Electrosurgical Device Market worth over $10.3bn by 2027
Published Date: February 22, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Electrosurgical Device Market size is set to surpass USD 10.3 billion by 2027, according to a new research report by Global Market Insights, Inc.
The electrosurgical device market growth is owing to the steady rise in surgical volumes globally and the robust growth of minimally invasive procedures. Several product launches are also noted to drive the technological advancement in the field of electrosurgical devices.
Increasing prominence of minimally invasive procedures is expected to largely impact the electrosurgical device market expansion
Electrosurgical devices are one of the largely employed energy devices in laparoscopic surgeries. The devices are noted to be safe and effective when compared to other counterparts. These devices are predominantly used in surgical processes, as they help prevent loss of blood. This specific feature of electrosurgical devices has largely facilitated the outpatient surgical models. Surgeries performed with the help of electrosurgical devices have also reported relatively lesser patient recovery time as compared to other cutting technologies. These characteristics alongside several others allow the healthcare staff to reduce morbidity by eliminating large surgical incisions. Further, patients are also noted to experience less pain and reduced cost of treatment, besides lower time of recovery. These factors will lead to an upsurge in the market.
Stringent regulations for approval and use of ESUs is anticipated to cause a hurdle in the overall electrosurgical device market revenue
The medical devices industry is noted to remain one of the highly regulated fragments of the healthcare sector. These are largely regulated under the 510(k)-guidance issued by FDA, among others. Medical devices covered under Section 878.4400 are Class II electrosurgical devices, also known as radiofrequency (RF) or high-frequency (HF) devices. These make specific recommendations on the use, safety as well as biocompatibility for the devices. Alongside, the guidance also includes several other warnings relating to appropriate labelling on the devices to avoid misinformation to the user. For instance, in October 2019, Angiodynamics Inc. recalled few of its products due to incorrect labelling. Similarly, failing to adhere to the guidelines mentioned in the approval process may lead to limited supply in the market, thereby creating a supply demand gap, limiting the overall industry growth.
Safety concerns surrounding surgical smoke to cause an upshift in the consumption of smoke evacuation systems
The smoke evacuation system segment accounted for 27.2% of the electrosurgical device market share in 2020 on account of the concerns surrounding surgical smoke toxicity and enhanced smoke management increase. The surgical smoke is studied to contain carbon monoxide, benzene as well as hydrogen cyanide. If not moderated, the same may cause different kinds of respiratory as well as eye irritation in clinical staff as well as patients. Manufacturers as well as regulating authorities have ruled out the use of masks to limit the exposure to surgical smoke. A better smoke management system is projected to gain traction in order to minimize the exposure. These factors highly contribute to the segment growth and the trend is poised to continue throughout the forecast period.
Browse key industry insights spread across 170 pages with 168 market data tables & 18 figures & charts from the report, “Electrosurgical Device Market Size By Product (Electrosurgical Generator, Electrodes, Smoke Evacuation System, Accessories), By Application (General Surgery, Gynecology, Urology, Orthopedic Surgery, Cardiovascular Surgery, Cosmetic Surgery, Neurosurgery), By End-use (Hospitals, Ambulatory Surgical Units, Specialized Clinics), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027” in detail along with the table of contents:
Increasing cosmetic surgeries to fuel the demand for electrosurgical devices
The electrosurgical device market for cosmetic surgeries held more than 14.3% of revenue share in 2020. The cosmetic and plastic surgeries are one of the most sought-after surgeries in the world. The constantly rising desire to enhance body aesthetics and appearance largely drives the segment expansion. On the other hand, several patients are noted to undergo plastic surgeries in order to cope with different kinds of skin diseases, injuries or burns. As a result, according to the International Society of Aesthetic Plastic Surgery, a rise in surgical volumes by nearly 7.1% (roughly 750,000 surgeries) was observed in 2019 as compared to 2018 globally. This trend is observed across male and female patients and in almost every country under consideration. Thus, the segment demand is anticipated to showcase growth during the forecast period and contribute significantly to the global market.
Growing number of ambulatory surgical facilities to facilitate the growth of electrosurgical devices
Ambulatory surgical units in the electrosurgical device market are predicted to expand at more than 4.7% CAGR through 2027. The ambulatory surgical units have witnessed a rapid rise in the recent years owing to the shifting trend surrounding outpatient procedures. The focus towards enhancing the healthcare infrastructure, capacity enhancement and consumer preferences are all contributing factors to the growth trajectory observed by the segment. The massive adoption of outpatient models by developed countries are a leading cause of large number of ambulatory surgical facilities. According to the Ambulatory Surgery Center Association, there are over 5,800 facilities in The US alone. Advantages such as same-day discharge, reduced surgical costs and low chances of infection have put ambulatory surgical units in the limelight. Although hospitals are still prominent across geographies, the shifting trend towards ambulatory surgical units represents an optimistic outlook for the market.
The rising geriatric population is one of the prominent factors spurring the growth of electrosurgical devices in the countries of European region
Europe electrosurgical device market is expected to reach USD 2.9 billion by 2027. Increasing use of electrosurgical devices for almost all surgical procedures is one of the prime factors propelling the market growth. With the large-scale medical devices industry in countries such as Germany, France and the UK, Europe is estimated to offer significant growth opportunities during the forecast timeframe. The geriatric population is relatively higher in the countries of Europe, especially Spain and Italy, which further leads to the prevalence of illnesses. A high incidence rate of cardiovascular disease is a prominent factor leading to the considerable growth in the regional market.
A mix of organic and inorganic growth strategies shape the supply-side market
Some of the key participants operating in the electrosurgical device market include Stryker Corporation, B. Braun Melsungen AG, Boston Scientific Corporation, Medtronic Plc, Smith & Nephew, Erbe Elektromedizin GmbH, Johnson & Johnson Private Limited, AngioDynamics, Inc., Olympus Corporation, CONMED Corporation among others. These companies focus on strengthening their market presence across regions and hence engage in strategies such as product launches, acquisitions and mergers, among others.
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