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With the growing adoption of sedentary lifestyle and unhealthy dietary habits across the globe, prevalence of numerous cardiovascular, orthopedic, urological and gynecological disorders has significantly increased. This has fueled the demand for surgical procedures and treatments which is subsequently fostering the adoption of electrosurgical instruments providing major impetus to the global electrosurgical devices market.Ongoing R&D activities to develop technologically advanced products is opening new growth opportunities for the business space. Quoting an instance, in 2019, Olympus introduced its two electrosurgical knives (single use) designed especially for Endoscopic Submucosal Dissection. Reportedly, the company launched these offering in the U.S. wherein, HookKnifeJ was developed for stomach, esophagus and colon and TriangleTipKnifeJ for stomach and esophagus.
According to Global Market Insights Inc., electrosurgical devices market size is projected to surpass USD 8.1 billion by 2020, in light of below mentioned trends:
Strategic initiatives by major industry players
Key players operating in electrosurgical devices market such as B. Braun Melsungen AG, Stryker Corporation, Boston Scientific Corporation, Smith & Nephew, Medtronic Plc, Johnson & Johnson Private Limited, Olympus Corporation, CONMED Corporation, etc., are adopting numerous business strategies to gain strong market presence. For instance, in 2017, Ethicon Endo-Surgery, subsidiary of Johnson & Johnson announced the acquisition of Megadyne Medical Products, after their collaboration of four years in electrosurgical tools market. Apparently, this acquisition allowed Johnson & Johnson to strengthen its product portfolio for electrosurgical devices.
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Burgeoning demand for gynecology applications
With changing lifestyle, unhealthy diets, sedentary jobs, and increasing amounts of stress, various types of gynecological illnesses are on rise. Majority of these disorders need to be treated surgically which instigates the use of electrosurgical devices for these applications. This is expected to provide positive growth prospects for the industry. That said, global electrosurgical devices market from gynecology segment is poised to record significant sales revenue of around USD 1.6 billion by 2027.
Heightened popularity of smoke evacuation system
Smoke evacuation systems are observing huge demand owing to their high usability in facilitating safe environment during surgical procedures. Besides, regulatory authorities are also mandating the installation of smoke evacuation systems for efficiently managing the toxic surgical smoke. These factors have urged manufacturers to increase their production capacity for smoke evacuators. Citing an instance, in 2018, Stryker announced acquisition of the Swiss surgical smoke evacuation firm SafeAir AG to strengthen its portfolio for smoke evacuation in Europe and the U.S. On account of increasing product deployment across healthcare settings, smoke evacuation system segment had secured a robust market share of 27.2% in 2020 and is projected to grow significantly in forthcoming years.
Increasing adoption across ambulatory surgical units
Shifting inclination towards outpatient surgery procedures and several associated advantages, ambulatory surgical units (ASUs) are gaining massive traction among patients. The advantages majorly include higher recovery time, lower cost, same day discharge as well as lesser chances of infection. These healthcare settings are gaining popularity not only in developed countries but also across the emerging economies. Growing proclivity for ASUs is driving the demand for electrosurgical devices. Considering the rising product adoption, ambulatory surgical units segment is anticipated to witness a significant CAGR of 4.7% through 2027.
Rising demand for medical devices in Japan
Considering the higher per capita healthcare expenditure along with higher demand for electrosurgical procedures in the country, Japan has emerged as one of the biggest markets for electrosurgical devices. For the records, Japan electrosurgical devices market had secured a sizeable market share of 42.7% across Asia Pacific in 2020 and is estimated to grow significantly over the coming years. Besides, growing elderly population in Japan who are susceptible to various age-related disorders has impelled the demand for surgeries, which in turn has increased the adoption of electrosurgical devices in the country. This is evident from the World Bank statistics which suggests that more than 28% of the Japanese population is in the age group of 65 years and above.
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