Market Overview
An electrosurgical device is a medical device that uses high-frequency alternating current to cut human tissue, electrically cauterize it, or destroy tissue with heat. They are commonly used in various surgical procedures such as general surgery, gynecological surgery, urological surgery, orthopedic surgery, cardiovascular surgery, cosmetic surgery, and neurosurgery. Advancements in surgical techniques and devices have led to reduced post-surgical recovery time and a rise in minimally invasive or non-invasive procedures. Moreover, advantages such as precise cutting & coagulation, better hemostasis control, and less chances of infection associated with electrosurgery have increased their adoption rate among patients and healthcare professionals. The Global electrosurgical devices market is estimated to be valued at US$ 6,892.4 Mn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period from 2023 to 2030.
Key Takeaways
Key players operating in the electrosurgical devices are 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. Second, increasing adoption of minimally invasive surgeries globally presents significant opportunities in the electrosurgical devices market. Third, rising healthcare expenditures and growing number of hospitals and ambulatory surgical centers in emerging economies are expected to fuel the overall expansion of the global electrosurgical devices market during the forecast period.
Market Drivers
The key driver for the electrosurgical devices market is the rising number of surgical procedures across the world. This is attributed to the growing global population, increasing incidence of chronic and lifestyle diseases, and the rising focus on healthcare. According to the World Health Organization, around 313 million surgical procedures are performed annually across the globe. Other major drivers include the growing number of ambulatory surgical centers and the increasing adoption of innovative non-invasive cosmetic treatments using electrosurgical devices.
PEST Analysis
Political: Regulations regarding safety standards for electrosurgical devices are well defined and manufacturers have to obtain clearances and approvals from regulatory bodies such as the FDA before marketing devices. This ensures patient safety.
Economic: Overall economic growth has contributed to higher healthcare spending which has driven demand for electrosurgical devices used in various surgical procedures.
Social: Rising incidence of chronic diseases and the growing geriatric population undergoing various surgical procedures has increased the demand for electrosurgical devices for use in minimally invasive surgeries.
Technological: Advancements in technologies used for electrosurgical instruments such as monopolar and bipolar devices with advanced precision energy delivery systems have improved safety and efficacy outcomes for patients undergoing surgeries. Innovation in technologies for advanced energy platforms will enable better outcomes.
The geographical region where the electrosurgical devices market in terms of value is most concentrated is North America. This region accounts for the largest share of the overall market owing to factors such growing prevalence of chronic diseases, rising healthcare spending, availability of advanced healthcare facilities and supportive reimbursement policies for surgical procedures in countries like the US and Canada.
The Asia Pacific region is projected to be the fastest growing geographical market for electrosurgical devices during the forecast period. This growth can be attributed to increasing healthcare infrastructure development, rising medical tourism, growing medical expenditures and large patient volumes undergoing surgeries in rapidly developing economies of China, India and other Asia Pacific countries.
