Albany, NY, April 26, 2018 (GLOBE NEWSWIRE) -- According to the report, the global electrosurgical devices market was valued at US$4,480.8 mn in 2015 and is projected to expand at a CAGR of 6.7 % from 2016 to 2024, rising to US$7,963.2 mn in 2024.
Demand across General Surgery Sector to Help Market Perform Well
In terms of application, the general surgery segment accounted for the dominant market share in 2015. Rising geriatric population globally is anticipated to create promising growth opportunities for electrosurgical devices in the general surgery sector in the next few years as well. Geographically, the market in North America is presently the leading revenue-contributing region to the global electrosurgical devices market. The region features a large geriatric and obese population facing cardiac, orthopedic problems, and an alarming rise in incidences of cancer, thus presenting a massive need for effective surgical procedures and associated products and services.
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Rising Preference to Minimally Invasive Surgeries to Drive Market
With the changing face of the medical devices and healthcare industries in the last decade, a large number of surgical procedures are moving out of the traditional ways and are being replaced by minimally invasive techniques. This is one of the key factors driving the global electrosurgical devices globally. While electrosurgical devices have been used since the early 20th century, some post-operative complications and electro-thermal injuries associated with these treatment were the key drawbacks of the devices. However, the scenario has created more opportunities in the market and compelled companies to launch more effective and innovative devices and accessories, thus helping the market develop in a positive way.
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Continuous growth in geriatric population is expected to be one of the potential drivers of the electrosurgical devices market during the forecast period. According to the WHO, the global geriatric population is likely to reach 2 bn, making up for nearly 22% of the global population, by 2050. The demographic presents massive need for minimally-invasive surgeries so as to reduce healing time and hospital stay. The growing trend of computer assisted or robotic minimally invasive surgery is expected to boost the growth of the electrosurgical devices market.
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The global market for electrosurgical devices features a vendor landscape that is largely fragmented and intensely competitive, observes Transparency Market Research in a recent report. Entry barriers are not harsh but rising expenses for research and development activities, excessive cost-based competition, and a high degree of fragmentation make it difficult for new players to establish their stronghold in the market. To strengthen their positions, companies increasingly focusing on emerging market economies as regions such as Asia Pacific and Middle East and Africa appear to promising for the market. Some of the leading companies in the market are Erbe Elektromedizin GmbH, B. Braun Melsungen AG, Bovie Medical Corporation, Johnson & Johnson, Boston Scientific Corporation, CONMED, Medtronic, KLS Martin, Symmetry Surgical Inc., and Olympus.
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