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North America to Lead Global Monopolar Electrosurgery Market Through 2025 - Explores Fact.MR Report
Over the years, preference for minimally invasive surgical procedures has increased. This is attributed to several technological advancements to reduce trauma to patients.Click here to Get Complete Synopsis of the Report – https://www.factmr.com/report/4845/monopolar-electrosurgery-market
Growing adoption of laparoscopic procedures for colorectal cancer surgery, hernia repair, and plastic surgery has augmented demand for monopolar electrosurgical devices. In addition, automation in laparoscopic procedure has provided immense boost to its growing acceptance.
On the back of the aforementioned trends, the global monopolar electrosurgery market is set to embark on a moderate growth path, expanding at a CAGR of 4.1% during the forecast period (2020-2025).
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Furthermore, rise in demand for cost-effective monopolar electrosurgery devices in developing economies due to increase in laparoscopic procedures is also anticipated to fuel the global monopolar electrosurgery market growth.
Key Takeaways of Global Monopolar Electrosurgery Market Study
• Hand instruments remain the bestselling category among monopolar electrosurgery products. Affordability of disposable hand instruments is a key growth driver of their sales, which are anticipated to capture more than 3/5th share of the overall market.
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• Application in orthopedic surgeries is poised to soar in popularity, attributed to increasing geriatric population pool and cases of osteoarthritis. Growing at a CAGR of 4.7%, orthopedic surgery, as a key application area, is expected to contribute nearly 1/5th share to the total market value over the forecast period.
• Rising application in general surgeries will continue to influence growth strategies of market players, capturing 1/4th of total market revenue. High prevalence of lifestyle and chronic ailments is the key factor responsible for increased demand for monopolar electrosurgery for application in general surgery.
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• Hospitals remain key end user of monopolar electrosurgery, holding a major chunk of the global market value. Rapid development of hospital infrastructure in developing and developed countries and entry of private players in the healthcare sector are attributed as key growth drivers.
North America Takes the Lead, Asia Pacific Presents Lucrative Opportunities
Asia Pacific promises substantial growth opportunities for key players operating in the global monopolar electrosurgery market. Increasing patient pool has motivated key players to establish their business in the region. Moreover, favorable reimbursement policies for minimally invasive procedures will further augment the regional market growth. Asia Pacific’s market is poised to expand at a CAGR of 4.7% through 2025.
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However, North America will continue retain its lead in the monopolar electrosurgery market, accounting for one-third of the global market value. Increased demand for technologically advanced products and rise in FDA approvals are anticipated to push the growth prospects of North America’s market.
“Technological innovations and introduction of robotics in minimally invasive surgical procedures have necessitated the utilization of electrosurgery devices, thus broadening the scope of the market. Additionally, key manufacturers are concentrating on providing a wide range of instruments to address the ever-increasing cases of chronic and lifestyle diseases,” concludes the Fact.MR analyst.
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Key Players to Prioritize Strong Global Presence and R&D Activities
The global monopolar electrosurgery market is dominated by two key players: Medtronic and Ethicon Inc. Collectively, these companies capture around three-fifth of the overall market share. Major forte of both the companies include a strong research and development division, robust local and global presence, and diversity in product offerings.
Ethicon, for instance, offers a broad range of electrosurgical instruments such as the ENDOPATH Electrosurgery PROBE PLUS II hand instruments, MEGADYNE MEGA SOFT return electrodes and E-Z CLEAN monopolar electrodes. CONMED Corporation, BOVIE Medical, Encision, Inc., Olympus Corporation, Aesculap, AG, and BOWA-electronic GmBH & Co are other prominent players in the global monopolar electrosurgery market.
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