India Electrosurgical Devices Market Is Expected To Be Flourished By Growing Number Of Surgical Procedures In India
Electrosurgical devices include radiofrequency electrosurgical devices, ultrasonic electrosurgical devices and argon plasma/beam coagulators which are used for performing minimally invasive surgeries in various medical disciplines such as general surgery, gynecology, urology, gastroenterology, arthroscopy and others. Electrosurgery devices work on high-frequency electrical current to cut, coagulate, desiccate and fulgurate tissue. They provide hemostasis and precise dissection required during surgeries with minimal blood loss and less operating time. Increasing preferences for minimally invasive procedures, rising geriatric population suffering from chronic diseases and growing medical tourism are some of the factors contributing significantly to the increasing number of various surgical procedures in India.
The global India Electrosurgical Devices Market is estimated to be valued at US$ 229.95 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The India Electrosurgical Devices Market is expected to be flourished by growing number of surgical procedures in India which is one of the key drivers for this market. As per the estimates, around 22.9 million surgeries were performed in India in 2018 and it is projected to increase to an estimated 39 million by 2030 owing to the increasing burden of chronic diseases among the growing geriatric population in the country. Moreover, medical tourism has also boosted the number of surgeries in India as it provides quality healthcare at affordable costs. Electrosurgical devices play a vital role in supporting minimally invasive surgeries. This rising surgical volume creates high demand for electrosurgical equipment and consumables which contributes to the growth of India electrosurgical devices market over the forecast period.
Segment Analysis
The India electrosurgical devices market is dominated by the general surgery segment which holds around 41% market share. This is because electrosurgical devices find wide application in general surgical procedures such as incisions, coagulation, and resection. The growing prevalence of various gastrointestinal, gynecological, urological conditions in India is increasing the demand for general surgery and correspondingly for associated electrosurgical devices.
PEST Analysis
Political: The government of India is actively promoting medical device manufacturing through ‘Make in India’ initiative which is encouraging more companies to set up manufacturing bases in India. This will boost domestic production of electrosurgical devices.
Economic: Rising healthcare expenditure in India coupled with increasing per capita income is positively impacting the growth of electrosurgery market in the country. Growing affluence is enabling more people to opt for advanced electrosurgery procedures.
Social: Changing lifestyles and rising incidence of lifestyle diseases in India is leading to surge in surgical procedures. Also growing medical tourism is bringing in more foreign patients who opt for electrosurgery in India.
Technological: Leading players are increasingly launching advanced electrosurgical generators with upgraded features like rapid cutting and consistent coagulation. Introduction of battery-powered devices is augmenting convenience for surgeons.
Key Takeaways
The India Electrosurgical Devices Market Size is expected to witness high growth at a CAGR of 6.3% during the forecast period of 2023 to 2030. The market size is projected to reach US$ 229.95 Mn by 2023 from US$ 162.32 Mn in 2022.
Regional analysis: Southern region of India dominates the electrosurgery market led by states like Tamil Nadu and Karnataka. This is due to concentration of major private hospitals and favorable reimbursement policies in these states promoting elective surgeries.
Key players: Key players operating in the India electrosurgical devices market are Caterpillar Inc., Cummins Inc., Generac Power Systems Inc., Kohler Co., MTU Onsite Energy Corporation, Himoinsa S.L., Atlas Copco AB, Mitsubishi Heavy Industries Ltd., Briggs & Stratton Corporation, Schneider Electric SE, Eaton Corporation, Aggreko plc, Wã¤rtsilä Corporation, Yanmar Co. Ltd. Caterpillar Inc. holds the largest share due to its robust product portfolio and widespread distribution network across the country.
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