Electrosurgical devices produce heat through the application of high-frequency electric current for surgical procedures like cutting, coagulation, desiccation, and fulguration of tissue. They are typically used in minimally invasive surgeries for laparoscopy, gastroscopy, bronchoscopy, and arthroscopy. The devices allow for precise hemostasis and reduced bleeding with minimal thermal damage to surrounding tissue. The global electrosurgical devices market is estimated to be valued at US$ 6,892.4 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing prevalence of target diseases along with the aging population has prompted a rise in surgical procedures worldwide. Minimally invasive surgeries offer benefits like reduced postoperative hospital stays, less pain and scarring, and faster recovery times compared to traditional open surgeries. With improved outcomes and reduced costs, the adoption of laparoscopic and arthroscopic techniques continues to surge. This rapid uptake of minimally invasive surgical procedures promotes the demand for advanced electrosurgical devices used in such surgeries and presents lucrative growth opportunities for market players. Technological advancements facilitating precision and safety further widen the scope for electrosurgical devices in complex MIS interventions.
Porter's Analysis
Threat of new entrants: The threat is low due to high levels of regulation and certification required for new companies. Significant capital investments and lengthy regulatory approvals are other major entry barriers.
Bargaining power of buyers: The bargaining power of individual buyers is low due to fragmented demand. However, large group purchasing organizations have a strong bargaining power due to their purchasing influence and volumes.
Bargaining power of suppliers: Major suppliers include materials and components suppliers. Their bargaining power is moderate as there are alternative suppliers available and costs of switching are relatively low.
Threat of new substitutes: The threat is moderate as novel energy-based surgical procedures continue to emerge. However, established electrosurgical procedures have strong brand acceptance among medical professionals.
Competitive rivalry: High due to the presence of numerous global and regional players. Companies compete based on product quality, reliability, features, and service.
SWOT Analysis
Strengths: Advanced product offerings, strong brand recognition of major players, established distribution networks.
Weaknesses: High R&D costs, stringent regulatory environment, pressure to reduce healthcare costs.
Opportunities: Growth in ambulatory surgical centers, rising surgical volumes, and adoption of minimally invasive procedures. Emerging markets offer significant untapped potential.
Threats: Economic slowdowns, healthcare reforms, and reimbursement challenges in various regions. Stringent regulatory approvals for new products.
Key Takeaways
The global electrosurgical devices market is expected to witness high growth over the forecast period of 2023 to 2030. Rising surgical volumes, increasing preference for minimally invasive procedures, and growth in ambulatory surgical centers are expected to drive the demand for electrosurgical devices.
Regional analysis indicates that North America currently dominates the market and is expected to maintain its leading position over the forecast period as well. Higher adoption rates of advanced electrosurgical technologies and well-developed healthcare infrastructure make North America an attractive market. Asia Pacific is expected to emerge as the fastest-growing regional market during the forecast period aided by growing medical tourism, increasing healthcare spending, and rising awareness about advanced surgical treatments.
Key players operating in the electrosurgical devices market are Bovie Medical Corporation, Medtronic Plc, BOWA-Electronic GmbH & Co. KG, KLS Martin, B. Braun Melsungen AG, Conmed, Olympus Corp., Boston Scientific Corporation, Erbe Elektromedizin GmbH, Symmetry Surgical Inc., Encision Inc., Gala Therapeutics, Inc., Apyx Medical Corporation, and Johnson & Johnson Services, Inc. Major players are focusing on new product introductions, geographical expansions, and consolidations to strengthen their market presence.
