Electrosurgical Devices Market to Reach US$ 6,892.4 Million by 2022: Market Overview and Key Trends
Market Overview:
The global electrosurgical devices market is estimated to be valued at US$ 6,892.4 Million In 2022 and is expected to exhibit a CAGR of 6.8% over the forecast period 2022-2030, according to a report published by Coherent Market Insights. Electrosurgical devices are used for cutting, coagulating, and desiccating tissues during surgical procedures. These devices offer several advantages such as reduced blood loss, minimal scarring, and faster healing time. The increasing demand for minimally invasive surgical procedures, technological advancements in electrosurgical devices, and the growing prevalence of chronic diseases are driving the market growth. Electrosurgical devices play a crucial role in various surgical interventions, including gynecology, cardiology, urology, and orthopedics.
Market Key Trends:
One key trend in the Electrosurgical Devices Market is the adoption of advanced energy sources such as radiofrequency and ultrasonic technology. These energy sources provide precise tissue dissection, reduced thermal damage, and improved safety during surgical procedures. Radiofrequency technology is widely used for coagulation, cutting, and tissue welding, while ultrasonic technology offers minimal tissue damage, rapid healing, and precise vessel sealing capabilities. The adoption of these advanced energy sources is expected to enhance surgical outcomes, minimize complications, and increase patient safety. Additionally, the development of novel electrosurgical devices with improved ergonomics and user-friendly features is further driving market growth. These advancements in electrosurgical devices are revolutionizing surgical techniques and improving patient care.
Segment Analysis:
The electrosurgical devices market can be segmented based on product type, application, end-use, and region.
In terms of product type, the dominating segment in the electrosurgical devices market is electrosurgical generators. Electrosurgical generators are used to produce the required energy for cutting, coagulating, and desiccating tissue during surgical procedures. They are widely used in various surgical specialties such as gynecology, cardiology, gastroenterology, and general surgery. The dominance of the electrosurgical generators segment can be attributed to their effectiveness, versatility, and increasing adoption in minimally invasive surgical procedures.
In terms of application, the dominating segment is general surgery. General surgery involves a wide range of surgical procedures, including appendectomy, cholecystectomy, hernia repair, and colorectal surgery, among others. The increasing prevalence of chronic diseases and the growing demand for minimally invasive surgical procedures are driving the growth of the general surgery segment in the electrosurgical devices market.
In terms of end-use, the dominating segment is hospitals. Hospitals are the primary users of electrosurgical devices due to the high volume of surgical procedures performed in these settings. The availability of advanced healthcare infrastructure, skilled healthcare professionals, and the increasing demand for minimally invasive surgeries are contributing to the dominance of hospitals in the electrosurgical devices market.
Key Takeaways:
The global electrosurgical devices market is expected to witness high growth, exhibiting a CAGR of 6.8% over the forecast period of 2022-2030. This growth can be attributed to various factors. Firstly, the increasing prevalence of chronic diseases, such as cardiovascular diseases and cancer, is driving the demand for surgical procedures, thereby boosting the demand for electrosurgical devices. Additionally, the growing geriatric population, technological advancements in electrosurgical devices, and the increasing adoption of minimally invasive surgical procedures are further driving the market growth.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the electrosurgical devices market. The presence of well-established healthcare infrastructure, a high incidence of chronic diseases, and the availability of advanced healthcare technologies are propelling the growth of the electrosurgical devices market in North America. Furthermore, the growing demand for minimally invasive surgical procedures and the presence of key market players in the region are contributing to the dominance of North America in the market.
Key players operating in the electrosurgical devices market include Bovie Medical Corporation, Medtronic Plc, BOWA-Electronic GmbH & Co. KG, KLS Martin, B. Braun Melsungen AG, Conmed, Olympus Corp., Boston Scientific Corporation, Erbe Elektromedizin GmbH, Symmetry Surgical Inc., Encision Inc., Gala Therapeutics, Inc., Apyx Medical Corporation, and Johnson & Johnson Services, Inc.