According to a new report published by Allied Market Research, titled,"Electrosurgery Devices Market, by Product and Application: Global Opportunity Analysis and Industry Forecast, 2018 - 2025," the global electrosurgery devices market was valued at $2,591 million in 2017 and is projected to reach $3,784 million at a CAGR of 4.8% from 2018 to 2025.
Electrosurgery devices are widely used in various surgeries such as neurosurgery; general surgery; and orthopedic surgeries. These devices are employed to cut, coagulate, dissect, fulgurate, ablate, and shrink tissues during a surgical procedure. Electrosurgery devices such as probes, electrodes, coagulators, and other devices use high-frequency alternating current to carry out their respective functions.
The major factors that drive the growth of this market include increase in the number of surgical procedures, rise in geriatric population, and technological advancements. However, implementation of stringent FDA rules for product approval is anticipated to restrain the market growth during the forecast period.
The electrosurgical instruments & accessories segment accounted for the largest share in 2017 and is expected to grow at CAGR of 5.6% from 2018 to 2025. This is attributed to surge in adoption and demand for electrosurgical devices in various surgeries and rise in number of surgical procedures.
Based on application, the general surgery segment held the largest market share in 2017 due to high adoption rate of electrosurgical devices. The orthopedic surgery segment is expected to grow at the fastest CAGR of 5.9% owing to increase geriatric population.
Based on region, the North America region occupied the largest share in 2017 and is expected to provide lucrative market opportunities during the forecast period
Key findings of the Electrosurgery Devices Market :
The electrosurgical instruments & accessories segment accounted for more than two-fifths share of the global electrosurgery devices market in 2017.
The orthopedic surgery segment is expected to grow at the highest CAGR from 2017 to 2025.
The general surgery segment accounted for around one-fifth share of the global electrosurgery devices market in 2017.
Europe accounted for around one-third share of the global market in 2017.
LAMEA is expected to provide lucrative growth opportunities for the market from 2017 to 2025.
North America was the highest revenue contributor in 2017, owing to increase in healthcare expenditure, well-established healthcare system, and higher demand for technically advanced electrosurgery devices. However, Asia-Pacific is projected to grow at the highest CAGR of 6.7% due to rise healthcare expenditure, increase in per capita income, and improvement in healthcare infrastructure.