Overview of This Research:
The study involved four major activities in estimating the current market size for the electrosurgery market. Exhaustive secondary research was done to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.
In the secondary research process, various secondary sources such as annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, gold-standard & silver-standard websites, regulatory bodies, and databases (such as D&B, Bloomberg Businessweek, and Factiva) were referred to in order to identify and collect information for this study.
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The electrosurgery market comprises several stakeholders, such as manufacturers of electrosurgery devices, instruments and accessories, suppliers, hospital surgical & ablation centers, and ambulatory centers. The demand side of this market is characterized by the global rise in minimally invasive surgeries. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.
Key Players of the Industry:
In 2018, Medtronic (Ireland), Ethicon (US), and Olympus (Japan) dominated the electrosurgery market. Other prominent players in this market include CONMED (US), B. Braun Melsungen AG (Germany), Applied Medical (Netherlands), Erbe Elektromedizin GmbH (Germany), Kirwan Surgical Products LLC (US), Bovie Medical Corporation (US), BOWA-electronic GmbH & Co. KG (Germany), KLS Martin Group (Germany), Boston Scientific (US), Smith & Nephew plc (UK), and CooperSurgical Inc. (US).
Key Growth Strategies Adopted by Them:
In order to sustain their dominance in the electrosurgery industry, a majority of prominent players are focusing on increasing their geographical presence and strengthening their product portfolios through the strategies of product launches, agreements & partnerships, and acquisitions.
Medtronic (Ireland) is one of the leading players in the global electrosurgery market. In order to sustain its leadership position and ensure its future growth, the company adopted several organic as well as inorganic strategies. In order to cater to the demand for a more precise and safe form of electrosurgery, the company acquired Mazor Robotics (Israel). Furthermore, the company focused on product commercialization and R&D activities to build a competitive advantage as well as to maintain its high market share. In line with this, Medtronic launched the Valiant Navion Thoracic Stent Graft System in Japan for the minimally invasive surgical repair for type B aortic dissections (TBAD) and thoracic descending aortic aneurysms (TAA).
Ethicon (US) held the second position in the global electrosurgery market in 2018. The company offers a broad range of products integral to the electrosurgery market, which are used across regions such as the Americas, Europe, the Asia Pacific, Africa, and the Middle East for various applications such as tissue dissection, coagulation, irrigation, and fluid evacuation. The company is also focusing on acquisitions (such as the acquisition of Megadyne and NeuWave Medical) as a key growth strategy to expand its product portfolio and geographic presence in the electrosurgery market.
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The hospitals, clinics, & ablation centers segment accounted for the largest share of the electrosurgery market in 2018.
On the basis of end users, the electrosurgery market is segmented into hospitals, clinics, & ablation centers; ambulatory surgical centers; and research laboratories & academic institutes. The hospitals, clinics, & ablation centers segment accounted for the largest market share in 2018. The large share of this segment can be attributed to a large number of electrosurgery procedures performed in hospitals, the growing demand for minimally invasive procedures, and the rising adoption of advanced imaging modalities to improve workflow efficiency in hospitals.
The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period
On the basis of region, the electrosurgery market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2018, North America accounted for the largest share of the electrosurgery market, followed by Europe. However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period, primarily due to the growing popularity of cosmetic surgeries, government efforts to increase access to elective surgery, large population base, high patient population, and improving healthcare infrastructure in the region.