The economic effect of surgical care is anticipated to account $20 billion in the year 2030, with approximately 33 million people facing catastrophic health expenditure due to high costs of surgeries. Further, rising demands for minimally invasive surgeries are striking up the electrosurgical devices market. Therefore, to meet the emerging requirements in the healthcare industry, electrosurgical devices are becoming the indispensable solution. According to the latest market intelligence report by BIS Healthcare titled, ‘Global Electrosurgical Devices Market- Analysis and Forecast (20117-2023)’, the market was estimated at $2.64 million in the year 2016 and is expected to reach a value of $4.33 billion by the year 2023. This significant market growth is attributed to the increasing demand for minimally invasive surgeries, increasing geriatric population with higher life expectancy, and new product launches by the prominent companies.
The development of the advanced energy-based medical devices and technologies has improved the method of diagnosis and treatment. At present, several invasive surgeries such as laparoscopy, endoscopy, coronary bypass surgery, facial surgery, and endoscopic brow have been performed using electrosurgical devices. The electrosurgical devices usually involve generators, monopolar and bipolar devices, electrosurgical accessories, and surgical smoke evacuation system which improve the efficiency of minimally invasive surgery process as compared to traditional surgeries. Further, the growth of electrosurgical devices on the global level is owing to the limited blood loss, minimized post-operative recovery time, and improved efficiency of surgical procedures.
The companies in the healthcare industry are under immense pressure to develop new devices to reduce costs as well as to improve the accessibility of healthcare solutions to wide range of people. This, in turn, leads to various technological advancement in electrosurgical devices such as vessel sealing technologies, tissue response technology, active electrode monitoring system, and argon gas enhanced technology. The advancement in technology enable the companies in the medical device industry to meet the regulatory compliance as well as to manage their profit margins and remain competitive in the market.
On the global scale, the electrosurgical devices market can be segmented on the basis of type, application, and region. Among the types of electrosurgical devices, the electrosurgical generators dominated the market in the year 2016. Moreover, electrosurgical accessories segment is expected to register the highest growth rate from 2017-2023. Based on the region, the market can be divided into North America, Europe, Asia-Pacific, Latin America and Rest of the World (RoW). Further, North America is leading the market for electrosurgical devices, globally. Moreover, the RoW is expected to grow at a CAGR of 11% during the forecast period.
BIS Healthcare has conducted extensive research on the global electrosurgical devices market and compiled the observation and insight in this report. The market intelligence report aims at providing an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.
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