Electrosurgery Industry Is Expecting Huge Revenue Growth in Near Future
The global electrosurgery market is projected to reach USD 5.17 Billion by 2021, at a CAGR of 3.9% in the forecast period (2016–2021).
Factors such as technological advancements in electrosurgery devices, growing number of medical, aesthetic and plastic surgeries, rising demand for minimally invasive surgeries, and growing number of ambulatory surgery centers are driving the growth of this market. On the other hand, healthcare reforms in the U.S., frequent product recalls, and risks associated with electrosurgical procedures are some of the key factors limiting the growth of the global electrosurgery market.
On the basis of product, the electrosurgery market is segmented into electrosurgical generators, electrosurgical instruments & accessories, and argon & smoke management systems. On the basis of the type of electrodes used in electrosurgery, the global electrosurgical instruments market has been further classified into two major categories, namely, monopolar instruments and bipolar instruments. The global bipolar electrosurgical instruments market has been further divided into two subsegments, namely, advanced vessel sealing instruments and bipolar forceps.
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On the basis of type of surgery, the electrosurgery market is segmented into general surgeries, gynecological surgeries, urological surgeries, orthopedic surgeries, cardiovascular surgeries, cosmetic surgeries, neurosurgeries, and other surgeries.
Geographically, the electrosurgery market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America is estimated to command the largest share of the electrosurgery market in 2016, followed by Europe and Asia-Pacific.
Emerging markets, like China, India, and Brazil are expected to offer significant growth opportunities owing to the rising trend of medical tourism in these counties. In addition, these countries have less-stringent regulations and data requirements as compared to developed nations; companies find regulatory policies in the Asia-Pacific region to be adaptive and business-friendly. Moreover, increasing competition in mature markets will intensify the focus on emerging markets.
As of 2016, Covidien plc (Medtronic) (Ireland), Ethicon, Inc. (U.S.) (subsidiary of Johnson & Johnson (U.S.)), and Olympus Corporation (Japan) held the leadership position in the global electrosurgery market. In the past three years, these companies adopted product launches and geographic expansions as their key business strategies to ensure market dominance. CONMED Corporation (U.S.), Erbe Elektromedizin GmbH (Germany), Bovie Medical Corporation (U.S.), B. Braun Melsungen AG (Germany), and BOWA-electronic GmbH & Co. KG (Germany) are some of the other players in this market.
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