Electrosurgery Market by Type (Electrosurgical Instruments, Electrosurgical Generators, Electrosurgical Accessories, and Smoke Evacuation Systems), Application (General Surgery, Gynecological Surgery, Urologic Surgery, Orthopedic Surgery, Cardiovascular Surgery, Cosmetic Surgery, Neurosurgery, and Others), End User (Hospitals, Clinics, Ablation Centers, Ambulatory Surgical Centers, Research Laboratories, and Academic Institutes): Global Market Size Estimates and Forecast (2022-2030)
The market crossed the US$ 5,080.8 million mark in 2022 and is expected to hit US$ 7,881.1 million by 2030, recording a CAGR of 5.5% during the forecast period.
The electrosurgery market has been significantly growing due to a rise in R&D expenditure.
The federal government is increasing its funds for R&D expenditure and preventing the increasing prevalence of chronic diseases. For instance, in January 2022, a study published by the British Heart Foundation claimed that were approximately 7.6 million people with heart disease in the UK. As electrosurgery devices are used in cardiovascular surgeries, the data indicate that the requirement for electrosurgical devices is expected to propel due to the high burden of cardiovascular and other chronic diseases. For instance, in the United States, in 2020, about 697,000 people died from heart disease, 1 in every 5 deaths, and one person died every 34 seconds from cardiovascular disease. Therefore, the market is expected to witness significant growth during the forecast period.
Within the report, the market is segmented into type, application, end-user, and geography. By type, the market is further segmented into electrosurgical instruments, electrosurgical generators, electrosurgical accessories, and smoke evacuation systems. Based on application, the market is segmented into general surgery, gynecological surgery, urologic surgery, orthopedic surgery, cardiovascular surgery, cosmetic surgery, neurosurgery, and others. The end user divides the market into hospitals, clinics, ablation centers, ambulatory surgical centers, research laboratories, and academic institutes. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Cutting-edge structural interventions are far-reaching technology that empowers the growth of futuristic innovations.
Transcatheter electrosurgery allows treatment for patients who are considered not to have any options otherwise. The use of the devices may reduce complexity and time. The main goal of transcatheter electrosurgery is to move conventional surgical techniques to the tip of a long guidewire. All transcatheter electrosurgical techniques have been established using "off-the-shelf" tools with minor adjustments. Electrosurgical techniques depends on using continuous high voltage alternating currents over a relatively short period of time, generated by a standard electrosurgery generator, such as ValleyLab ForceFX/A, Medtronic connected to a long guidewire.
Government investments in healthcare infrastructure is one of the major factors accelerating market growth.
The funding by the federal government is increasing, which is driving market growth. Moreover, the healthcare industry, driven by public and private players, especially in developing economies, is also creating opportunities for market growth. The growing initiatives by the government in providing drugs and medical technologies against cardiovascular diseases, respiratory diseases, and others will further curve the way for market growth. Additionally, the introduction of technologically driven products in the hospital's rising geriatric population base positively affects the market's growth rate. For instance, On November 2021, Taiwan’s Industrial Technology Research Institute (ITRI) and a Taiwan-based tech company announced that they would collaborate on a next-generation integrated electrosurgery system and co-develop a hybrid energy system for minimally invasive surgery.
Recent strategic developments in the electrosurgery market
The electrosurgery market has undergone several significant developments, and a few of these have been mentioned below:
- In October 2019, Apyx Medical announced that FDA had granted 510(k) approval for the Apyx Plasma/RF Handpiece. It is a single-use, sterile electrosurgical device indicated for use in combination with compatible generators for the percutaneous delivery of helium plasma or radiofrequency energy for coagulation, cutting, and ablation of soft tissue.
- In Sep 2021, Bolder Surgical announced the launch of its CoolSeal Vessel Sealing platform. It has been in use since October 2020 in the U.S., and with the new international regulatory approvals, the devices are available in over 20 countries worldwide.
Several players drive the electrosurgery market by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships with Medtronic plc, Johnson & Johnson, Olympus Corporation, B. Braun SE, CONMED, Boston Scientific Corporation, Smith and Nephew Plc, KLS Martin Group, The Cooper Companies, Inc., Zimmer Biomet are among the prominent players operating in the market.
The target audience for the report:
- Raw material providers
- Organizations, forums, and alliances
- Government bodies, regulating authorities
- Display panel and devices distributors and sales firms
- End users of display devices
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the market has been segmented based on:
- Electrosurgical Instruments
- Electrosurgical Generators
- Electrosurgical Accessories
- Smoke Evacuation Systems
- General Surgery
- Gynecological Surgery
- Urologic Surgery
- Orthopedic Surgery
- Cardiovascular Surgery
- Cosmetic Surgery
- End User:
- Ablation Centers
- Ambulatory Surgical Centers
- Research Laboratories
- Academic Institutes
- North America
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Medtronic plc
- Johnson & Johnson
- Olympus Corporation
- B. Braun SE
- Boston Scientific Corporation
- Smith and Nephew Plc
- KLS Martin Group
- The Cooper Companies, Inc.
- Zimmer Biomet