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.
Electrosurgical Devices Market Analysis
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.
Electrosurgical Devices Market Overview
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.
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Electrosurgical Devices Market: Strategic Insights
Market Size Value in US$ 4,828.4 Million in 2017 Market Size Value by US$ 8,000.9 Million by 2025 Growth rate CAGR of 6.8% from 2018-2025 Forecast Period 2018-2025 Base Year 2018
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Electrosurgical Devices Market: Strategic Insights
| Market Size Value in | US$ 4,828.4 Million in 2017 |
| Market Size Value by | US$ 8,000.9 Million by 2025 |
| Growth rate | CAGR of 6.8% from 2018-2025 |
| Forecast Period | 2018-2025 |
| Base Year | 2018 |
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Electrosurgical Devices Market Drivers and Opportunities
Increase in the Number of Surgical Procedures to Favor 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.
Emphasis for Medical Tourism – An Opportunity in Electrosurgical Devices Market
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.
Electrosurgical Devices Market Report Segmentation Analysis
Key segments that contributed to the derivation of the electrosurgical devices market analysis are product, application, and end user.
- Based on product, the electrosurgical devices market is divided into electrosurgical generators, electrosurgery instruments & accessories, and argon and smoke management systems. The electrosurgical generators segment held a larger market share in 2023.
- Based on application, the market is segmented into general surgery, arthroscopy, gynecology, urology, gastroenterology, and others. The general surgery segment held a larger market share in 2023.
- In terms of end user, the market is segmented into ambulatory surgical centers, hospitals and clinics, and research laboratories & academic institutes. The hospital and clinic segment dominated the market in 2023.
Electrosurgical Devices Market Share Analysis by Geography
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.
Electrosurgical Devices Market Report Scope
Electrosurgical Devices Market News and Recent Developments
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:
- In September 2022, Olympus Launched THUNDERBEAT energy device for open surgery. THUNDERBEAT Open Fine Jaw Type X surgical energy device is designed to back safer procedures and is commercially available in Japan (Source: Olympus Corporation, Press Release)
- In June 2021, Olympus announced the launch of next-generation electrosurgical generator. The ESG-410 Electrosurgical Generator wires options and efficiencies in the treatment of non-muscle-invasive bladder cancer and benign prostatic hyperplasia (BPH), or enlarged prostate, by providing an array of resection loops, band electrodes and vaporization buttons and needles. (Source: Olympus Corporation, Newsletter)
Electrosurgical Devices Market Report Coverage and Deliverables
The “Electrosurgical Devices Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:
- Electrosurgical Devices Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Electrosurgical Devices Market trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Electrosurgical Devices market analysis covering key market trends, Global and regional framework, major players, regulations, and recent market developments
- Electrosurgical Devices Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product , Application and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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