Coagulation and cutting of tissues with high-frequency current is better known as electrosurgery. It assists the surgeons to make precise cuts and also limits the loss of blood in the process. These characteristics have contributed to rise in demand for this technology across the world. The global electrosurgery market is driven by rising demand from the emerging markets. Technological advancements in the industry are also set to play a vital role in the overall development of the industry. Developing regions of the world are engaging in expansion activities, which are leading to business mergers and acquisitions with the small companies.
Segmentation in Electrosurgery Industry
The global industry is segmented on the basis of the types of products and surgeries that are performed using these products. The details of this segmentation are as follows:
- Products: Electrosurgical generators, accessories and instruments and argon & smoke management systems. The instruments include bipolar and monopolar instruments, while the accessories include cords, cables, electrodes, and such other devices.
- Surgeries: Urologic, gynecology, cardiovascular, orthopedic, cosmetic, dermatology, ENT, ophthalmic, neurosurgery and various general surgeries
Drivers & Forecasts
According to the analysis of all the segments and trends in the electrosurgery market, researchers expect it to maintain healthy growth during the next few years to come. The major drivers contributing to this growth include technological advancements in terms of electric surgery procedures, growth in the number of gaining population and rising inclination towards plastic and cosmetic surgeries. Rising use and demand from the emerging markets like Asia Pacific, Middle East and Africa and Latin America are also creating strong development prospects for the industry. Growth in demand for the minimally invasive surgeries is also contributing to the rise in demand in this industry.
Despite all these driving factors, the industry is also struggling with several hindrances, which include US healthcare reforms, product recalls on global scale and the limited side effects associated with these surgeries. Stiff competition amongst the existing players is also expected to create challenging prospects for the new entrants in the market. However, the global electrosurgery market is expected to grow at an estimated CAGR of over 5% from 2014 to 2019. At the projected steady rate, the existing companies in the market are expecting a steady growth in terms of market shares and global presence.
Although the North American market is driving the global industry growth, Asia Pacific region is expected to make highest growth in terms of CAGR, during the forecasting period. Rising governmental efforts and demand for noninvasive surgeries are expected to drive the industry ahead.