Global Electrosurgical Devices Market Assessment, By Product [Electrosurgical Generators, Electrosurgical Instruments and Accessories, Argon and Smoke Management Systems], By Application [General Surgery, Neurosurgery, Orthopedic Surgery, Cardiovascular S

Global Electrosurgical Devices Market Assessment, By Product [Electrosurgical Generators, Electrosurgical Instruments and Accessories, Argon and Smoke Management Systems], By Application [General Surgery, Neurosurgery, Orthopedic Surgery, Cardiovascular Surgery, Cosmetic Surgery, Gynecological Surgery, Others], By End-user [Hospitals, Ambulatory Surgical Centers, Others], By Region, Opportunities and Forecast, 2017-2031F

Global electrosurgical devices market size was valued at USD 7.05 billion in 2023, expected to reach USD 11.63 billion in 2031, with a CAGR of 6.46% for the forecast period between 2024 and 2031. Growth in global electrosurgical devices market is driven by factors such as increasing elderly population, rising prevalence of chronic disease, growth in volume of surgical procedures, increasing healthcare expenditure, and technological advancements.

Moreover, governmental support, initiatives, policies, and programs in research and development for innovative and advanced electrosurgical devices and increasing private and public sector investments in the electrosurgical devices market further promote growth in the global electrosurgical devices market. The global electrosurgical devices market is undergoing robust growth due to an increasing prevalence of chronic disease, which is increasing the number of surgical procedures globally. Chronic diseases such as cardiovascular diseases, diabetes, and cancer need surgeries as a part of the disease management process. Surgeons extensively use these devices to perform surgeries as these devices minimize bleeding, perform tissue ablation, and increase precision. Increasing healthcare spending on infrastructure development in developing nations will increase the number of surgical procedures performed in these regions, fueling the expansion of electrosurgical devices in these emerging countries.

Technological advancement and product launches by the market players, along with increasing demand for minimally invasive procedures, will further propel the global electrosurgical devices market. Moreover, a new trend of change in the preference of patients from hospitals to ambulatory surgical procedures due to lower cost, short admission durations, and reduced risk of cross-infection will lead to growth for electrosurgical devices in ambulatory surgical centers. Along with these factors, governmental initiatives, policies, and programs to improve research and development in surgical care facilities, collaborations between public and private companies, and joint ventures to invest in research and development of more advanced electrosurgical devices will further drive the growth in the global electrosurgical devices market.

Increasing Volume of Surgical Procedures

There has been a surge in demand for electrosurgical devices due to rising surgeries worldwide. The increasing prevalence of chronic diseases such as cardiovascular, diabetes, neurovascular, and cancer are contributing to the growth of global electrosurgical devices as these medical conditions require surgical interventions.

As per the International Society of Aesthetic Plastic Surgery (ISAPS), more than 14.9 million were performed globally in 2022, i.e., 11.2% overall growth reported by surgeons compared to 2021. With over 2.3 million procedures and a 21.1% increase, liposuction became the most popular surgical procedure 2022. Electrosurgical devices are vital while performing surgery, as they allow greater precision during dissection, prevent excessive bleeding, and provide the surgeon with a quick option for tissue ablation. Electrosurgical devices are gaining popularity among surgeons worldwide and increasing the demand for electrosurgical devices globally.

Technological Advancements in Electrosurgical Devices

With the increasing prevalence of chronic diseases and the rising number of surgical procedures, there is a high demand to bring innovation in surgical care and electrosurgical devices. Advancements such as the development of advanced energy-based devices and the use of AI in electrosurgical devices have encouraged many organizations to invest in modern techniques in this category to provide a high quality of surgical experience to the patients as well as surgeons. In May 2023, Olympus announced the launch of a modern advanced electrosurgical device, “POWERSEAL Sealer/Divider,” for Europe, the Middle East, and Africa. It is a multifunctional advanced bipolar device that works on existing unique hybrid technology of thunderbeat and support the surgeons in providing better grasping capabilities, dissection as well as sealing, for laparoscopic as well as open surgical treatments.

Government Initiatives

Governments are playing an essential role in shaping the landscape of the global electrosurgical devices market through various initiatives. To safeguard the public's health and foster innovation, many countries have established regulatory frameworks that guarantee the effectiveness and safety of these medical devices. Additionally, government support for research and development in the healthcare sector has expedited advancements in the market.

In April 2023, the government of India launched National Medical Devices Policy, 2023. The policy would offer the necessary guidance and assistance to strengthen the medical device sector and to transform India’s healthcare system into a robust, innovative, competitive, and self-sufficient business that can meet India's healthcare needs. To address the changing demands and regulatory landscape of medical devices, the National Medical Devices Policy, 2023 seeks to put the medical device industry on a faster growth trajectory with a patient-centric strategy.

Electrosurgical Instruments and Accessories are Experiencing Robust Growth

Among the product segments, electrosurgical instruments and accessories hold the maximum share in the global electrosurgical devices market due to their huge application in various surgical procedures. Electrosurgical instruments and accessories include monopolar instruments, bipolar instruments, electrodes, cords, cables, and adaptors. There is a growing demand for electrosurgical instruments and accessories since many surgical instruments and accessories are disposable and need repurchasing. In September 2023, Erbe Elektromedizin GmbH announced the launch of a new product, “VIO3 electrosurgical unit”. The solution has a highCUT bipolar cutting mode for precise incisions that helps in minimally invasive procedures and a full HD imaging system, ensuring optimal surgical visualization. Along with it, there is a resectoscope portfolio that offers a wide range of options to meet the surgical application needs of different surgeons.

North America Dominates the Global Market

North America holds the maximum share in global electrosurgical devices market. There is a robust healthcare infrastructure and exclusive healthcare facility available in the United States, which makes it a hub of latest and advanced hi-tech surgical devices and accessories. As per The International Society of Aesthetic Plastic Surgery (ISAPS), more than 14.9 million surgical procedures are performed globally, with the United States accounting for 7.4 million procedures. Also, the United States and Brazil have the highest number of plastic surgeons worldwide. Asia's countries, such as China, Japan, and South Korea, rank third, fourth, and fifth after United States and Brazil. Due to the high volume of surgeries and the availability of surgeons, there is a tremendous demand for electrosurgical devices in these regions. Moreover, the presence of key market players, such as Boston Scientific Corporation, Aspen Surgical Products Inc., and Johnson & Johnson Services, Inc., plays a pivotal role in promoting growth in the United States as well as in global markets.

Future Market Scenario

Global electrosurgical devices market is expected to grow in the coming years, due to multiple factors. Primarily, the increasing elderly population leads to a rise in the prevalence of chronic diseases worldwide. It has further led to an increase in surgical procedures every year. Electrosurgical devices are important in minimizing bleeding, cutting, coagulating, dissecting, fulgurating, ablating, and shrinking tissue. The specific functions of electrosurgical devices can vary across different medical specialties, with applications in areas such as dermatologic surgery, neurosurgery, gynecologic procedures, eye surgery, and endoscopy.

Growing demand for minimally invasive procedures among the population and technological advancements in the market will further drive the growth of the global electrosurgical devices market. Moreover, governmental initiatives, increasing healthcare expenditures and collaborations between pharmaceutical companies, medical devices companies, research institutions, and other healthcare providers have spurred innovation and growth in the global electrosurgical devices market.

Key Players Landscape and Outlook

In the electrosurgical devices market, companies are progressively establishing initiatives, strategic partnerships, and distribution agreements, which play a pivotal role in propelling the global electrosurgical devices market's expansion. These alliances empower firms to adapt to each other's strengths, gain access to new markets and technologies, and pool resources for research and development endeavors. Distribution agreements enable companies to broaden their market presence at an international level. These collaborative initiatives promote innovation, expedite product development, and contribute to the rapid growth of electrosurgical devices market.

In October 2022, Aspen Surgical Products, Inc. announced the acquisition of Symmetry Surgical. The acquisition assisted Aspen in improving its product portfolio and expanding the market on a global level.