Electrosurgical Devices Market Growing Geriatric Population & Associated Rise in Chronic Diseases

The elderly population is defined as group of people aged 65 and over. Population ageing is poised to become one of the most significant social transformations of the twenty-first century. The number of geriatric population has been increasing rapidly across the globe. According to the data published by the United Nations, in 2017, there were an estimated 962 million people aged 60 or over in the world, which comprised of 13 per cent of the global population. The geriatric population is estimated to grow at a rate of 3% every year. According to the report of American College of Cardiology Foundation, in 2018, Coronary heart disease (CHD) was the leading cause of deaths attributable to cardiovascular disease (CVD) in the US, which is followed by stroke (16.8%), high BP (9.4%), heart failure (HF) (9.0%), and other CVDs (17.9%).

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The global electrosurgical devices market accounted to US$ 4,828.4 Mn in 2017 and is expected to grow at a CAGR of 6.8% during the forecast period 2018 - 2025, to account to US$ 8,000.9 Mn by 2025.

The major players operating in the electrosurgical devices market include Olympus Corporation, Medtronic, Ethicon US, LLC. Boston Scientific Corporation, B. Braun Melsungen AG, CONMED Corporation, Erbe Elektromedizin GmbH, Kirwan Surgical Products, LLC, BOVIE MEDICAL, and Parkell, Inc. For instance, in May 2018, Olympus launched and received the approval for the ESG-300 Electrosurgery Generator. This is the latest generation of electrosurgical devices developed majorly for GI and pulmonary, and includes all of the modes and settings needed by physicians that requires argon plasma coagulation (APC). The launch increased the ability to strengthen the portfolio of GI and pulmonary devices. The developments performed by the companies are helping the market to grow in the coming years.

Global electrosurgical devices market, based on the product was segmented into electrosurgical generators, active electrodes, dispersive electrodes and other products. In 2017, the electrosurgical generators segment held the largest share of the market, by product. However, the active electrodes is expected to grow at the fastest CAGR during the forecast period owing to the limiting amount of time that a high voltage setting is used and can also eliminate concerns about capacitive coupling.

Minimally invasive surgery (MIS) has the advantages which include less tissue injury, reduced pain, faster oral intake, smaller hospitalization and better cosmetic appearance when compared with open surgery. The benefits as well as the accuracy being offered by minimally invasive surgeries are expected to drive the market for electrosurgical devices. In laparoscopy, the surgical scars are smaller, hospital stays are shorter and the incisions created are much smaller, enabling faster healing and recovery. In recent days laparoscopy is being used widely for bariatric surgery and is also economical compared to the traditional surgery method.

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North America is the largest geographic market and it is expected to be the largest revenue generator during the forecast period. North American market is driven by the factors such as, rise in number of surgical procedures as well as FDA approvals obtained by key players in the market.

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