Jun 18, 2020
Monopolar Electrosurgery Market Set to Expand at 4% CAGR Through 2025, Buoyed by Rise of Minimally Invasive Surgeries: Fact.MR
by Team Fact.MR
Over the years, preference for minimally invasive surgical procedures has increased. This is attributed to several technological advancements to reduce trauma to patients. Growing adoption of laparoscopic procedures for colorectal cancer surgery, hernia repair, and plastic surgery has augmented demand for monopolar electrosurgical devices. In addition, automation in laparoscopic procedure has provided immense boost to its growing acceptance.
On the back of the aforementioned trends, the global monopolar electrosurgery market is set to embark on a moderate growth path, expanding at a CAGR of 4.1% during the forecast period (2020-2025). Furthermore, rise in demand for cost-effective monopolar electrosurgery devices in developing economies due to increase in laparoscopic procedures is also anticipated to fuel the global monopolar electrosurgery market growth.
Key Takeaways of Global Monopolar Electrosurgery Market Study
- Hand instruments remain the bestselling category among monopolar electrosurgery products. Affordability of disposable hand instruments is a key growth driver of their sales, which are anticipated to capture more than 3/5th share of the overall market.
- Application in orthopedic surgeries is poised to soar in popularity, attributed to increasing geriatric population pool and cases of osteoarthritis. Growing at a CAGR of 4.7%, orthopedic surgery, as a key application area, is expected to contribute nearly 1/5th share to the total market value over the forecast period.
- Rising application in general surgeries will continue to influence growth strategies of market players, capturing 1/4th of total market revenue. High prevalence of lifestyle and chronic ailments is the key factor responsible for increased demand for monopolar electrosurgery for application in general surgery.
- Hospitals remain key end user of monopolar electrosurgery, holding a major chunk of the global market value. Rapid development of hospital infrastructure in developing and developed countries and entry of private players in the healthcare sector are attributed as key growth drivers.
North America Takes the Lead, Asia Pacific Presents Lucrative Opportunities
Asia Pacific promises substantial growth opportunities for key players operating in the global monopolar electrosurgery market. Increasing patient pool has motivated key players to establish their business in the region. Moreover, favorable reimbursement policies for minimally invasive procedures will further augment the regional market growth. Asia Pacific’s market is poised to expand at a CAGR of 4.7% through 2025.
However, North America will continue retain its lead in the monopolar electrosurgery market, accounting for one-third of the global market value. Increased demand for technologically advanced products and rise in FDA approvals are anticipated to push the growth prospects of North America’s market.
COVID-19 Impact Analysis
The COVID-19 pandemic may register a downturn in the monopolar electrosurgery market, owing to deferment of elective laparoscopic procedures by patients. However, leading manufacturers are ensuring that there is the least possible supply chain disruption in their production capacities.
Medtronic, for instance, is negotiating with healthcare providers, suppliers and governments to ensure delivery of life-saving products. Additionally, the company is distributing ventilators across various healthcare settings to care for COVID-19 patients.
Ethicon, Inc., another market leader, has designed the MEGADYNE Mega Vac PLUS Smoke Evacuator which helps purify aerosols generated during electrosurgical laparoscopy. The aerosol is a perfect medium for the coronavirus to travel and infect medical practitioners.
“Technological innovations and introduction of robotics in minimally invasive surgical procedures have necessitated the utilization of electrosurgery devices, thus broadening the scope of the market. Additionally, key manufacturers are concentrating on providing a wide range of instruments to address the ever-increasing cases of chronic and lifestyle diseases,” concludes the Fact.MR analyst.
Key Players to Prioritize Strong Global Presence and R&D Activities
The global monopolar electrosurgery market is dominated by two key players: Medtronic and Ethicon Inc. Collectively, these companies capture around three-fifth of the overall market share. Major forte of both the companies include a strong research and development division, robust local and global presence, and diversity in product offerings.
Ethicon, for instance, offers a broad range of electrosurgical instruments such as the ENDOPATH Electrosurgery PROBE PLUS II hand instruments, MEGADYNE MEGA SOFT return electrodes and E-Z CLEAN monopolar electrodes. CONMED Corporation, BOVIE Medical, Encision, Inc., Olympus Corporation, Aesculap, AG, and BOWA-electronic GmBH & Co are other prominent players in the global monopolar electrosurgery market.
Looking for more information?
The research study on the global monopolar electrosurgery market by Fact.MR incorporates an unbiased assessment of key factors and trends responsible for shaping the landscape of the monopolar electrosurgery market over 2020-2025. It includes a detailed assessment of key parameters that are anticipated to exert influence during the pre-defined timeframe. Market statistics have been presented on the basis of product (hand instruments, electrosurgical generators, return electrodes and accessories), application (general surgery, gynecology surgery, cardiovascular surgery, cosmetic surgery, orthopedic surgery, urology surgery and others) and end users (hospitals, ambulatory surgery centers, and others) across five major regions.
>>> To Get more insights on monopolar electrosurgery market, visit- https://www.factmr.com/report/4845/monopolar-electrosurgery-market
Fact.MR’s Domain Knowledge in Healthcare
Fact.MR’s healthcare and research professionals guide organizations at each step of their business strategy by helping you understand how contemporary influencers impact transformation in the healthcare sector. Our expertise in recognizing the challenges and trends affecting the global healthcare industry provides valuable insight and support, helping identify critical issues and construct relevant solutions. For more information on our deep domain expertise, click here.