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.
Albany, NY -- (SBWIRE) -- 12/15/2016 -- The electrosurgical devices market is driven by growing number of minimal invasive surgeries globally. With the changing face of medical field since the last decade, a larger number of surgical procedures are moving out of the traditional ways and they are replaced by minimally invasive techniques which is driving market of electrosurgical devices globally. Furthermore the rising coverage of healthcare and continuous increase in the geriatric population is expected to be the most vital reason for expansion of the electrosurgical devices market growth. According to WHO estimates, the global geriatric population is likely to reach around 2 billion (22% of global population) by 2050, which was around 524 million in 2010. Geriatric population is prone to several disease such as cancer, cardiac arrest, gastrointestinal diseases etc., due to weak immunity. So, there is a huge need for minimally-invasive surgeries for the treatment of such patients so as to avoid healing time and hospital stay. This factor will increase the use of electrosurgical devices further.
Increasing focus on efficient health care systems in various developed countries is expected to fuel growth of electrosurgical devices and procedures. Rising government funding for research to develop advanced medical treatment and target-specific surgical devices is expected to drive the global electrosurgical devices market. Key players in the electrosurgical devices market are focusing more on development of innovative electrosurgical devices and accessories. Leading market players are focusing on new products and accessories with improved coagulation and cutting properties, multimodality application, and tissue vaporization applications to capitalize the growth opportunities in the market.
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Global Electrosurgical Devices Market - Scope of the Report
The report is a combination of primary and secondary research. Primary research formed the bulk of our research efforts, with information collected from telephonic interviews and interactions via e-mail. Secondary research involved study of company websites, annual reports, press releases, stock analysis presentations, and various national and international databases. The report provides market size in terms of US$ Mn for each segment for the period from 2016 to 2024, considering the macro and micro-environmental factors. Growth rates for each segment within the electrosurgical devices market have been determined after a thorough analysis of past trends, demographics, future trends, technological developments, vaccination expenditure, and regulatory requirements.
The market overview section of the report includes qualitative analysis of the overall electrosurgical devices market including the determining factors and market dynamics such as drivers, restraints, market trends and opportunities, along with white space analysis. In addition, market attractiveness analysis by country, isotopic application and end-user along with competitive landscape by key players have been provided which explain the intensity of competition in the market considering different geographical locations. The competitive scenario between market players has been evaluated through market share analysis. These factors would help the market players take strategic decisions in order to strengthen their positions and increase their shares in the global market. Pricing and cost teardown analysis holds a crucial part of the report, which further describes the cost to end-user and cost to patient.
The global electrosurgical devices market is driven by rapid technological advancements and improved quality of patient's life. The market is projected to grow due to increasing investment in healthcare sector. In terms of end user segment ambulatory surgery center is projected to expand at a high CAGR on the backdrop of growing investment healthcare sector.
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Global Electrosurgical Devices Market - Geographical and Competitive Dynamics
Geographically, the global electrosurgical devices market has been segmented into five regions with North America leading the market in 2015 followed by Europe and Asia Pacific. Asia Pacific has the highest growth rate and is expected to overtake Europe in the future. The requirement for electrosurgical devices are rapidly growing in Asia Pacific due to increasing direct and indirect investments by the Government and other private companies. Increasing investments and penetration by key market players globally are expected to drive the electrosurgical devices market during the forecast period.
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.
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