The global market for electrosurgical devices is highly fragmented and features a less intense level of competition owing to the presence of a large number of global as well as domestic players across key regional markets, observes a recent report by Transparency Market Research. Although entry barriers are low for new players, factors such as high level of fragmentation, intense price competition, rising R&D costs are factors that can impede growth prospects for new players.
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To capitalize the growth opportunities and strengthen their hold on the global market, leading players are focusing on development of new products and accessories with multimodality application and improved coagulation and cutting properties. A recent instance of this is the 2016 launch of APCapplicator electrosurgical handpiece by ERBE Elektromedizin GmbH. The device works for both vessel cutting and coagulation purposes and shows applications in open surgery and laparoscopy. Development of innovative multimodality systems such as robotic surgical systems, to make surgical procedures more precise and easy, is also a trending strategy in the market.
Asia Pacific to Emerge Most Promising Market in Terms of Growth Rate
In terms of geography, North America is presently the most attractive regional market for electrosurgical devices. Several encouraging factors such as the rising number of surgical procedures, rising numbers of mergers and acquisitions, and easy availability of new and innovative product varieties are acting in favor of the electrosurgical devices market in North America. A large base of geriatric and obese population facing cardiac, orthopedic, and many other chronic problems and the rising incidence of cancer are also anticipated to drive the market in this region in the next few years.
The North America market will continue to exercise control over the global market over the forecast period as well, thanks to the high concentration of medical device manufacturers and rising investment aimed at research and development. Nevertheless, North America will lose prominence to Asia Pacific in terms of growth pace from 2016 through 2024.
The market for electrosurgical devices in Asia Pacific is expected to expand at a 7.7% CAGR over the said period. Improved healthcare infrastructure and rising healthcare spending by government are expected to increase adoption of electrosurgical devices in this region. Asia Pacific holds immense potential in the electrosurgical devices market also due to rising population, high unmet medical needs, and rise in health care-related customer expectations due to improved economic conditions.
Key players in this market are as follows Bovie Medical Corporation, Medtronic, B. Braun Melsungen AG, Erbe Elektromedizin GmbH, Boston Scientific Corporation, Olympus, Johnson & Johnson, Symmetry Surgical Inc., CONMED, KLS Martin and BOWA-electronic GmbH & Co. KG.
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