The electrosurgery devices market revenue totaled US$8 Bn for 2020, according to Fact.MR’s recently published report. According to the study, the market is anticipated to reach US$ 12 Bn, expanding at over 4% CAGR across the 2021-2031 assessment period. Growth is being spurred by increased reliance on minimally invasive surgical procedures.
From 2016 to 2020, sales of electrosurgery devices expanded at nearly 4% CAGR. Amidst the COVID-19 pandemic, demand temporarily contracted, as postponement of elective surgeries in favor of pandemic infected patients were experienced on a large-scale. Eventually, as healthcare providers began operating in a more sterile environment, non-COVID surgeries resumed, paving way for enhanced usage of electrosurgical devices since the second half of 2020.
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Electrosurgery has evolved over the past several decades and is now the leading form of energy in both open and laparoscopic surgery. Furthermore, as per the International Society of Aesthetic Plastic Surgery, about 11.4 million cosmetic surgeries were performed in 2019 globally, representing a nearly 7.1% increase compared to 2018. Hence, this surge in cosmetic surgery is expected to provide future traction to electrosurgery devices.
Key Takeaways from the Market Study
- Global market for electrosurgery devices to add 1.5x value by 2031
- Radiofrequency electrosurgery devices to account for over 2 out of 5 sales by 2031
- High prospects abound for electrosurgical generators, accounting for nearly 44% of market revenue in 2020
- Gynecology to emerge as the primary application area, expanding at over 5% CAGR through 2031
- Hospitals to remain primary end users of electrosurgery devices, exceeding US$ 3 Bn as of 2020
- North America to be an opportunistic market, surpassing US$ 3 Bn and yielding 50% of total revenue
- Asia likely to register a CAGR of around 4% across the 2021-2031 forecast period
“Patients prefer to opt for minimally surgical procedures to avoid trauma induced due to repeated penetration of the body with surgical tools, which may induce hemorrhage, boosting electrosurgery devices popularity,“ says the Fact.MR analyst.
Competitive Landscape
A strategic collaboration can increase the revenue and market share of autoclaved aerated concrete. Innovative products and technologies allow manufacturers to enter new markets.
- On 01, May 2021, Stryker acquired OrthoSensor, Inc. a privately-held business based in Dania Beach. With this acquisition, Stryker will develop and advance smart sensor technologies across its joint replacement and wearables business ventures. Furthermore, this acquisition will enable Stryker to offer surgeons a fully automated solution.
- On April 6th, 2021, Erbe Elektromedizin acquired Maxer endoscopy. This acquisition will allow the company to accelerate the development of innovative image-guided surgical procedures. In addition, the acquisition signifies the company’s desire to provide surgical and therapeutic services that rely heavily on visualization.
How is Increased Frequency of Surgeries Spurring Electrosurgery Devices Adoption?
The growing number of diseases such as cardiac illness, gynecological, urological, age correction is growing demand for electrosurgery devices in the market. Besides, an increase in the number of cosmetic surgeries is also spurring adoption of electrosurgery devices.
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Several innovations have been introduced recently to lower complication rates and increase accuracy when using monopolar electrosurgical devices. The ease of use of these devices plus the lack of foreign materials left behind after surgeries are increasing the demand for these devices.
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Research Insight: https://www.factmr.com/report/126/electrosurgery-devices-market
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