Selbyville, Delaware, Feb. 23, 2021 (GLOBE NEWSWIRE) --
According to latest report “Electrosurgical Devices Market by Product (Electrosurgical Generator, Electrodes, Smoke Evacuation System, Accessories), Application, (General Surgery, Gynaecology, Urology, Orthopaedic Surgery, Cardiovascular Surgery, Cosmetic Surgery, Neurosurgery), End-use (Hospitals, Ambulatory Surgical Units, Specialized Clinics), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights, Inc., the market valuation of electrosurgical devices will cross $10.3 billion by 2027. Increasing number of surgeries alongside the rising demand for minimally invasive procedures will spur the market growth.
The increasing inactivity in daily lifestyle is the major root cause of several health issues. Incidence rates of cardiovascular and orthopedic diseases, gynecological and urological disorders often can be traced back to the underlying daily lifestyle. This can be attributed to factors such as adoption of sedentary lifestyles, rising levels of stress and unhealthy diet, among others. Lowered physical activity is noted as one of the prominent factors causing heart diseases, diabetes as well as premature mortality, in some cases. With cardiovascular diseases being largely observed, the demand for surgical treatment options would increase.
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Development of novel products by the virtue of significant R&D activities remains one of the prominent factors driving the electrosurgical devices market expansion. Manufacturers expand their product portfolio to offer the latest technologies and products that are safer, highly reliable and accurate. For instance, Ethicon Endo-Surgery GmbH announced the launch of a reusable patient return electrode. While the product enhances patient protection during surgical procedures, it is also environmentally sustainable. The electrode pad aims at reducing patient injuries and eliminates the need for skin preparation. While the market is saturated with single-use consumables, the company’s electrode pad can be reused for up to 24 months, reducing the waste generated. Such moves fuel the technological advancement in the industry and hence leverage the overall market value.
Smoke evacuation system segment accounted for 27.2% of revenue share in 2020. The segment is anticipated to gain traction in the second half of the forecast period as several regulatory authorities are mandating the employment of an effective smoke evacuation system to efficiently manage the toxic surgical smoke. This, in turn, would increase the price of an individual unit but would also offer much safer surgical procedure, for patient and healthcare professionals alike.
The gynecology application in the electrosurgical devices market is expected to reach USD 1.6 billion by 2027. Changing lifestyle, sedentary jobs, unhealthy diets, increasing amounts of stress are some of the factors that lead to different types of gynecological illnesses. Further, a reduced activity is also noted to largely affect the cardiovascular health. Majority of these disorders need to be surgically treated. The employment of electrosurgical devices in these applications is projected to increase over time.
The electrosurgical devices market for ambulatory surgical units end-use segment is poised to register growth of 4.7% till 2027 led by shifting trend towards outpatient surgery procedures. Although the segment has picked up pace in the developed part of the world, it is predicted that, given the advantages, ambulatory surgical units would significantly penetrate in the other developing countries too. Advantages such as same day discharge, low costs, better recovery time as well as low chances of infection are some of the prominent features that patients prefer ASUs over hospitals. The large-scale acceptance of ASUs increases the demand for electrosurgical devices globally and thus, it is estimated to propel the market revenue in the coming years.
Japan is one of the largest markets for medical devices as well as electrosurgical devices. It accounted for a 42.7% of the electrosurgical devices market share in the Asia Pacific in 2020. The geriatric population in the country is already on the rise. According to the World Bank, over 28% of the country’s population is aged 65 or older. This represents a prevalence of several age-related illnesses and hence, the demand for surgeries and in turn, electrosurgical devices also increase. Further, the healthcare expenditure per capita is also relatively higher in the country compared to its counterparts in the APAC region, leading to a better healthcare infrastructure in place. These factors will significantly contribute to the country’s and regional growth in the market.
Few notable players operating in the electrosurgical devices market include Stryker Corporation, B. Braun Melsungen AG, Boston Scientific Corporation, Medtronic Plc, Smith & Nephew, Erbe Elektromedizin GmbH, Johnson & Johnson Private Limited, AngioDynamics, Inc., Olympus Corporation, CONMED Corporation, among others. Industry leaders are adopting numerous strategies to strengthen market position.
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Some major findings of the electrosurgical devices market report include:
- Sedentary lifestyle to increase the prevalence of diseases among younger adults.
- Rising focus on developing technologically advanced products in order to establish stronghold in the market.
- Smoke evacuation systems to become the new norm in the field of electrosurgery, boosting the segment growth.
- Growing incidences of gynecology related disorders are predicted to upsurge the revenue contribution of the segment revenue during the forecast period.
- Advantages such as reduced costs, same day discharge and low rate of infection are the prominent factors causing a shift from hospitals to ambulatory surgical units.
Table of Contents (ToC) of the report:
Chapter 3 Electrosurgical Devices Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By application
3.4.3 By end-use
3.5 COVID-19 impact analysis
3.6 Regulatory landscape
3.7 Patent analysis
3.8 Porter's analysis
3.9 Competitive landscape, 2019
3.10 PESTEL analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.