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Electrosurgical Devices Market Thrives on Disease Prevalence and Technological Advancements
Electrosurgical Devices Market
The electrosurgical devices and equipment market has witnessed robust growth, surging from $9.7 billion in 2023 to $10.44 billion in 2024, exhibiting a commendable compound annual growth rate (CAGR) of 7.7%. Forecasts project sustained expansion, reaching $13.52 billion by 2028, with a CAGR of 6.7%. The electrosurgical devices and equipment market's trajectory is shaped by the impact of rising chronic diseases, the surge in surgical procedures, regulatory changes, and technological advancements.
Rising Chronic Diseases Fuel Electrosurgical Devices Demand
The escalating prevalence of chronic diseases emerges as a key driver propelling the growth of the electrosurgical devices and equipment market. These devices play a crucial role in the treatment of various life-threatening conditions, including skin cancer, basal cell carcinomas, squamous cell carcinoma, wound surgery, skin surgery, non-cancerous moles, and dentistry. The National Library of Medicine reports a projected 99.5% increase in individuals aged 50 and older with at least one chronic condition in the United States by 2050. This surge underscores the pivotal role of electrosurgical devices in addressing the growing prevalence of chronic diseases.
Surgical Procedure Surge Drives Market Growth
The increasing number of surgical procedures is a significant factor propelling the growth of the electrosurgical devices and equipment market. Electrosurgical devices play a vital role in enhancing the precision, efficiency, and outcomes of surgical procedures across diverse medical specialties. Notably, there was an 8.4% increase in cataract surgical procedures in the Czech Republic in 2022, according to the Organization for Economic Co-operation and Development. This surge in surgical procedures, spanning various medical fields, highlights the integral role of electrosurgical devices in modern healthcare.
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Market Dynamics and Major Players
Major companies, including Bovie Medical Corporation, Johnson & Johnson Private Limited, and Medtronic PLC, dominate the electrosurgical devices and equipment market. Regulatory changes, particularly related to customer data protection such as the European Union's General Data Protection Regulation (GDPR), pose challenges, leading to increased costs of product development and supply. Technological advancements, particularly in electrosurgical generator technology, are propelling the market forward, with companies like Olympus Corporation launching cutting-edge systems equipped with PLASMA+ Technology for advanced surgical treatments.
Innovations in Electrosurgical Generator Technology
Innovative technology, such as electrosurgical generators, takes center stage as major companies strive to strengthen their position in the market.
Electrosurgical generators are instrumental in medical procedures, offering capabilities for cutting, coagulating, and manipulating tissues through high-frequency electrical currents. Olympus Corporation's launch of the ESG-410 Electrosurgical Generator, equipped with PLASMA+ Technology, exemplifies advancements in surgical treatment. This system, designed for endoscopic operations, features faster ignition, enhanced plasma stability, and versatile applicability, marking a significant stride in surgical tissue management technology.
Regional Insights and Market Segmentation
North America stands as the largest region in the global electrosurgical devices market in 2023, followed by Western Europe. The comprehensive market report spans regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Market Segmentation:
The electrosurgical devices and equipment market covered in this report is segmented -
1) By Product: Electrosurgery Generators, Electrosurgery Instruments & Accessories, Argon and Smoke Management Systems
2) By Application: General Surgery, Gynecology Surgery, Urologic Surgery, Orthopedic Surgery, Cardiovascular Surgery, Cosmetic Surgery, Neurosurgery
3) By End User: Hospitals, Specialized Clinics, Ambulatory Surgery Centers
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Electrosurgical Devices And Equipment Global Market Report 2024 from TBRC covers the following information:
Market size date for the forecast period: Historical and Future
Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Electrosurgical Devices And Equipment Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on electrosurgical devices and equipment market size, electrosurgical devices and equipment market drivers and trends, electrosurgical devices and equipment market major players, electrosurgical devices and equipment market competitors' revenues, electrosurgical devices and equipment market positioning, and electrosurgical devices and equipment market growth across geographies. The electrosurgical devices and equipment market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the electrosurgical devices and equipment market report and tap into segments with the highest growth potential.
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