Market Size of Global Ultrasonic Scalpel Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
CAGR | 6.50 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Ultrasonic Scalpel Market Analysis
The Ultrasonic Scalpel Market is expected to grow at a CAGR of 6.5% during the forecast period (2022 - 2027).
The COVID-19 pandemic has had ramifications on various surgical procedures, including minimally invasive procedures. Due to the lockdown restrictions, a delay in diagnosis and treatments was observed in patients with various lifestyle-related and chronic diseases because of a reduction in hospital visits, which impacted the studied market. For instance, according to the research study published in August 2020, titled 'Overall Impact of the COVID-19 Pandemic on Interventional Radiology Services: A Canadian Perspective', the COVID-19 pandemic had negatively impacted the interventional radiology services in Canada, especially for elective cases, and as per the study, about 49.3% of the respondents reported that there was an overall decline in interventional radiology services in the country. Thus, COVID-19 has a significant impact on market growth. However, with the ongoing vaccinations and decreasing cases of COVID-19, the studied market is expected to regain its full potential over the forecast period.
Certain factors that are propelling the market growth are the rising burden of chronic diseases and increased demand for minimally invasive procedures.
The increasing prevalence of chronic diseases is the key factor driving the growth of the ultrasonic scalpel market. For instance, as per Cancer Australia, in 2021, it was estimated that 20,030 new cases of breast cancer were diagnosed in Australia (164 males and 19,866 females). As per the same source, in 2021, it is estimated that a person has a 1 in 15 (or 6.7%) risk of being diagnosed with breast cancer by the age of 85 (1 in 8 or 13% for females and 1 in 829 or 0.12% for males). Also, as per the British Heart Foundation England Factsheet, published in January 2022, about 6.4 million people are living with cardiovascular diseases in England. Also, as per the British Heart Foundation 2020 fact sheet, around 7.4 million people are living with heart and circulatory diseases in the United Kingdom. The high incidence of heart diseases is expected to increase cardiac surgeries which are further anticipated to increase the demand for ultrasonic scalpels, thereby fueling the market growth. Similarly, according to an article published by Clinical Liver Disease, in May 2021, titled 'Global Epidemiology of Chronic Liver Disease', Cirrhosis is a leading cause of mortality and morbidity across the world. In addition, in 2020, the number of people with HBV infection was projected to reach 3.63% (279,9 million), with as few as 36.7 million cases of infection having been identified. Thus, the increasing burden of liver diseases among the population is expected to increase the demand for liver surgeries, thereby propelling market growth.
In addition, the demand for minimally invasive procedures is increasing rapidly due to its several advantages over conventional procedures such as less post-operative pain, fewer major operative, and postoperative complications, faster recovery times, less scarring, less stress on the immune system, and smaller incisions. These benefits of minimally invasive procedures reduce the overall hospital and the cost of the treatment, due to which this procedure is increasingly adopted, which is expected to increase the market growth over the forecast period.
However, the stringent regulation and the high cost associated with the procedure are expected to impede the market growth over the forecast period.