Electrosurgical Devices Market By Product Type(Electrosurgical Generators, Electrosurgical Instruments [ElectrosurgicalPencils, Electrosurgical Electrodes, Electrosurgical Knife, Electrosurgical Forceps, Suction Coagulators, Others], Electrosurgical Accessories), By Method (Monopolar, Bipolar), By Application (General Surgery, Orthopaedic Surgery, Gynaecology Surgery, Cardiovascular Surgery, Cosmetic Surgery, Neurosurgery, Others), By End-User (Hospitals, Ambulatory Surgical Centres, Others), by geography, is expected to grow at a significant CAGR forecast till 2026 due to the increasing number of surgeries worldwide because of growing chronic diseases and shifting preferences for minimally invasive surgeries over conventional surgeries.
The global electrosurgical devices market was valuedat USD 6.18 billion in 2020, growing at a CAGR of5.69% during the forecast period from 2021 to 2026, to reach USD8.61 billion by 2026. The growing demand for electrosurgical devicesis predominantly attributed to the rising prevalence of various chronicdiseases leading to an increase in surgical procedures across the globe.
In addition, shifting preferences for minimally invasive surgeries, recent product approvals, and technological advancement in the product arena, among others are some of the factors responsible for global electrosurgical market growth during the forecasted period.
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Electrosurgical Devices Market Dynamics:
The rise in demand for electrosurgical devices is owing tothe growing prevalence of chronic disorders such as cardiovascular disorder,neurological disorder, and urological disorders, among others which require surgical intervention as one of their treatment regimens. According to the Global Surgery Foundation 2021 reports, about 30% of theglobal burden of disease is caused by conditions that can be treated by surgery.
Moreover, the growing number of cosmetic surgeries acrossthe globe could also fuel the demand for electrosurgery devices. This isbecause electrocautery, a kind of electrosurgery is typically applied in superficial situations encountered by dermatologists, ophthalmologists, plastic surgeons, urologists, and other related specialties. As per the International Society of Aesthetic Plastic Surgery 2019 global statistics, approximately 11,363,569 surgical procedures were performed byplastic surgeons.
Additionally, the recent product approvals of variouselectrosurgical devices are also anticipated to fuel the demand for thesedevices by surgeons. Thereby surging the global market for electrosurgical devices. Recently, in May 2019, New Deantronics Taiwan Ltd received FDA clearance for its electrosurgical cutting and coagulation device and accessories.
Hence, all the above-mentioned factors will contribute tothe electrosurgical devices market during the forecasted period. However, certain factors such as the dearth of skilledprofessionals and strict regulatory approval process are some factors likely tohinder the electrosurgical devices market growth.
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