Electrosurgical Devices Market Size

Electrosurgical Devices Market Analysis

The Electrosurgical Devices Market size is estimated at USD 6.64 billion in 2024, and is expected to reach USD 8.92 billion by 2029, growing at a CAGR of 6.07% during the forecast period (2024-2029).

• The COVID-19 pandemic had a significant impact on the market studied. This situation resulted in the cancellation of surgeries to manage and reserve resources, and many hospitals faced a shortage of professionals to assist with these surgeries. For instance, a PubMed study published in December 2021 showed that the overall rate of surgical procedures decreased by 48.0% during the initial shutdown of elective procedures compared to the same period in 2019 in the United States. This decline in surgical procedures also led to a decreased demand for electrosurgical devices, which significantly impacted the market growth during the pandemic.
• At that time, the market study reached its pre-pandemic nature in terms of demand for electrosurgical devices as COVID-19-related restrictions had been eased. Moreover, the market is expected to register significant growth in the coming years due to the prevalence of chronic diseases and technological advancements in electrosurgical devices.
• Further, the electrosurgical devices market is expected to grow due to factors such as a rise in chronic diseases and the geriatric population, increasing demand for minimally invasive procedures, and technological advancements in electrosurgical instruments.
• The rise in chronic diseases and the geriatric population is contributing to market growth. For instance, as per the January 2022 update by BHF, nearly 284,000 people were waiting for time-critical heart operations and other heart procedures at the end of November 2021. As electrosurgery devices are used in cardiovascular surgeries, the statistics indicate that the demand for electrosurgical devices is expected to increase due to the high burden of cardiovascular and other chronic diseases.
• Further, as the geriatric population is more prone to various chronic diseases such as cardiovascular diseases, musculoskeletal disorders, and neurological disorders, among others, the increasing geriatric population is expected to have a significant impact on the studied market. For example, according to the World Population Prospectus 2022, the share of the global population aged 65 years or above is projected to rise from 10% in 2022 to 16% in 2050. Hence, the increasing geriatric population is likely to boost the demand for electrosurgical devices, thereby driving market growth.
• Furthermore, an increase in surgical procedures and a rise in product launches coupled with technological advancements are expected to augment the market growth over the forecast period. For instance, according to the NICOR Adult Cardiac Surgery Report 2022, total aortic valve (TAVI) procedures increased by 11% in 2021. The ratio of TAVI to aortic valve replacement (AVR) rose from 1.2:1 to 2.3:1 compared to previous. 
• Also, various strategic activities by the key players are expected to drive market growth over the forecast period. For instance, in September 2021, Olympus Corporation launched POWERSEAL 5mm Curved Jaw Tissue Sealer and Divider, which meets the highest standards of clinical performance for advanced bipolar surgical energy devices by delivering consistent sealing reliability in an ergonomic, multifunctional design that promotes procedural efficiency.
• Thus, due to the increase in chronic diseases, the rise in the geriatric population, and the surge in minimally invasive surgeries coupled with product launches, the studied market is expected to witness significant growth over the forecast period. However, the lack of trained professionals in surgery and stringent regulatory frameworks are the major factors hindering market growth.