ALBANY, New York, October 16, 2018 /PRNewswire/ --
A report by Transparency Market Research on the global electrosurgical devices market finds that it would rise at a CAGR of 6.7% between 2016 and 2024. At this pace, the market is predicted to attain a valuation of US$7,963.2 mn by 2024-end. The market was valued at US$4,480.8 mn in 2015.
Among the various types of electrosurgical devices in the market, the segment of radiofrequency electro surgery is predicted to rise at a maximum 7.0% CAGR over the course of the forecast period. This is because of its usefulness in curing different types of dermatologic disorders and skin lesions. From a geographical perspective, North America at present accounts for a major revenue share in the global electrosurgical devices market. Going forward too, the region is predicted to hold on to its leading share. The North America electrosurgical devices market is being supported by the presence of numerous products and their growing usage in general surgery for various diseases.
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Usage in Wide Ranging Surgeries Drives Demand in Global Electrosurgical Devices Market
At the forefront of driving demand in the global electrosurgical devices market is the pressing need for advanced and safe techniques for accomplishing the right surgical results. Explains the lead analyst of the TMR report, "The global electrosurgical devices market is benefitting from the application of the products in a range of surgeries. Those relate to gastroenterology, abdomen, urology, gynecology, and pneumology. The electrosurgical devices are particularly useful in minimally invasive surgeries in the aforementioned parts."
Further, the global electrosurgical devices market is also rising because of the rising popularity of the devices in proper coagulation, devitalization, thermofusion, and cutting.
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Rising Pool of Elderly and Technological Advancements Prove Major Market Catalysts Too
With a rising pool of elderly all over the world, who are highly susceptible to various cardiac and orthopedic diseases that may require surgical procedures for cure, the global electrosurgical devices market is set to grow in the near term as well. "The high uptake of electrosurgical devices in general surgery owing to its myriad advantages such as faster healing and less chances of an infection is driving its sales," observes our lead in-house analyst.
Thrust by manufacturers on technologically advanced devices and accessories is also helping the global electrosurgical devices market to grow. Rise in robotics for minimally invasive surgeries is proving tailwinds to the market too.
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Owing to a moderately fragmented landscape, the global electrosurgical devices market is witnessing robust competition. Entry barriers are not that steep and this has been drawing many aspiring players into the market. However, going forward, the relatively newer companies with limited capital have difficulty in establishing a solid foothold in the global electrosurgical devices market because of the high spends on research and development. Many are forced to bow out too owing to the competitive pricing strategy of established players.
Nevertheless, some of the companies that have come to hold a prominent position the global electrosurgical devices market beating their numerous rivals are Symmetry Surgical Inc., CONMED Corporation, Medtronic, Erbe Elektromedizin GmbH., and Johnson & Johnson.
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The review is based on the findings of a TMR report, titled, "Electrosurgical Devices Market (Product Type - Radiofrequency Electrosurgery Devices (Monopolar and Bipolar), Electrocautery Devices (Monopolar and Bipolar), and Electrosurgical Accessories; Application - General Surgery, Gynecology, Cardiology, Urology, Dermatology and Cosmetology, Orthopedics, Neurology, Oncology, Dentistry, and Gastrointestinal Surgery; End User - Hospitals, Ambulatory Surgery Centers, and Specialized Clinics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2024."
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