Electrosurgical Devices Market to reach US$ 7,963.2 Mn by 2024; growing demand for minimal invasive surgical procedures is expected to increase the overall market share in the United States

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 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 to reach US$ 7,963.2 Mn in 2024. This report offers a thorough understanding of Global Electrosurgical Devices Market, its key market trends, drivers, restraints, opportunities, and threats.

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According to Centers for Disease Control and Prevention (CDC) data, people can live on an average 19.3 years once they reach to age of 65 years old. Geriatric population is prone to several disease such as cancer, cardiac arrest, gastrointestinal diseases etc., due to weak immunity. Moreover, there is a huge need for minimally-invasive surgeries for the treatment of such patients so as to avoid healing time and hospital stay. According to WHO estimates, the global geriatric population is likely to reach around 2 billion (22% of global population) by 2050, which was around 524 million in 2010. This is expected to further drive the electrosurgical devices market during the forecast period. Increasing government funding for research to develop advanced medical treatment and target-specific surgical derives is expected to drive growth of the global electrosurgical devices market. Electro-surgery is associated with several electro-thermal injury which is associated with electrosurgical operation is expected to hinder the electrosurgical devices market in future.

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The U.S. is expected to dominate the electrosurgical devices market globally during the forecast period from 2016 to 2024. However, the U.S uterine fibroids market is expected to expand at a significant CAGR over the forecast period. Large geriatric and obese population facing cardiac, orthopedic problems and rising incidence of cancer is anticipated to drive the market in this region. Rigorous regulatory necessities and the long procedure for FDA approval have discouraged the electrosurgical devices manufactures in the U.S, so they are focusing on new markets to launch new products. However, the electrosurgical devices market is expected to expand at a significant CAGR during the forecast period.

Asia Pacific has the highest growth rate and is expected to overtake Europe in the future. Improved healthcare infrastructure and rising healthcare spending by government is expected to increase adoption of electrosurgical devices in this region. China accounted for 7.3% share of the Asia Pacific electrosurgical devices market in 2015. Some of the other contributing factors are:
• Growing aging population
• Growing obese population

The key players in the market are increasingly focusing on the growing market economies (GME), as Asia Pacific and Middle East & Africa appear to be bright spots in the global electrosurgical devices market

Major Players Dominating Market

Key players in this market are as follows Bovie Medical Corporation, Medtronic, B. Braun Melsungen AG, Erbe Elektromedizin GmbH, Boston Scientific Corporation, Olympus, Johnson & Johnson, Symmetry Surgical Inc., CONMED, KLS Martin and BOWA-electronic GmbH & Co. KG.

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