Electrosurgical Devices Market Expected to Reach $3,894 Million Globally, by 2022

Electrosurgical Devices Market is estimated to reach $3,894 million by 2022 from $2,214 million in 2015, and is estimated to grow at a CAGR of 8.3%. Electrosurgical devices use high-frequency or electric current during surgical procedure to cut, coagulate, desiccate, or fulgurate the tissues.
Technological advancements in healthcare, increase in baby boomer population, rise in demand for surgical procedures, substantial expenditure in healthcare by government reforms, and increase in demand for technologically advanced products are the factors that drive the growth market for electrosurgical devices. However, stringent government policies for product approval restrain the global market for electrosurgical devices.

Segment Review

Electrosurgical instruments & accessories is the top potential target market for investment for the key players. The demand for electrosurgical instruments & accessories is expected to increase with rise in adoption of electrosurgical devices in various surgical procedures. In addition, growth in demand for innovative and customized electrosurgical instruments & accessories, which correspond to the needs of surgeons, boosts the growth of this market

North America accounted for the largest share of the global market in 2015. This is attributed to increase in investment in healthcare sector for the advancement of surgical methodologies and surgical products for better quality and accuracy of surgical procedures to improve the patient health.
In addition, rise in healthcare expenditure; prevalence of various chronic diseases such as diabetes, cardiovascular diseases, obesity; and others, and rise in number of surgeries fuel the market growth. For instance, according to the American Society for Metabolic and Bariatric Surgery, the annual number of bariatric surgical procedures performed were nearly doubled from 1,03,000 in 2003 to 2,05,000 procedures in 2007, and up to 13% of the U.S. population are estimated to undergo for bariatric surgery by 2020. Europe accounted for the second largest market share of 30.7% of the global market in 2015.

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Surge in rate of chronic disorders, increase in geriatric population, and growth in number of surgical procedures performed drive the growth of this market in Europe. Persistent R&D for technological advancements is anticipated to create new opportunities during the forecast period.
The key players profiled in the report include B. Braun Melsungen AG (Germany), Bovie Medical Corporation (U.S.), Megadyne Medical Products Inc. (U.S.), CONMED Corporation (U.S.), Medtronic plc. (Ireland), Johnson & Johnson (U.S.), ERBE Elektromedizin GmbH (Germany), KLS Martin Group (Germany), Olympus Corporation (Japan), and Utah Medical Products, Inc. (U.S.).

Market Drivers and Restrains

Rise in Number of Surgical Procedures Globally

Growth in geriatric population has resulted in the rise in demand for surgeries. Moreover, plastic & reconstructive surgeries, which are generally performed for aesthetic/cosmetic purposes, have gained popularity. In addition, health awareness in emerging economies has led to the rise in the number of surgeries. Thus, many key players focus on emerging economies to expand their businesses.
Large Pool of Geriatric Population and Rise in Chronic Diseases
The global geriatric population has increased significantly and is vulnerable to various disorders such as ocular, cardiovascular, stroke, cancer, diabetes, gastric diseases, intestinal illnesses, and others. For instance, cardiovascular diseases are one of the leading causes of death globally. According to the Heart Disease and Stroke Statistics report published in 2015, by the American Heart Association, 17.3 million die every year due to cardiovascular diseases, and this number is expected to reach 23.6 million by 2030. Stroke is one of the major causes of deaths, as it accounted for 11.13% of the total deaths worldwide.

Technological advancement

Technological advancements in electrosurgical devices result in higher success rate and newer applications, depending on their usage in various surgical procedures. Ease in operation, improved surgical results, and improved quality of treatment fuel the demand for such technologically innovative products among medical professionals. Key players in this market have invested heavily on R&D to introduce advanced surgical products to gain a competitive edge.

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Stringent Rules & Regulations for Product Approval

Stringent U.S. reforms for electrosurgical devices are projected to restrain the market growth during the analysis period. The guidance’s, Premarket Notification (510(k)) Submissions for Electrosurgical Devices for General Surgery and Premarket Notification (510(K)) Submissions for Bipolar Electrosurgical Vessel Sealers for General Surgery were firstly introduced in 2014. JustRight Surgical (U.S.) was the first and only company that successfully obtained clearance from the FDA for an electrosurgical device to be used specifically for pediatric patients.

Key Benefits

• The study provides an in-depth analysis of the global market with current trends and future estimations to elucidate the investment pockets.
• The report provides a quantitative analysis from 2014 to 2022 that enables the stakeholders to capitalize on prevailing market opportunities.
• Extensive analysis of the global electrosurgical devices market, by product and application, helps to understand the various products used for different applications.
• Key market players within the global market are profiled in this report, and their strategies are analyzed thoroughly, which predict the competitive outlook of the market.

[7/18/2018 3:00:37 PM] Sidharth Sawant: Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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