Electrosurgical Devices includes electrosurgical generators, electrosurgical instruments & accessories and patient return electrodes that are used in surgical procedures for cutting, coagulating and desiccating tissues. These devices are widely used in surgeries of urology, gynecology, gastroenterology, arthroscopy, otolaryngology and others. Electrosurgical devices offer several benefits over traditional surgical procedures including minimal bleeding, decreased scarring and reduced risk of infection at the surgical site. The growing disease burden and increasing number of surgeries along with rising healthcare expenditure is driving the demand for electrosurgical devices 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.
According to data published by Department of Industrial Policy and Promotion, the Indian healthcare industry received FDI worth US$ 6.31 billion between April 2000 to March 2021. This increase in healthcare infrastructure is expected to support the demand for electrosurgical devices as they are imperative part of surgeries performed in hospitals. The rising medical tourism in India will further contribute to growth of the market during the forecast period.
Threat of new entrants: The threat of new entrants is low in India as it requires large capital investments and compliance with stringent regulations. Electro-surgery devices requires FDA/CE approval which is a long drawn and costly process.
Bargaining power of buyers: The bargaining power of buyers is high in India as electrosurgical devices market is fragmented with presence of local and international players. Buyers can negotiate on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key components like generators, instruments, bipolar and monopolar cables are procured from few specialized manufacturers globally. Suppliers enjoy bargaining power due to their technical expertise.
Threat of new substitutes: Threat of substitutes is low as electro-surgery devices are core requirements in hospitals.Though lasers are emerging alternatives for specific applications, adoption is gradual due to high costs.
Competitive rivalry: Competitive rivalry is high due to presence of local and international brands vying for market share through product innovations, quality and competitive pricing.
Strengths: India has large population base with increasing healthcare expenditure. Rising number of hospitals and surgical procedures drive the demand.
Weaknesses: Lack of skilled professionals and uneven infrastructure in rural areas hamper market growth. Low awareness among some surgeons regarding advanced technologies.
Opportunities: Growth in medical tourism and initiatives by government to boost healthcare access present opportunities. Untapped rural markets provide headroom for penetration.
Threats: Stringent regulatory norms and lengthy product approval delays are challenges. Quality concerns due to presence of cheap Chinese imports also impact sales.
The India Electrosurgical Devices Market Size is expected to grow exponentially driven by increasing healthcare access, rising surgical volumes and growing medical tourism. The market estimated at US$ 229.95 Mn in 2023 is forecast to reach US$ 354.94 Mn by 2030, expanding at a CAGR of 6.3% during the forecast period.
Western and Southern regions dominate the India market currently accounting for over 60% share due to concentration of major private and public hospitals. States like Maharashtra, Tamil Nadu, Karnataka and Gujarat offer significant opportunities owing to developing healthcare infrastructure and initiatives to encourage medical tourism. However, Northern and Eastern regions are expected to report fastest growth during the forecast period.
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¤rtsilÃ¤ Corporation, Yanmar Co. Ltd., Doosan Corporation. The market remains highly competitive with both global and domestic brands vying for major market share through technologically advanced product launches and competitive pricing.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it