(PharmaNewsWire.Com, October 30, 2020 ) The growth in the global Electrosurgical Instruments Market is driven by technological advancements in electrosurgical instruments; the increasing demand for minimally invasive surgeries; the growing number of medical, cosmetic, and age-related surgeries; and the rising number of ambulatory surgery centers. However, risks associated with electrosurgical procedures are expected to restrain the growth of the electrosurgery market.
The study involved four major activities in estimating the current market size for the electrosurgery market. Exhaustive secondary research was done to collect information on the market and its different subsegments.
The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.
In 2018, Medtronic (Ireland), Ethicon (US), and Olympus (Japan) dominated the electrosurgery market.
Other prominent players in this market include CONMED (US), B. Braun Melsungen AG (Germany), Applied Medical (Netherlands), Erbe Elektromedizin GmbH (Germany), Kirwan Surgical Products LLC (US), Bovie Medical Corporation (US), BOWA-electronic GmbH & Co. KG (Germany), KLS Martin Group (Germany), Boston Scientific (US), Smith & Nephew plc (UK), and CooperSurgical Inc. (US).
Growth Strategies Adopted:
In order to sustain their dominance in the electrosurgery market, a majority of prominent players are focusing on increasing their geographical presence and strengthening their product portfolios through the strategies of product launches, agreements & partnerships, and acquisitions.
Geographical
The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period
On the basis of region, the Electrosurgical Instruments Market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2018, North America accounted for the largest share of the electrosurgery market, followed by Europe. However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period, primarily due to the growing popularity of cosmetic surgeries, government efforts to increase access to elective surgery, large population base, high patient population, and improving healthcare infrastructure in the region.
The hospitals, clinics, & ablation centers segment accounted for the largest share of the electrosurgery market in 2018.
On the basis of end users, the electrosurgery market is segmented into hospitals, clinics, & ablation centers; ambulatory surgical centers; and research laboratories & academic institutes. The hospitals, clinics, & ablation centers segment accounted for the largest market share in 2018. The large share of this segment can be attributed to a large number of electrosurgery procedures performed in hospitals, the growing demand for minimally invasive procedures, and the rising adoption of advanced imaging modalities to improve workflow efficiency in hospitals.
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