A recently published study by Fact.MR expects the global electrosurgery devices market to augment at a 4% CAGR from 2022 to 2032. By the end of the said assessment period, a valuation of US$ 8 Billion is expected for the market. An increase in the number of people suffering from cardiac illnesses and gynaecological problems is spurring the growth of electrosurgery devices across the globe.
From 2017 to 2021, the industry experienced noteworthy growth, registering a value CAGR of 3% and closing at US$ 5.20 Billion. The COVID-19 pandemic emphasized the importance of electrosurgery devices. This is owing to the multiple surgeries’ patients had to undergo in the pandemic period. In addition, research and innovation of devices boosted the growth of the market.
Geographically, North America and Asia Pacific are the major contributors to the electrosurgery devices market. This is owing to prevalence of general and cardiac diseases along with the technologically advanced healthcare sector in the region. In the upcoming years, the demand for minimally invasive surgeries is expected to change the dynamics of the electrosurgery industry. This, in turn, is expected to lead to the development of the electrosurgery market.
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Key Segments Profiled in the Electrosurgery Devices Industry Survey
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By Product Type :
- Radiofrequency Electrosurgery Devices
- Electrocautery Devices
- Ultrasonic Electrosurgery Devices
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By End User :
- Hospitals
- Ambulatory Surgical Centers
- Specialized Clinics
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By Application :
- General Surgery
- Cardiac Surgery
- Gynecological Surgery
- Ophthalmology
- Dermatology
- Urology
- Other Applications
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By Region :
- North America
- Latin America
- Europe
- APEJ
- Japan
- Middle East & Africa
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Key Takeaways from the Market Study
- By, product type, radiofrequency electrosurgery devices are expected to generate over 40% of total market revenue.
- By end user, hospitals are expected to be the major employers of electrosurgery devices, exceeding a revenue share of US$ 3 Billion as of 2022
- By application, gynaecological surgery, a CAGR exceeding 5% has been projected for this segment through 2031.
- Asia Pacific is anticipated to register a positive CAGR of 8% during the forecast period
- North America is expected to possess 50% market share for electrosurgery devices market in the forecast period.
- S., Canada and China will flourish at a CAGR of 27% combined until 2032
Competitive Landscape
Key players in the electrosurgery market are B. Braun Melsungen AG, Stryker Corporation, Smith & Nephew, Boston Scientific Corporation, Medtronic Plc., Erbe Elektromedizin GmbH, Bovie Medical Corporation, Heal Force Bio-meditech Holdings Limited, Johnson & Johnson Private Limited and AngioDynamics Inc.
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- In July 2021, Healthmark Industry acquired McGan Technology, LLC. With this acquisition, Healthmark aims to increase its sales of the McGan Insulation Testing Devices globally to prevent electrical shocks as a result of imperfect surgical equipment.
- On 6 August 2021, Medtronic Plc., a global leader in healthcare technology, acquired Intersect ENT. Medtronic will buy Intersect ENT’s outstanding shares at $28.25 each, which refers to an enterprise value of about $1.1 billion. With this acquisition, Medtronic will gain access to a wider variety of products used for ENT procedures.
Market Competition
Key players in the electrosurgery market are B. Braun Melsungen AG, Stryker Corporation, Smith & Nephew, Boston Scientific Corporation, Medtronic Plc., Erbe Elektromedizin GmbH, Bovie Medical Corporation, Heal Force Bio-meditech Holdings Limited, Johnson & Johnson Private Limited and AngioDynamics Inc.
- Bovie Medical Corporation, a key player, in the electrosurgery devices market is focusing on offering and developing electrosurgical accessories and devices such as bipolar forceps, electrosurgical pencils and pads.
- Medtronic Plc, another key player in the electrosurgery devices is offering customized electrosurgery devices for specific surgeries that make surgical procedure minimally invasive.
