Ultrasonic Electrosurgical Devices Market Size

Ultrasonic Electrosurgical Devices Market Analysis

The ultrasonic electrosurgical devices market studied is expected to grow with a CAGR of 5.1%, over the forecast period.

During the COVID-19 pandemic, the production and sales of ultrasonic electrosurgical devices were affected. Additionally, the delay of elective procedures due to COVID-19-related restrictions implemented by the government in many countries has negatively affected the ultrasonic electrosurgical devices market. For instance, as per the Medtronic 2021 annual report, the sales of surgical innovations which include ultrasonic electrosurgical devices decreased during the pandemic period with a revenue of USD 5,513 million compared with the pre-pandemic revenue of USD 5,753 million. This shows the reduced sales of ultrasonic electrosurgical devices during the pandemic which had an adverse impact on the market. However, as per the 2022 Medtronic annual report, the revenue of surgical innovations during the post-pandemic period 2022 was increased to USD 6,060 million. Hence, due to resumed activities and relaxation of restrictions due to COVID-19, the market is expected to gain growth over the coming years.

The ultrasonic electrosurgical devices use the mechanical energy of vibrations for surgical cutting or control bleeding by causing coagulation at the surgical site. The high prevalence of chronic diseases such as cardiovascular diseases and cancer, the rising geriatric population, and an increase in several surgical procedures are some of the major factors promoting the demand for ultrasonic electrosurgical devices during the forecast period. For instance, as per the Statistics Canada, 233,900 people in Canada are estimated to be diagnosed with cancer. The most commonly diagnosed cancers are expected to be lung, breast, prostate and colorectal cancers which increases the demand for resection using advanced devices like ultrasonic electrosurgical devices. Thus, the high incidence of chronic diseases like cancers boosts the market to grow over the study period.

Furthermore, the new collaborations for the development of effecient products increase the widespread applications of the products. For instance, in November 2021, Catcher Technology collaborated with Taiwan's Industry Technology Research Institute (ITRI) to co-develop a next-generation integrated electrosurgery system that combines both bipolar and ultrasonic energies. This, increases the effeciency of the products which is expected to boost the market over the forecast period.

However, the shortage of trained and skilled professionals and the stringent regulatory framework are the factors expected to restrain the growth of the market over the forecast period.