Electrosurgical devices are medical devices used for performing electrosurgery through thermally destroying tissues with the help of high-frequency alternating or direct electric current. These devices are used in minimally invasive surgeries such as laparoscopy and arthroscopy and are preferred over conventional surgery as they result in less blood loss, less pain, fewer surgical scars and shorter hospital stays. The increasing number of minimally invasive procedures performed in India is projected to boost the demand for electrosurgical devices. The growth in the geriatric population, adoption of sedentary lifestyles, and changes in eating habits have resulted in an increase in lifestyle-related diseases such as cancer, cardiovascular diseases and obesity in the country. This is expected to propel the demand for minimally invasive procedures like laparoscopy and endoscopy and by extension electrosurgical devices required for such procedures.
The global India Electrosurgical Devices Market is estimated to be valued at US$ 264.91 Mn in 2024 and is expected to exhibit a CAGR of 2.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The increasing demand for minimally invasive procedures is projected to provide a lucrative opportunity for the growth of the India electrosurgical devices market during the forecast period. As India's population is aging rapidly, this has led to an increase in various lifestyle-related chronic diseases that often require surgical interventions. The adoption of minimally invasive procedures over conventional open surgeries reduces recovery time, hospital stay costs, pain and postoperative complications. This is expected to drive the demand for electrosurgical devices in India as they are an integral part of minimally invasive surgeries. Hence, companies manufacturing electrosurgical devices can capitalize on this opportunity by introducing innovative devices that facilitate minimally invasive procedures.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as this is a competitive market with stringent regulations and high initial investment required.
Bargaining power of buyers: The bargaining power of buyers is moderate as the market has several established players offering a variety of products to customers.
Bargaining power of suppliers: Suppliers have low bargaining power as there are several raw material suppliers in the market that can meet the large demands.
Threat of new substitutes: The threat of substitutes is low as there is no close substitute for electrosurgical devices used in surgeries.
Competitive rivalry: The competitive rivalry is high among the existing players to gain market share.
SWOT Analysis
Strength: India has highly skilled doctors and growing medical tourism. Rising healthcare expenditures are increasing surgical procedures.
Weakness: Lack of awareness in rural areas. High costs of advanced equipment limits full adoption.
Opportunity: Growing geriatric population and chronic diseases are propelling surgical volumes. Untapped rural markets offer scope for expansion.
Threats: Stringent regulatory framework delays product launches. Medical devices imports face high import duties.
Key Takeaways
The India Electrosurgical Devices Market Growth is expected to witness high growth during the forecast period supported by rapid urbanization, rising healthcare infrastructure and increasing incidence of chronic diseases. The global India Electrosurgical Devices Market is estimated to be valued at US$ 264.91 Mn in 2024 and is expected to exhibit a CAGR of 2.4% over the forecast period 2024 to 2031.
Western India dominates currently due to concentration of healthcare facilities in major cities like Mumbai and Pune. However, northern and eastern regions will experience fast growth fueled by strengthening medical infrastructure and regulatory support for foreign investments.
Key players operating in the India electrosurgical devices market are First Care Products, TyTek Group., PerSys Medical, IBC, H&H Medical Corporation and others. These established brands focus on expanding into rural India through distribution tie-ups and affordable product offerings. Wider insurance coverage and governmental initiatives are expected to further aid market access.
For more insights, read- https://www.ukwebwire.com/india-electrosurgical-devices-market-trends-size-and-share-analysis/
For more details on the report, Read- https://dailynewsmotion.weebly.com/report-blog/luxury-travel-market-is-estimated-to-witness-high-growth-owing-to-increased-adventurism
