical devices market is driven by the rise in minimally invasive surgical procedures. Minimally invasive surgery (MIS) refers to modern surgical techniques that reduce pain and recovery time compared to traditional open surgeries. The increase in gastrointestinal, gynecological, urological, orthopedic, cosmetic, and other surgeries performed minimally invasively is augmenting the demand for electrosurgical devices in India. According to the National Institutes of Health, MIS has revolutionized many common surgeries. The number of MIS procedures performed in India is increasing due to growing awareness, patient preference for minimal scarring and quick recovery, and greater acceptance by surgeons of new technologies. This is leading to high demand for electrosurgical devices, thereby propelling market growth.
Threat of new entrants: The threat of new entrants is moderate as the electrosurgical devices industry requires high initial investments for research and development. However, there is a high threat from multinational players expanding their presence in the Indian market.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of a large patient pool and growing demand for minimally invasive surgeries. Buyers can negotiate on price and quality of products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are few raw material suppliers and component manufacturers for electrosurgical devices. However, established players have significant supplier power.
Threat of new substitutes: The threat of substitutes is low as there are limited product substitutes for electrosurgical devices used in surgeries. However, the threat increases with advancement in technology.
Competitive rivalry: The competitive rivalry is high due to the presence of established global as well as domestic players.
Strength: The India electrosurgical devices market has strong growth opportunities due to rising healthcare expenditure, increasing surgical procedures and growing medical tourism.
Weaknesses: High price of advanced electrosurgical devices limits their adoption. Lack of stringent regulatory guidelines poses safety concerns.
Opportunities: Untapped rural markets and growing number of hospitals and clinics present significant growth prospects. Development of customized products suitable for Indian needs.
Threats: Availability of low-cost alternatives hinders market potential. Currency fluctuations impact revenue generation for multinational corporations.
The Global India Electrosurgical Devices Market Size is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing number of surgeries and rise in chronic diseases. North America dominates the global electrosurgical devices market, followed by Europe. However, the Asian market is expected to grow at the highest CAGR during the forecast period due to increasing medical tourism and rising healthcare expenditure.
Regional analysis: The Indian electrosurgical devices market is estimated to expand at a high CAGR of over 8% during 2023-2030 owing to rapid population growth, increasing incidence of chronic diseases and advancement in healthcare facilities. Western region currently dominates India's electrosurgical devices industry, followed by Southern region.
Key players operating in the India electrosurgical devices market are Medtronic plc., CONMED Corporation, Ethicon, Inc., Symmetry Surgical Inc., B. Braun Melsungen AG, Olympus Corporation, Erbe Elektromedizin GmbH, Innoblative Designs, Inc., Stryker Corporation, OmniGuide Inc., and PENTAX Medical. Key players are focused on new product launches, collaborations and acquiring local players to strengthen their presence in India.