The electrosurgical devices market is characterized by the presence of various electrosurgical generators and accessories such as electrodes, Patient Return Electrodes, Dispersive Electrodes, Cords, and Cables. Electrosurgical devices are used in various surgical specialties including general surgery, gynecology, urology, gastroenterology, arthroscopy, and others. The growing geriatric population has led to an increase in the incidence of chronic diseases, thereby driving the demand for various surgical procedures.
The Global electrosurgical devices market is estimated to be valued at US$ 6,892.4 Mn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030.
Key Takeaways
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 players are focusing on new product launches and strategic collaborations to strengthen their market position.
The market provides significant opportunities owing to the development of advanced electrosurgical instruments and generators with improved safety and efficiency. Moreover, the increasing adoption of minimally invasive surgeries worldwide is boosting the demand for electrosurgical devices.
The global expansion of leading market players through acquisitions and partnerships with local players has further aided the market growth. Key players are focusing on emerging economies in Asia Pacific and Latin America seeing high growth potential.
Market Drivers
The growing geriatric population worldwide is one of the key drivers of the electrosurgical devices market. The elderly are more prone to chronic diseases and suffer from various medical conditions that often require surgical treatment. Moreover, technological advancements leading to the development of advanced electrosurgical equipment with improved efficacy and safety features is positively influencing the market growth. Increasing use of electrosurgery in ambulatory surgical centers and clinics owing to the rising trend of minimally invasive procedures is fueling the demand for electrosurgical devices.
PEST Analysis
Political: Regulations related to the use and sales of electrosurgical devices are formulated and monitored by regulatory bodies like the FDA. Strict laws ensure the safety and effectiveness of devices.
Economic: Economic growth in developing regions and increasing healthcare expenditure is expected to drive the demand. Cost-effectiveness of electrosurgeries compared to traditional surgeries boosts adoption.
Social: Growing geriatric population undergoing various surgeries and preference for minimally invasive surgeries due to quick recovery increase market potential. Risk of surgical site infections also increases demand.
Technological: Innovation leads to the development of advanced bipolar and monopolar devices with improved features like adjustable settings and precision. Adoption of technologies like robotics and artificial intelligence may enhance precision and safety.
North America holds the major market share in terms of value owing to growing geriatric population, high healthcare spending, and rapid adoption of advanced technologies. The increasing adoption of minimally invasive surgeries, developing healthcare infrastructure, and large patient pool are fueling growth in the Asia Pacific region, which is emerging as the fastest growing regional market.
Europe accounts for a significant share of the global market due to supportive government initiatives to modernize healthcare facilities and increasing initiatives by market players. Factors such as increasing healthcare expenditure per capita, presence of highly developed economies, rising number of elective surgeries also support market expansion within the region. However, device pricing pressures in European countries could hamper growth to an extent.
Urolithiasis is referred to as kidney stone and is a condition that is characterized by presence of a calculi or a solid piece material in the urinary tract of an individual.
These solid mass commonly known as kidney stone is typically formed in the renal area that is eliminated from the body through the urine stream.The stones that are smaller in size may pass off the body without any symptoms, however, lumps larger than 5 millimeters in size can lead to blockage of the ureter that may cause severe pain in the abdominal area and lower back.
This may result in symptoms that includes pain during urination, vomiting or blood in the urine.
Urolithiasis is caused due to combination of environmental and genetic factors.
It can also be caused due various factors such as obesity, hyperparathyroidism, and high urine calcium levels.Get Exclusive Sample Report @ https://dataintelo.com/request-sample/?reportId=506Rising incidence of chronic kidney diseases is one of the major factors responsible for growth of global urolithiasis management devices market.
Moreover, growth of the urolithiasis management devices market can also be attributed to rising adoption of percutaneous nephrolithotomy (PCNL).Read More @ https://www.marketwatch.com/press-release/urolithiasis-management-devices-market-swot-analysis-cagr-future-insights-growth-by-2026-2019-12-20
