Market Trends of Electrosurgical Devices Industry
Neurosurgery Segment Is Expected to Witness a Healthy Growth in the Market Over the Forecast Period
- The neurosurgery segment is expected to witness healthy growth in the studied market owing to the rising burden of neurological diseases and disorders around the world, leading to the increasing volume of surgical procedures, which may boost the growth in the segment over the forecast period. Also, various technological advancements and strategic activities by the key players are expected to augment the segment growth over the forecast period.
- Electrosurgery devices in neurosurgery are widely used in the removal of meningiomas (a non-cancerous tumor that arises from the membranes surrounding the brain and spinal cord) to the relatively inaccessible meningiomas. According to the ASCO Cancet.net March 2023 update, meningioma makes up 40% of primary brain tumors in the United States. Meningioma is anticipated to be diagnosed in 42,260 individuals in the United States in 2023. Meningioma incidence rates increase with age, and children rarely acquire the disease.
- Furthermore, an increase in strategic activities by the key players is expected to augment the market growth over the forecast period. For instance, in November 2022, NeuroOne Medical Technologies shipped its first commercial order in an agreement with Zimmer Biomet for its Evo sEEG Electrode technology for temporary (less than 30 days) use with recording, monitoring, and stimulation equipment for the recording, monitoring, and stimulation of electrical signals at the subsurface level of the brain. Evo sEEG offers up to 30 days of recording, monitoring, and stimulation of electrical signals at the subsurface level of the brain.
- Therefore, due to the increase in brain-related diseases, rise in product launches, and various strategic activities by the key players, the studied segment is expected to witness significant growth over the forecast period.
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North America is Anticipated to Hold a Significant Market Share Over the Forecast Period
- North America is expected to have a significant market share over the forecast period in the electrosurgical devices market owing to the increasing burden of chronic diseases and the geriatric population, increasing demand for minimally invasive procedures, and technological advancements in electrosurgical instruments.
- For instance, according to the June 2022 update by the Canadian Institute for Health Information (CIHI), about 2.4 million Canadians have heart disease. Similarly, as per the 2022 Spotlight on Heart Failure, more than 100,000 Canadians are likely to be diagnosed with heart failure each year. The high rate of heart failure will boost the demand for heart surgeries, and thereby, the demand for electrosurgical devices will increase in the studied region, thereby contributing to market growth over the forecast period.
- In addition, the launch of products by the key market players is also expected to boost the market's growth. For instance, in June 2021, Ethicon, part of the Johnson & Johnson Medical Devices Companies, launched the ENSEAL X1 Curved Jaw Tissue Sealer, which offers adequate procedural efficiency and sealing. The device is indicated for colorectal, gynecological, bariatric surgery, and thoracic procedures. These factors have helped North America to become the largest market for electrosurgical devices.
- Also, many key players are focused on various strategic activities to improve their product portfolio and presence in various regions, which is expected to bolster the market growth over the forecast period. For instance, in October 2021, Hologic, Inc. signed a definitive agreement to acquire Bolder Surgical, a privately held, US-based company that provides advanced energy vessel-sealing surgical devices. This acquisition broadened the growing surgical portfolio by adding Bolder's differentiated advanced vessel sealing and dissection tools that are used in laparoscopic procedures. Hence, such strategic activities by the key players are expected to increase the demand for electrosurgical devices in the studied region over the forecast period.
- Thus, due to the increase in chronic diseases, rise in product launches, and various strategic activities by the key players, North America is expected to witness significant growth over the forecast period.
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