The electrosurgical devices market size is projected to reach US$ 14.06 billion by 2031 from US$ 6.85 billion in 2023. The market is expected to register a CAGR of 9.4% in 2023–2031. The development of argon plasma coagulation (APC) will likely remain a vital electrosurgical devices market trend.
Chronic diseases like diabetes, heart disease, stroke, cancer, and obesity are the leading causes of death in the world, accounting most of the nation’s healthcare costs. According to the report by the CDC, in 2022, approximately more than 11.3% of the population, i.e., 37.3 million people, have diabetes, which is the foremost kidney failure cause and lower-limb amputations in the US. Moreover, the geriatric population has been increasing rapidly across the globe, and their related chronic diseases will also drive the sales of electrosurgical instruments, thus boosting the market growth over the forecast period.
Minimally invasive surgeries have been performed widely in recent years. Normally, minimally invasive surgery is implemented using an endoscope and other instruments containing electrosurgical units (ESUs). Surgeries like endoscopy, laparoscopy, and robot-assisted surgery using various electrosurgical devices are broadly used by surgeons. Benefits and the accuracy offered by minimally invasive surgeries boost the growth of the electrosurgical devices market.
The rise of surgical procedures has also increased the use of electrosurgical equipment to perform the surgery. Factors such as rising stress, work pressure, heredity, improper eating habits, and exposure to chemicals, among others, cause chronic diseases. Over the last 25 years, cardiovascular cases have increased in Europe and the European Union. The addition in cardiovascular cases is observed in most of the countries in this region. As per the European Cardiovascular Disease statistics, each year more than 6 million CVD new cases in the EU are found and more than 11 million in Europe as a whole every year. The above factors in the industry is driving the electrosurgical devices market growth.
The emerging markets in the developing countries are giving better opportunity for the major players to expand their business. Government authorities in Asia Pacific countries are focusing on improving their medical tourism, by this means maximizing the flow of revenue. In Europe, Poland has slowly arisen as a favorite medical tourism destination. For instance, medical treatment costs are in Poland are often lower by 60%-80% compared to the same benefits in the rest of the EU countries.
Key segments that contributed to the derivation of the electrosurgical devices market analysis are product, application, and end user.
The geographic scope of the electrosurgical devices market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. The electrosurgical devices market in North America is significant. In North America, the electrosurgical devices market is currently growing and experiencing exponential growth. The region has many advanced surgical treatment clinics and increasing surgical procedures. Additionally, the increasing geriatric population is one key factor in the market's growth. Countries in North America have strict rules and regulations for electrosurgical devices, which is expected to positively affect the electrosurgical devices market growth.
The regional trends and factors influencing the Electrosurgical Devices Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Electrosurgical Devices Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 6.85 Billion |
| Market Size by 2031 | US$ 14.06 Billion |
| Global CAGR (2023 - 2031) | 9.4% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Electrosurgical Devices Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Electrosurgical Devices Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The electrosurgical devices market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
The “Electrosurgical Devices Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas: