Electrosurgical Devices Market to Become Worth US$7,963.2 mn by 2024

The global electrosurgical devices market is considered to be a highly fragmented landscape and has a less intensive competition thanks to the existence of a large pool of domestic as well as global players across vital regional markets. Even though the barriers for entry are relatively low for the new entrants, factors such as high degree of fragmentation, excessive competition in terms of prices, increasing research and development expenses can slow down the growth prospects for the new entrants in the global market for electrosurgical devices.
To leverage the overall development opportunities and bolster their hold on the international market, the established players in the market are now concentrating on developing new accessories and products with multimodality application, cutting properties, and improved coagulation. In a recent development of 2016, the launch of APCapplicator electrosurgical hand-piece was developed by ERBE Elektromedizin GmbH. This devices works as both coagulation and vessel cutting purpose and has applications in laparoscopy and open surgery. Development of new and innovative multimodality systems such as robotic surgical systems, to enhance the precision and ease of the surgical procedures is also an upcoming and trending strategy in the global market.

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The global market for electrosurgical devices was valued at US$4.480 bn in the year 2015. This valuation was estimated to reach to an overall figure worth US$7.963 bn by the edn of 2024. This growth of the global electrosurgical devices market is expected to be achieved with the help of an impressive CAGR of 6.7% over the course of the given forecast period of 2016 to 2024.
With respect to the type of product, the global market for electrosurgical instruments is expected to be dominated by electrosurgical accessories. In terms of geography, the North America market has been leading in the last few years and is expected to continue its dominance over the course of the given forecast period of 2016 to 2024.
Government Backings in Emerging Economies to Drive Market Growth
Across the prominent end use areas such as surgical ambulatory units, specialized clinics, and hospitals, the overall uptake of the electrosurgical devices has grown at a considerable rate thanks to the motivating reimbursement policies and secure coverage of medical bills by the insurance policies in several developed as well as developing economies. The provision of medical insurance enables those are covered to uptake the best surgical choices that are available without having to think cost of surgery as a restraint. This is expected to act as one of the key factors for fuelling an overall development of the global market for electrosurgical devices during the coming years of the aforementioned forecast period.

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The global market for electrosurgical devices is also driven by the growing focus on the enhancements of the healthcare systems across numerous emerging economies. The government and regulatory bodies are raising more funds for investing in the activities of research and development for advanced medical treatments and surgical devices that are target specific. This is also expected to fuel the all-round development of the global market electrosurgical devices.
Numerous Complexities Related to Electro-surgery to Impede Growth of Market
However, there are some factors that are expected to hamper the growth of the market in the coming years. One of the key factors for impeding the growth of the global market for electrosurgical devices is the possibility of several complications such as post-operative complications and electro-thermal injuries. Other complications such as capacitive coupling, direct coupling, improper applications of these electrosurgical devices, and failure of insulation among others are also expected to add to the apprehension of widespread adoption of electrosurgical devices.

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Electrosurgical Devices Market: North America to Remain Dominant Contributor to Global Revenue

Global Electrosurgical Devices Market: Snapshot

With the changing face of medical field since the last decade, triggered by an immense rise in technological advancements and rising healthcare expenditure across the globe, a large number of surgical procedures are making the shift from traditional ways to minimally invasive techniques. This is considered to be one of the key factors to have boosted the global adoption of electrosurgical devices of late. Electrosurgical products such as radiofrequency electrosurgery devices, eletrocautery devices are currently being extensively used for purposes such as cutting, desiccation, ablation, vaporization, and charring of target tissue.

Transparency Market Research estimates that the adoption of these products will continue to rise at a promising pace owing to the rising geriatric population, increasing prevalence of chronic diseases, and the resultant rise in demand for effective surgical procedures. The global market for electrosurgical devices is expected to exhibit a healthy 6.7% CAGR over the period between 2016 and 2024. Owing to this, the market will rise from a valuation of US$4,480.8 mn in 2015 to US$7,963.2 mn by 2024.

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In terms of product, the electrosurgical devices market has been segmented into radiofrequency electrosurgery devices, electrocautery devices, and electrosurgical accessories in the report. The segments of radiofrequency electrosurgery devices and electrocautery devices are further divided in to monopolar devices and bipolar devices.

The segment of radiofrequency electrosurgery devices, which had a valuation of US$923.6 mn in 2015, accounting for a relatively smaller share in the market as compared to the segments of electrocautery devices and electrosurgical accessories in 2015, will exhibit growth at the most promising pace from 2016 through 2024. Transparency Market Research estimates that the segment will expand at a favorable 7% CAGR over the said period, chiefly owing to their rising usage for the treatment of dermatological lesions, both benign and malignant.

On a whole, the segment of electrosurgical accessories is expected to emerge as the most attractive product segment in the electrosurgical devices market in terms of value and revenue contribution, exhibiting the attractiveness index of 1.6 and a 6.9% CAGR from 2016 to 2024. The segment held a dominant share of 53% in the global electrosurgical devices market in 2015 and is expected to maintain its leading stance over the forecast period as well. Technical innovations, new product launch in this field and increasing use of disposable accessories will drive the growth of electrosurgical accessories segment during the forecast period of 2016-2024.

Asia Pacific to Emerge Most Promising Market in Terms of Growth Rate

In terms of geography, North America is presently the most attractive regional market for electrosurgical devices. Several encouraging factors such as the rising number of surgical procedures, rising numbers of mergers and acquisitions, and easy availability of new and innovative product varieties are acting in favor of the electrosurgical devices market in North America. A large base of geriatric and obese population facing cardiac, orthopedic, and many other chronic problems and the rising incidence of cancer are also anticipated to drive the market in this region in the next few years.

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The North America market will continue to exercise control over the global market over the forecast period as well, thanks to the high concentration of medical device manufacturers and rising investment aimed at research and development. Nevertheless, North America will lose prominence to Asia Pacific in terms of growth pace from 2016 through 2024.

The market for electrosurgical devices in Asia Pacific is expected to expand at a 7.7% CAGR over the said period. Improved healthcare infrastructure and rising healthcare spending by government are expected to increase adoption of electrosurgical devices in this region. Asia Pacific holds immense potential in the electrosurgical devices market also due to rising population, high unmet medical needs, and rise in health care-related customer expectations due to improved economic conditions.

Key players in this market are as follows Bovie Medical Corporation, Medtronic, B. Braun Melsungen AG, Erbe Elektromedizin GmbH, Boston Scientific Corporation, Olympus, Johnson & Johnson, Symmetry Surgical Inc., CONMED, KLS Martin and BOWA-electronic GmbH & Co. KG.