by The India Electrosurgical Devices Market is estimated to be valued at US$ 229.95 Mn or Million in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Electrosurgical devices are used in surgical procedures to cut, coagulate, desiccate, and fulgurate tissue. Major products in this market include electrosurgical generators, electrodes, and accessories. Electrosurgical generators deliver Radiofrequency energy to the electrodes, which helps in performing surgical functions. Key application areas include general surgery, gynecology, urology, orthopedic surgery, cardiovascular, neurosurgery, and cosmetic surgeries. Rising prevalence of chronic diseases and number of surgical procedures being performed in India is expected to drive the demand for electrosurgical devices over the forecast period.
Market Dynamics:
Growing geriatric population and increasing incidences of chronic diseases such as cancer which requires surgical interventions are major drivers of this market. According to Indian Council of Medical Research (ICMR), cancer accounted for 7.84 lakh new cases and 6.16 lakh cancer-related deaths in 2020. As per Population Reference Bureau data of 2021, the geriatric population in India is projected to grow from 138 million in 2020 to about 323 million by 2050, reaching nearly 20% of the total population. Moreover, improving healthcare infrastructure in India has led to rise in number of hospitals which has augmented the demand for advanced surgical devices like electrosurgical devices from both public and private healthcare settings.
Segment Analysis
The India electrosurgical devices market is dominated by bipolar electrosurgical devices segment. This is because bipolar electrosurgical devices minimizes the possibility of current straying to other organs and tissues, reducing thermal spread and risk of collateral tissue damage. Bipolar electrosurgical devices are preferred for surgeries requiring precision such as general surgery, urological surgery, and gynecology.
PEST Analysis
Political: The government aims to increase public healthcare expenditure which will drive growth of the electrosurgical devices market. It has also launched varioushealth insurance schemes like Ayushman Bharat which is increasing access to healthcare.
Economic: Rising disposable income and growing health awareness is increasing expenditure on healthcare in India. This is fueling demand for advanced medical devices like electrosurgical devices.
Social: Growing geriatric population and changing lifestyle leading to increased incidence of chronic diseases like cancer is creating demand for surgical procedures using electrosurgical devices.
Technological: Key players are focusing on developing advanced bipolar devices with improved coagulation and improved precision for minimally invasive surgeries. Integrating electrosurgical devices with robotics and IoT is also gaining traction.
Key Takeaways
The India Electrosurgical Devices Market Size is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing number of surgeries and growing healthcare expenditure. The market size is expected to reach US$ 429.24 Mn by 2030 from US$ 229.95 Mn in 2023.
Regional analysis
South India is expected to dominate the market owing to rapidly growing healthcare infrastructure and presence of major hospitals. States like Telangana and Karnataka are emerging as healthcare hubs and witnessed highest number of surgeries in the country in recent years.
Key players
Key players operating in the India electrosurgical devices market are Medtronic plc., CONMED Corporation, Ethicon, Inc., Symmetry Surgical Inc., B. Braun Melsungen AG, Olympus Corporation, Erbe Elektromedizin GmbH, Innoblative Designs, Inc., Stryker Corporation, OmniGuide Inc., and PENTAX Medical. Medtronic plc. and B. Braun Melsungen AG collectively hold over 30% market share due to their diverse product portfolio and strong distribution network across the country.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
