Demand for minimally invasive surgical procedures across all medical specialties are increasing owing to the various benefits that are associated with them, like minimal incision, less pain, shorter hospital stays and minimal amount of blood loss. Increasing demand for these procedures is further stimulating demand for electrosurgical devices which are used to cut and coagulate tissues and luminal structures with the help of electric current. During the use of the electrosurgical device, it generates heat, which is directly proportional to the resistance and diameter of the tissue. Two of the most popular devices is bipolar electrosurgical devices, where the current is discharged with the help of forceps shaped device, in which one of the tines of forceps act as active electrode. The other is the monopolar electrosurgical device where the current flows from an output connection on the power unit to the active electrode. Extensively used in dermatology, urology, orthopedic, gynecology and general surgery, the electrosurgical devices market is expected to grow at a CAGR of 5.97% over the period of 2013-2018.
This report, Global Electrosurgical Devices Market 2014-2018, covers the present scenario and the growth prospects of the market segment. Despite the high risk of side effects when using these devices, the market is still growing due to the rise in demand for minimal invasive surgeries.
Market overview
One of the fastest growing segments of the global surgical equipment market, the electrosurgical devices market is expected to reach USD 11.2 billion in 2019 from USD 8.4 billion in 2012. This increase in market growth can be attributed to the rapid adoption of technologically advanced wound and surgical materials such as glue, fibrin and hemostats. Since these take lesser time to heal wounds as compared to conventional sutures and staples, the overall treatment costs get reduced.
Some of the key players of the industry are Bovie Medical, Conmed, ERBE Elektromedizin, and Covidien. One of the major reasons for the players maintaining their share is their graspon group purchasing organizations (GPOs) in developed economies such as United States. Furthermore, the hospitals and healthcare facilities are always on the lookout for surgical equipment at lower prices, and this is fuelling the growth of the segment.
Despite the high demand for the products, various ongoing healthcare reforms in the US, regulatory product recalls and pressure of rising price on the market players are some of the factors that have been restraining the growth of this market. Along with this, stiff competition between the leading companies is one of the major challenges that are faced by the market players.
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