The global market for electrosurgical devices features a vendor
landscape that is largely fragmented and intensely competitive,
observes Transparency Market Research in a recent report. Entry
barriers are not harsh but rising expenses for research and
development activities, excessive cost-based competition, and a high
degree of fragmentation make it difficult for new players to
establish their stronghold in the market. To strengthen their
positions, companies increasingly focusing on emerging market
economies as regions such as Asia Pacific and Middle East and Africa
appear to promising for the market. Some of the leading companies in
the market are Erbe Elektromedizin GmbH, B. Braun Melsungen AG, Bovie
Medical Corporation, Johnson & Johnson, Boston Scientific
Corporation, CONMED, Medtronic, KLS Martin, Symmetry Surgical Inc.,
and Olympus.
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According to the report, the global electrosurgical devices market
was valued at US$4,480.8 mn in 2015 and is projected to expand at a
CAGR of 6.7 % from 2016 to 2024, rising to US$7,963.2 mn in 2024.
Demand across General Surgery Sector to Help Market Perform Well
In terms of application, the general surgery segment accounted for
the dominant market share in 2015. Rising geriatric population
globally is anticipated to create promising growth opportunities for
electrosurgical devices in the general surgery sector in the next few
years as well. Geographically, the market in North America is
presently the leading revenue-contributing region to the global
electrosurgical devices market. The region features a large geriatric
and obese population facing cardiac, orthopedic problems, and an
alarming rise in incidences of cancer, thus presenting a massive need
for effective surgical procedures and associated products and
services.
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Rising Preference
to Minimally Invasive Surgeries to Drive Market
With the changing face of the medical devices and healthcare
industries in the last decade, a large number of surgical procedures
are moving out of the traditional ways and are being replaced by
minimally invasive techniques. This is one of the key factors driving
the global electrosurgical devices globally. While electrosurgical
devices have been used since the early 20th century, some
post-operative complications and electro-thermal injuries associated
with these treatment were the key drawbacks of the devices. However,
the scenario has created more opportunities in the market and
compelled companies to launch more effective and innovative devices
and accessories, thus helping the market develop in a positive way.
Continuous growth in geriatric population is expected to be one of
the potential drivers of the electrosurgical devices market during
the forecast period. According to the WHO, the global geriatric
population is likely to reach 2 bn, making up for nearly 22% of the
global population, by 2050. The demographic presents massive need for
minimally-invasive surgeries so as to reduce healing time and
hospital stay. The growing trend of computer assisted or robotic
minimally invasive surgery is expected to boost the growth of the
electrosurgical devices market.
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