Global Electrosurgical Devices Market – Geographical and Competitive Dynamics
Geographically, the global electrosurgical devices market has been segmented into five regions with North America leading the market in 2015 followed by Europe and Asia Pacific. Asia Pacific has the highest growth rate and is expected to overtake Europe in the future. The requirement for electrosurgical devices are rapidly growing in Asia Pacific due to increasing direct and indirect investments by the Government and other private companies. Increasing investments and penetration by key market players globally are expected to drive the electrosurgical devices market during the forecast period.
Global Electrosurgical Devices Market – Overview
The electrosurgical devices market is driven by growing number of minimal invasive surgeries globally. With the changing face of medical field since the last decade, a larger number of surgical procedures are moving out of the traditional ways and they are replaced by minimally invasive techniques which is driving market of electrosurgical devices globally. Furthermore the rising coverage of healthcare and continuous increase in the geriatric population is expected to be the most vital reason for expansion of the electrosurgical devices market growth. According to WHO estimates, the global geriatric population is likely to reach around 2 billion (22% of global population) by 2050, which was around 524 million in 2010. Geriatric population is prone to several disease such as cancer, cardiac arrest, gastrointestinal diseases etc., due to weak immunity. So, there is a huge need for minimally-invasive surgeries for the treatment of such patients so as to avoid healing time and hospital stay. This factor will increase the use of electrosurgical devices further.
Increasing focus on efficient health care systems in various developed countries is expected to fuel growth of electrosurgical devices and procedures. Rising government funding for research to develop advanced medical treatment and target-specific surgical devices is expected to drive the global electrosurgical devices market. Key players in the electrosurgical devices market are focusing more on development of innovative electrosurgical devices and accessories. Leading market players are focusing on new products and accessories with improved coagulation and cutting properties, multimodality application, and tissue vaporization applications to capitalize the growth opportunities in the market.
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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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