Global Electrosurgical Devices Market - Segmented by Product, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global electrosurgical devices market is expected to register a CAGR of approximately 6.5% during 2018 to 2023 (the forecast period). The electrosurgical devices are used for surgical cutting or control bleeding by causing coagulation at the surgical site, which is driven primarily by the rise of the minimally invasive devices and increasing adoption of technologically advanced products. Increased technological advancements, rising investment for R&D programs, and the presence of several medical devices manufacturers are expected to contribute to the growth of North America in the global market.
Rise in the Chronic Diseases and Geriatric Population
There has been a significant rise in the geriatric population, which is increasingly vulnerable to various disorders, such as ocular, cardiovascular, stroke, obesity, cancer, diabetes, gastric diseases, intestinal illnesses, and others. Stroke is one of the major causes of deaths, and accounts for 11.13% of the total deaths, globally. The increasing prevalence of these diseases, with rising public awareness as well as higher healthcare expenditure in developed markets, is helping in the growth of the market.
Other factors playing a vital role in the growth of this market include rising demand for minimally invasive procedures, increasing government initiatives to improve elective surgery, and technological advancements in electrosurgical instruments.
Stringent Regulatory Standards
The stringent regulatory standards are one of the major obstacles in the growth of the electrosurgical devices market. For a medical device, the regulatory requirement is increasingly stringent throughout the product lifecycle, including during its services and delivery. In 2016, International Organization for Standardization (ISO) issued a new set of standards in the European Union and the US Food and Drug Administration. In India, several stringent industrial and labor laws have been implemented, making the manufacturing plant responsible for any breach of compliance.
Other factors, such as risk of product recalls, are responsible for hampering the growth of the electrosurgical devices market.
US is Expected to Dominate the Market Share
The United States is expected to dominate the global market in the forecast period. The rise in technological advancements, the presence of global medical devices manufacturers, increasing surgical procedures with higher healthcare expenditure helps in the growth of the market, in this region. Other factors are the rise in chronic problems associated with geriatric population. With that, according to the American Society for Metabolic and Bariatric Surgery, nearly 13% of the population in the United States is expected to undergo bariatric surgery by 2020, which will further contribute to its growth.
Key Developments in the Market