Albany, NY, Feb. 14, 2018 (GLOBE NEWSWIRE) -- For the forecast tenure 2016-2024, TMR has prophesied the global electrosurgical devices market to exhibit a remarkable CAGR of 6.7% to be worth a US$7.9 bn by the completion of 2024. In 2017, the market had attained a valuation of US$5.0 bn. In terms of product, electrosurgical accessories have been expected to dominate the market with a fair revenue margin by reaching a valuation of US$4.2 bn by the final forecast year. By region, North America could continue with its dominance while growing at a 7.4% CAGR.
Spiraling Trend of Minimally Invasive Surgery Gives Market Shot in Arm
As an electrosurgical devices vendor, you could find favorable growth prospects birthing on the back of the rise in geriatric population which is frequently prone to several diseases because of weak immunity. The population has been predicted to reach close to a 2.0 bn by 2050, according to WHO. Then there’s this rapidly growing trend of minimally invasive surgeries commonly performed in flexible endoscopic procedures, laparoscopic procedures, and open surgical procedures and also in the fields of cosmetology and gynecology. Today, patients could opt for the best treatment options available because of the provision of cashless medical facility and medical insurance. This has allowed end users to make an unhesitant purchase of electrosurgical devices.
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Furthermore, the development of advanced energy-based products and increasing government initiatives to improve access to elective surgery have been projected to up the demand in the world electrosurgical devices market.
Stringent Regulatory Requirements for Approval of Products Arrest Growth
U.S. manufacturers have been discouraged at large due to the long procedure of FDA approval of electrosurgical devices and stringent regulatory requirements. As a result, the manufacturers have been setting their hopes on Asia and Europe for a successful launch of their new products. Electrosurgical complications could be another factor that players need to take into account. During the delivery of energy to the tissue, the rate of electrosurgical complications has been reported by the Society of American Gastrointestinal and Endoscopic Surgeons to be an around 27.0%. Furthermore, surgeons with ordinary skillsets could limit the growth of the international electrosurgical devices market.
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However, there could be ample of opportunities to recover in the international electrosurgical devices market as emerging economies offer sustained growth prospects. Moreover, the shift toward cosmetology surgeries and technological advancement have been expected to promise growth in the coming years.
The global electrosurgical devices market has been foreseen in a report by Transparency Market Research (TMR) to hold a less intensive nature of competition and highly fragmented landscape. The analysts authoring the report anticipate this to be a result of the existence of several global and local companies in key regions of the market. If you are a new entrant in the market, you could encounter relatively low entry barriers. However, they may not help you to shy away from rising research and development expenses, excessive competition on the basis of price, and high degree of fragmentation. The launch of new electrosurgical devices such as ERBE Elektromedizin GmbH’s APCapplicator has given an indication that the focus is on improved coagulation, cutting properties, and multimodality application.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.