The electrosurgical devices and equipment global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Electrosurgical Devices And Equipment Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The electrosurgical devices and equipment market size has grown strongly in recent years. It will grow from $9.7 billion in 2023 to $10.44 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to aging population, minimally invasive surgery (mis), surgical procedure volumes, telemedicine and remote surgery.
The electrosurgical devices and equipment market size is expected to see strong growth in the next few years. It will grow to $13.52 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to emerging markets growth, robotics and automation, personalized medicine, value-based healthcare. Major trends in the forecast period include energy-efficient devices, integration of imaging technologies, smart and connected devices, enhanced safety features.
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Scope Of Electrosurgical Devices And Equipment Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Electrosurgical Devices And Equipment Market Overview
Market Drivers –
The increasing prevalence rate of chronic diseases contributed significantly to the growth of the electrosurgical devices and equipment market. Electrosurgical devices are used in the surgery of many life-threatening diseases such as skin cancer, small basal cell carcinomas, squamous cell carcinoma, wound surgery, skin surgery, non-cancerous moles, dentistry, and others. There has been an increase in the number of skin diseases worldwide. For instance, in January 2023, according to the National Library of Medicine, a US-based medical library operated by the federal government, the number of individuals in the United States aged 50 and older with at least one chronic condition is projected to increase by 99.5%, from 71.522 million in 2020 to 142.66 million by 2050. Therefore, the increasing prevalence rate of chronic diseases drives the growth of the electrosurgical devices and equipment market.
Market Trends –
The regulatory changes related to customer data protection such as the European Union’s General Data Protection Regulation (GDPR), changes to equipment approval procedures, and other regulatory changes are leading to increased costs of electrosurgical equipment product development and supply to healthcare services organizations. The GDPR is an EU law on the data protection and privacy of individuals residing in the European Union and the European Economic Area (EEA). It also regulates the export of personal data outside the EU and EEA areas. According to a report by Ernst and Young, Fortune 500 companies are spending $7.8 billion to comply with GDPR. In the USA, the U.S. Department of Health and Human Services and Center for Devices and Radiological Health regulate electrosurgical devices under the U.S. FDA. There are two main ways that manufacturers can follow for premarket approval. One way consists of conducting clinical studies and submitting a premarket approval (PMA) application that includes evidence providing reasonable assurance that the device is safe and effective. The other way involves submitting a 510(k) notification demonstrating that the device is substantially equivalent to a device already on the market (a predicate device) that does not require a PMA. The FDA is requesting more clinical data to support claims, therefore increasing the time to process 510(k)s by over 55% over the last decade. The delays in product releases and additional costs incurred due to stringent approval processes put a strain on investments relating to electrosurgical equipment and new product development resulting in potential loss of revenue.
The electrosurgical devices and equipment market covered in this report is segmented –
1) By Product: Electrosurgery Generators, Electrosurgery Instruments & Accessories, Argon and Smoke Management Systems
2) By Application: General Surgery, Gynecology Surgery, Urologic Surgery, Orthopedic Surgery, Cardiovascular Surgery, Cosmetic Surgery, Neurosurgery
3) By End User: Hospitals, Specialized Clinics, Ambulatory Surgery Centers
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Regional Insights –
North America was the largest region in the global electrosurgical devices market in 2023. Western Europe was the second-largest region in the electrosurgical devices market. The regions covered in the electrosurgical devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Key Companies –
Major companies operating in the electrosurgical devices and equipment market include Bovie Medical Corporation, Johnson & Johnson Private Limited, B. Braun Melsungen AG, Medtronic plc, Smith and Nephew plc, Boston Scientific Corporation, Stryker Corporation, ATMOS Inc., Heal Force Bio-meditech Holdings Limited, Erbe Elektromedizin GmbH, Bowa-Electronic Gmbh & Co.KG, Conmed Corporation, Ethicon Inc., Olympus Corporation, Megadyne Medical Products Inc., COVIDien plc, Applied Medical Resources Corporation, KLC Martin Group, Utah Medical Products Inc., Kirwan Surgical Products LLC, Parkell Inc., XcelLance Medical Technologies Pvt. Ltd., Prima Medical Ltd., Abbott Laboratories, Philips, GE Healthcare, Encision Inc., Symmetry Surgical Inc., Meyer-Haake GmbH Medical Innovations, AtriCure Inc.
Table of Contents
1. Executive Summary
2. Electrosurgical Devices And Equipment Market Report Structure
3. Electrosurgical Devices And Equipment Market Trends And Strategies
4. Electrosurgical Devices And Equipment Market – Macro Economic Scenario
5. Electrosurgical Devices And Equipment Market Size And Growth
…..
27. Electrosurgical Devices And Equipment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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