Rein of the global monopolar electrosurgery market is mostly in the hands of established players. However, dynamic trends and recent innovations in technologies have paved way for the entry of new players, finds Transparency Market Research (TMR) in a new study. The presence of strong local players in developing countries has further intensified competition in the global monopolar electrosurgery market. Businesses of local players operating in emerging nations such as India and China are often backed by the easy availability of raw materials and cheap labors.
Hence, they offer equipment at a much lesser cost, which fuels concerns for the established market players. Some of the most names operating in the global monopolar electrosurgery market are CONMED Corporation, BOVIE MEDICAL, Encision Inc., Medtronic, Ethicon, Inc., Olympus Corporation, BOWA-electronic GmbH & Co. KG, Erbe Elektromedizin GmbH, Aesculap, AG (B. Braun Melsungen AG), and Meyer-Haake GmbH.
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TMR pegged the global monopolar electrosurgery market at US$1.60 bn in 2016. Rising at a CAGR of 4.2%, the global monopolar electrosurgery market is likely to reach US$2.29 bn by the end of 2025. Among key products types, the market was led by the hand instruments segment in 2016. The rising demand from emerging nations is likely to fuel scopes for expansion of this segment during the course of the forecast period. Regionally, North America held lead in 2016 due to the rising demand from surgeons for technological advanced minimally invasive devices. However, during the coming years Asia Pacific is likely to offer lucrative prospects.
Rising Demand for Minimally Invasive Surgeries to Boost Growth Prospects
The market will considerably benefit from the rising demand for minimally invasive surgeries. Besides this, the rising adoption of technology advanced products in the healthcare sector will create attractive opportunities for the market’s growth. The market will also benefit from the rising awareness about advanced surgical techniques in developing nations. This will ensure swift growth for the market in the coming years.
During the course of the forecast period, the global monopolar electrosurgery market is likely to gain impetus on account of innovations that promise to reduce complications of monopolar devices. As per experts, the rising preference toward outpatient settings will also enable the market gain momentum in the coming years. As per TMR, the market is witnessing a high demand for medical instruments that come in direct contact with patient’s body as it reduces the chances of infection.
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This in turn has boosted the sales of single-use instruments, in turn creating an environment conducive to the growth of the global monopolar electrosurgery market. These factors, coupled with investment in research and development activities, the latest technological advancements, increasing availability of skilled workforce, and the demand for minimally invasive surgeries will chalk a positive trajectory for the market in the coming years.
Advent of Advanced Ultrasonic Devices May Create Hindrances to Growth
TMR also expects the global monopolar electrosurgery market to reap the benefits of favorable government initiatives. Such steps taken by the government has increased the access to elective surgery, which in turn will aid in the expansion of the global market. Contrary to this, the availability of advanced ultrasonic devices is increasing, which could pose threat to the global market. Patients’ preference toward minimally invasive surgical procedures will naturally shift their focus toward advanced ultrasonic procedures. Also, complications related to monopolar electrosurgery can create hindrances for the market in the coming years.
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