North America and Europe are expected to dominate global electrosurgical devices market during the forecast period, while emerging countries in Asia-Pacific and Latin America are projected to offer significant growth opportunities.
The Electrosurgical Devices Market was valued at $2,214 million in 2015, and is projected to reach $3,894 million by 2022, growing at a CAGR of 8.3% from 2016 to 2022. The electrosurgical instruments & accessories segment held over two-fifths share of the total market in 2015.
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Electrosurgical devices are widely used in various surgeries such as neurosurgery; general surgery; and orthopedic surgeries to cut, coagulate, dissect, fulgurate, ablate, and shrink tissues. The major factors that drive the growth of this market include increase in the number of surgical procedures, rise in geriatric population, and increase in the demand of minimally invasive surgeries. However, stringent FDA rules for product approval is anticipated to restrain the market growth during the forecast period.
The electrosurgery instruments & accessories segment held the largest market share in 2015, and expected to grow at the highest CAGR of 8.5% during the analysis period. This is attributed to surge in adoption and demand for electrosurgical devices in various surgeries and rise in number of surgical procedures.
The general surgery application segment held the largest market share in 2015 due to high adoption rate of electrosurgical devices. The cosmetic surgery segment is expected to grow at the fastest CAGR of 9.3% owing to increase in number of aesthetic surgical procedures.
KEY FINDINGS OF THE STUDY
- Electrosurgical instruments & accessories was the leading product segment in 2015.
- North America is projected to grow at a CAGR of 8.0% during analysis period.
- The general surgery segment is estimated to grow at the CAGR of 8.5%.
- U.S. was the major shareholder in the North American electrosurgical devices market in 2015.
- The global argon & smoke management system market is expected to grow at a CAGR of 8.3% during the study period.
North America was the highest revenue contributor in 2015, owing to increase in healthcare expenditure, well-established healthcare system, and higher demand for technically advanced electrosurgical devices. However, Asia-Pacific is projected to be grow with the highest CAGR of 10.4% due to rise healthcare expenditure, increase in per capita income, and improvement in healthcare infrastructure.
The major companies profiled in the report include B. Braun Melsungen AG, Bovie Medical Corporation, Megadyne Medical Products, Inc., Conmed Corporation, Medtronic Plc., Johnson & Johnson, ERBE Elektromedizin GmbH, KLS Martin Group, Olympus Corporation, and Utah Medical Products, Inc.