December 7, 2023
Electrosurgical Devices Market

Electrosurgical Devices Market: Growing Popularity of Minimally Invasive Surgeries Driving Market Growth

The global Electrosurgical Devices Market is estimated to be valued at US$6,892.4 Million In 2022 and is expected to exhibit a CAGR of 6.8% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Electrosurgical devices are used in surgical procedures for cutting, coagulation, and desiccation of tissues, primarily in minimally invasive surgeries. These devices offer various advantages such as reduced blood loss, shorter recovery time, and minimal scarring. With the increasing preference for minimally invasive procedures, the demand for electrosurgical devices is witnessing significant growth. The growing prevalence of chronic diseases, such as cancer and cardiovascular diseases, which require surgical interventions, is also fueling the market growth. Additionally, technological advancements in electrosurgical devices, such as the integration of advanced energy sources and robotics, are further propelling market expansion.

Market Key Trends:
One key trend driving the Electrosurgical Devices Market is the rising adoption of robotic-assisted procedures. Robotic-assisted surgeries offer precise tissue manipulation and better visualization, resulting in improved patient outcomes. The integration of robotics with electrosurgical devices allows for enhanced precision and control during surgical procedures. These systems provide surgeons with real-time feedback and enable them to perform complex procedures with greater accuracy. The increasing number of robotic-assisted surgeries being performed globally is expected to drive the demand for electrosurgical devices in the coming years.

Note: Key players’ information is not included in this report.
Porter’s Analysis

Threat of new entrants: The electrosurgical devices market is characterized by a high barrier to entry due to the need for significant investments in research and development, production facilities, and regulatory approvals. This deters new players from entering the market, leading to a low threat of new entrants.

Bargaining power of buyers: Buyers in the electrosurgical devices market have a moderate bargaining power as there are several players in the market offering similar products. However, the presence of established brands and the critical nature of these devices in medical procedures give suppliers some advantage.

Bargaining power of suppliers: Suppliers in the electrosurgical devices market have low bargaining power due to the presence of numerous suppliers and manufacturers. The availability of alternative suppliers and the commoditization of some components contribute to the low bargaining power.

Threat of new substitutes: The electrosurgical devices market faces a moderate threat of new substitutes. While traditional surgical techniques and alternative energy-based surgical technologies exist, electrosurgery remains a widely adopted and effective method for various medical procedures.

Competitive rivalry: The electrosurgical devices market is highly competitive with several key players vying for market share. This leads to intense competition in terms of product innovation, pricing strategies, and marketing efforts.

Key Takeaways

The electrosurgical devices market is expected to witness high growth, exhibiting a CAGR of 6.8% over the forecast period of 2022-2030. This growth is primarily driven by factors such as the increasing number of surgical procedures, advancements in technology, and the growing demand for minimally invasive procedures. The market is also supported by the rising geriatric population and the prevalence of chronic diseases.

Regionally, North America is expected to be the fastest-growing and dominating region in the electrosurgical devices market. This can be attributed to factors such as the presence of well-established healthcare infrastructure, increasing adoption of advanced surgical technologies, and high healthcare expenditure in the region. Additionally, the growing demand for cosmetic surgeries and the rise in chronic diseases contribute to the market’s growth in North America.

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 companies are focusing on product launches, strategic collaborations, and mergers and acquisitions to strengthen their market position and expand their product portfolio.

In conclusion, the electrosurgical devices market is expected to experience significant growth in the coming years. The market is characterized by strong competition among key players, with North America emerging as the fastest-growing region. Factors such as technological advancements and the increasing demand for minimally invasive procedures are driving market growth. Key players are actively engaged in strategic initiatives to maintain their market presence and gain a competitive edge.