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 is estimated to reach $3,894 million by 2022 from $2,214 million in 2015, and is estimated to grow at a CAGR of 8.3%. Electrosurgical devices use high-frequency or electric current during surgical procedure to cut, coagulate, desiccate, or fulgurate the tissues.
Technological advancements in healthcare, increase in baby boomer population, rise in demand for surgical procedures, substantial expenditure in healthcare by government reforms, and increase in demand for technologically advanced products are the factors that drive the growth of the electrosurgical devices market. However, stringent government policies for product approval restrain the global market for electrosurgical devices.
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Electrosurgical devices are widely used in various surgeries such as neurosurgery,general surgeryand orthopedic surgeries to cut, coagulate, dissect, fulgurate, ablateand 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.
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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.
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.