by Market Overview:
The global electrosurgical devices market is projected to reach a valuation of US$ 6,892.4 million by 2023, exhibiting a CAGR of 6.8% during the forecast period (2023-2030). Electrosurgical devices are used in various surgical procedures to cut, coagulate, desiccate, and fulgurate biological tissues, offering several advantages such as precision, reduced bleeding, minimal scarring, and faster recovery. The increasing number of surgical procedures being performed globally, coupled with the growing demand for minimally invasive surgical techniques, is driving the market growth. Additionally, advancements in electrosurgical technology, such as the development of advanced energy delivery systems, are further fueling market growth.
Market Key Trends:
A key trend in the electrosurgical devices market is the rising adoption of radiofrequency electrosurgery. Radiofrequency electrosurgery offers several benefits such as reduced blood loss, minimal tissue damage, and enhanced surgical precision. This technique utilizes high-frequency electrical energy to cut, coagulate, and seal tissue simultaneously, making it particularly useful in delicate procedures. The rising preference for minimally invasive surgeries and the demand for precise and efficient surgical techniques are driving the adoption of radiofrequency electrosurgery. Moreover, the continuous advancements in radiofrequency technology, such as the introduction of bipolar radiofrequency devices, are further enhancing the market growth for electrosurgical devices.
Segment Analysis:
The electrosurgical devices market can be segmented based on type, application, end-user, and region.
Based on type, the market can be divided into electrosurgical generators, electrosurgical instruments, and accessories. Among these, the electrosurgical instruments segment dominates the market. This segment is expected to continue its dominance over the forecast period due to a growing number of surgical procedures requiring precision and control, technological advancements in electrosurgical instruments, and increasing awareness among surgeons about the benefits of using these devices.
Key Takeaways:
The Global Electrosurgical Devices Market Demand is expected to witness high growth, exhibiting a CAGR of 6.8% over the forecast period (2023-2030). This growth can be attributed to several factors, including the increasing prevalence of chronic diseases, rising geriatric population, advancements in electrosurgical technologies, and the growing demand for minimally invasive surgeries.
In terms of regional analysis, North America is the fastest-growing and dominating region in the electrosurgical devices market. This can be attributed to the presence of advanced healthcare infrastructure, high healthcare expenditure, favorable reimbursement policies, and an increasing number of surgical procedures in the region. Europe and Asia Pacific are also expected to witness significant growth in the market due to the rising geriatric population and increasing government initiatives for healthcare infrastructure development.
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. These key players are focusing on strategic collaborations, product advancements, and mergers and acquisitions to strengthen their market presence and gain a competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
