Electrosurgery is a type of surgical procedure which enables the surgeon to make precise cuts in the tissues due to which the surgery becomes minimally invasive and prevents excessive blood loss and damage to the adjoining tissues. Electrosurgery works on the principle of passing high frequency electric current that cuts the tissue by the movement of electrons due to voltage. There are three main segments of the electrosurgery market, namely electrosurgical generators, electrosurgical instrument and accessories and smoke management systems. Electrosurgical accessories market is also broadly classified into three main segments namely patient return electrodes, cords, adapters and cables, and others. Due to technological advancements in the field of electrosurgery, and new research being carried out in this field, this type of surgical procedure has become popular in almost all the type of surgeries performed. In addition, a rise in the geriatric population across the world and rise in the popularity of cosmetic surgeries is contributing to the steady growth of the global electrosurgery accessories market.
Electrosurgery Accessories Market: Drivers
A steadfast improvement in the technology of electrosurgery, huge amount of cutting edge research done by the leading global market players in the field of electrosurgery, a sharp rise in the geriatric population across the globe, an increase in demand of cosmetic surgery and greatly improving healthcare facilities in the emerging economies of India, China and Brazil are the main market drivers of the electrosurgery accessories market across the globe. Due to these robust market drivers, the electrosurgery market is poised to witness a sustained growth in the coming decade. In addition, a growing number of people suffering from obesity is leading to an increase in the bariatric surgeries and also a huge push for increased healthcare spending in economies of China and India are also factors that are contributing to the growth of the electrosurgery accessories market. Faster recovery, fewer post-surgical infections and improved accuracy during surgery are the major advantages of electrosurgery, due to which its popularity is rising tremendously.
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Electrosurgery Accessories Market: Restraints
In the lucrative market of North America, specifically the United States, there is a trend of purchasing electrosurgery accessories in bulk that is resulting in price pressure on the manufacturers and distributors and a high number of product recalls are some of the restraining factors in the electrosurgical market. In addition, a rise in other non-invasive surgical procedures and stiff competition among the leading market players are also acting as restraints in the global electrosurgery market.
Electrosurgery Accessories Market: Key Regions
North America is the dominant and the most lucrative market for electrosurgery accessories market. The reasons for this are the increasing number of surgical procedures being performed in this region, rapid technological advancements and increased government funding are fuelling the growth of electrosurgery accessories market in this region. Europe is the second most lucrative market for this type of surgery. However, it is the Asia-Pacific region that is going to be the fastest growing electrosurgery accessories market in the coming decade. A huge unmet demand for quality healthcare, increased spending by the governments and healthcare reforms in this region and a high growth rate of population are the main factors contributing to the popularity of electrosurgery accessories market in this region.
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Electrosurgery Accessories Market: Key Market Players
Key market players in the electrosurgery accessories market include Bovie Medical Corporation, Covidien plc, Olympus Corporation, Ethicon, and KLS Martin Group among others.