The global electrosurgical devices market is characterized by intense competition and fair degree of fragmentation in the vendor landscape, notes Transparency Market Research (TMR). The landscape features relaxed entry barriers. However, substantial funds needed for research and development and the marked competitive pricing established players opt for makes it difficult for new ones to get a stable foothold in the global market, observes TMR.
The marked degree of fragmentation characterizing the overall competitive landscape has led several companies to shift their attention to emerging economies in regions such as Africa, Asia Pacific, and the Middle East. This has enabled them to tap vast latent opportunities thereby consolidating their positions in the market.Top players include Olympus Corporation, Symmetry Surgical Inc., Medtronic, CONMED Corporation, Boston Scientific Corporation, Johnson & Johnson, Bovie Medical Corporation, B. Braun Melsungen AG, and Erbe Elektromedizin GmbH.The global electrosurgical devices market stood at US$4,480.8 mn in 2015 and is anticipated to reach a worth of US$7,963.2 mn by 2024 end. The market is expected to rise at 6.7% CAGR during the forecast period of 2016–2024.
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The various types of devices are electrosurgical accessories, electrocautery devices, and radiofrequency electrosurgery devices. Of these, the radiofrequency electrosurgery segment is projected to rise at the most attractive CAGR of 7% during the forecast period. The impressive growth rides on the back of vast demand of the device type in treating various skin lesions and dermatologic disorders.