The minimal invasive surgeries drives the growth of electrosurgical devices market
According to The World Health Organization’s estimates in 2008, the global geriatric population is projected to reach around 2 billion by 2050, from 524 million in 2010. The geriatric population is prone to diseases like cancer, cardiac arrest, gastrointestinal and intestinal diseases due to weak immunity. The growing demand for minimally non-invasive surgeries and increase in adoption of technologically advanced products are driving the market growth.
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Growing awareness in the most recent surgical techniques is expected to ensure swift growth of the global market in developing countries. Factors such as technological advancements in electro surgery devices, increase in ambulatory surgeries, growing number of medical, aesthetic and plastic surgeries, substantial expenditure in healthcare by government reforms are driving the growth of this market.
Electrosurgical devices use high-frequency alternating polarity, electrical current during surgical procedures to coagulate, desiccate, cut or fulgurate the tissues. Electrosurgical devices renders nontoxic and inexpensive surgeries, with early recovery and minimum chances of infection after the surgery. The devices contribute a substantial portion of total device sales in the market due to the requirement for specialized instruments and high application of single-use instruments like arthroscopic probes and other specialized systems.
North America dominates the electrosurgical devices market as it holds the largest economy
Regional segmentation of the electrosurgical devices market by Coherent Market Insights comprises North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Considering the country’s economy, government policies, established healthcare sector, North America has the largest share. According to The Economic Census, 2012 states that the medical device industry employed more than 356,000 people in the United States, at over 5,800 establishments. Asia Pacific represents the fastest-growing region which is attributed to the increasing demand for cosmetic procedures, improving healthcare infrastructure with insurance coverage facilities and rising government efforts to increase the access of the population to elective surgery. Click To Read More On Electrosurgical Devices Market
According to The International Society of Aesthetic Plastic Surgery Releases Global Statistics on Cosmetic Procedures in 2009, 1.22 million surgical procedures were performed in China and is the highest in Asia. Emerging markets like India, China and Brazil are expected to offer growth opportunities owing to the rising trend of medical tourism in these countries, less-stringent regulations and data requirements as compared to developed nations.
Merger and acquisition be the key strategy for emerging companies to sustain the market heat
Key players operating electrosurgical devices market are CONMED Corporation, ERBE Elektromedizin GmbH, Bovie Medical Corporation and BOWA-electronic GmbH & Co. KG. The launch of APC applicator by ERBE Elektromedizin GmbH is a recent advancement in the market. Covidien plc, Ethicon, Inc. and Olympus Corporation are the prominent companies leading the market, adopted product launches and geographic expansions as its key business strategies to ensure market dominance.
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