Electrosurgical Devices Market is Expected to Rise US$7,963.2 Million by 2024: Favorable Reimbursement Policies in Developed Economies to Continue to Fuel Adoption
ALBANY, New York, November 15, 2016 /PRNewswire/ --
The global market for Electrosurgical Devices is highly fragmented and features a less intense level of competition owing to the presence of a large number of global as well as domestic players across key regional markets, observes a recent report by Transparency Market Research. Although entry barriers are low for new players, factors such as high level of fragmentation, intense price competition, rising R&D costs are factors that can impede growth prospects for new players.
To capitalize the growth opportunities and strengthen their hold on the global market, leading players are focusing on development of new products and accessories with multimodality application and improved coagulation and cutting properties. A recent instance of this is the 2016 launch of APCapplicator electrosurgical handpiece by ERBE Elektromedizin GmbH. The device works for both vessel cutting and coagulation purposes and shows applications in open surgery and laparoscopy. Development of innovative multimodality systems such as robotic surgical systems, to make surgical procedures more precise and easy, is also a trending strategy in the market.
North America to Remain Dominant Contributor to Global Revenue
Transparency Market Research estimates that the global electrosurgery devices market will exhibit a 6.7% CAGR over the period between 2016 and 2024. As a result, the market, valuing at US$4,480.8 mn in 2015, is expected to rise to US$7,963.2 mn in 2024. In terms of product type, the segment of electrosurgical accessories accounts for the dominant share. Geographically, North America leads and is expected to remain the dominant contributor of revenue to the global market over the forecast period as well.
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Government Investments to Improve Growth Prospects
Across key end-use areas including hospitals, surgical ambulatory units, and specialized clinics, the adoption of electrosurgical devices has increased at a significant pace owing to encouraging reimbursement policies and coverage of medical bills under medical insurance policies in a vast number of developed and developing countries. Provision of medical insurance enables those covered to adopt the best surgical options available without having to consider cost of surgery as a constraint. This is one of the key factor fueling the global demand for electrosurgical devices across the globe in the past few years.
The global market for electrosurgical devices is also chiefly driven by the rising focus on the improvement of health care systems in several developed countries. Government bodies are increasing funds invested towards the research and development of advanced medical treatments and target-specific surgical devices, projected to drive the global electrosurgical devices market.
Complications Associated with Electrosurgery to Hamper Market Growth
The possibility of occurrence of several electro-thermal injuries and post-operative complications owing to factors such as improper application of electrosurgery devices, failure of insulation, capacitive coupling, and direct coupling is one of the core challenges faced by the global electrosurgical devices market. More than half of these complications are associated with the entry technique of devices. According to a study conducted by the Society of American Gastrointestinal and Endoscopic Surgeons, the rate of occurrence of electrosurgical complications during delivery of energy to living tissue is nearly as high as 27%.
Moreover, growth of the market is also hampered owing to stringent quality and safety regulations governing the overall adoption and usage of these devices and the longwinded approval processes, which have discouraged electrosurgical devices manufacturers in developed countries. These market players, as a result, are focusing on growth opportunities across regions such as Asia Pacific and Latin America for new product launches.
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This review of the market is based on a recent market research report published by Transparency Market Research, titled "Electrosurgical Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
For this study, the market has been segmented as follows:
Global Electrosurgical Devices Market, by Product
- Radiofrequency Electrosurgery Devices
- Monopolar Devices
- Bipolar Devices
- Electrocautery Devices
- Monopolar Devices
- Bipolar Devices
- Electrosurgical Accessories
Global Electrosurgical Devices Market, by Application
- General Surgery
- Dermatology & Cosmetology
- Others (Orthopedics, Neurology, Oncology, Dentistry And Gastrointestinal Surgery)
Global Electrosurgical Devices Market, by End User
- Ambulatory Surgical Centers
- Specialized Clinics
Global Electrosurgical Devices Market, by Geography
- North America
- Asia Pacific
- Latin America
- MEA (Middle East & Africa)
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