The evolving face of the medical device industry has had just as positive an impact on the electrosurgical devices market as it has on any other medical-associated markets. As surgeons and patients switch from traditional, open surgeries to minimally-invasive procedures, the demand for electrosurgical devices has received a major boost. The global market is poised to expand at a 6.7% CAGR from 2016 to 2024, with the opportunity rising from US$4.4 bn in 2015 to US$7.9 bn by 2024.
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Transparency Market Research takes a look at some of the key questions interested parties may have.
Why are device manufacturers seeking opportunities in emerging economies?
Emerging economies across Latin America and Asia Pacific offer a host of opportunities for players in the electrosurgical devices market. High unmet medical needs, an expanding population and patient base, and a surge in healthcare expectations owing to improving economic conditions are some of the key forces at play in these regions. In countries such as China and India, the healthcare scenario has improved considerably in the recent past thanks to the availability of better infrastructure and facilities and rising expenditure on healthcare. Apart from this, a thriving medical tourism sector in several Asian countries offers immense potential in the electrosurgical devices market.
Spurred by these advantages, medical device manufacturers have turned their attention from developed markets to emerging economies. This trend is also brought on by uncertain economic and political conditions in Europe as well as the U.S. A case in point would be US-based CONMED, who enjoys a strong global presence. With manufacturing units across countries such as Japan, China, Mexico, and Australia, nearly half the company’s revenue in 2015 was generated from the international market.
How has the uptake of electrosurgical devices increased with the growing demand for minimally-invasive surgeries?
Electrosurgical devices find adoption mostly in minimally-invasive surgical procedures in a wide range of medical disciplines, such as cosmetology, gynecology, laparoscopy, open surgeries, and flexible endoscopic procedures. It has been observed that minimally-invasive surgeries enable shorter recovery time, fewer post-surgery complications, minimal incisions, and shorter hospital stay. With more and more patients realizing the benefits of these surgeries over open surgeries, their number has soared in recent years, consequently boosting the use of electrosurgical devices. In addition, the new trend of robotic or computer-assisted minimally invasive surgery will propel the demand for electrosurgical devices.
Apart from this, the growing focus of developed as well as developing countries on efficient healthcare systems and medical devices has benefited the market for electrosurgical devices. This focus is supported by governments across the globe, who have been funding aggressive research activities for the development of advanced surgical equipment. Funded by various government as well as private organizations, companies have been introducing highly accurate electrosurgical devices, thereby driving the market. For instance, Bovie Medical Corp. launched a new bipolar ablator in August 2016, which is used in arthroscopic surgeries for procedures such as coagulation, cutting, and vaporization.
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