Prominent players in the monopolar electrosurgery market are focusing on investing in research and development, widening the product portfolio, and in expanding their geographical footprint to stay afloat amid the competition.
DUBLIN, IRELAND / ACCESSWIRE / September 7, 2020 / The monopolar electrosurgery market is projected to grow at a steady CAGR of 4.1% in terms of value through the period of forecasting between 2020 and 2025. Increasing preference for minimally invasive surgeries among patients coupled with technological advancements are expected to drive the growth of the market for the years to come. However, the unforeseen outbreak of COVID-19 swiftly metamorphosed into a pandemic of unprecedented scale in recent times, thereby disrupting steady growth to an extent.
"Ascribed to the introduction of numerous technological advancements to lower trauma post surgeries, patients are now highly inclined towards minimally invasive surgeries. Furthermore, the rising number of laparoscopic procedures for colorectal cancer surgery, hernia repair, and plastic surgery will continue to fuel the growth of monopolar electrosurgery market," says the Fact.MR report.
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Monopolar Electrosurgery Market - Key Takeaways
- By product type, hand instruments are projected to account for more than 60% of overall market share owing to the wide scale availability and affordability.
- Based on applications, general surgery is expected to channel the majority of revenue, accounting for more than 25% of market share, backed by rising incidence of lifestyle and chronic diseases that mandate surgeries.
- Surging prevalence of osteoarthritis is leading to an increasing adoption of monopolar electrosurgery in orthopedic treatment, which is expected to grow in value at a CAGR of 4.7% and account for 1/5th of market share.
- Based on end-use, hospitals are forecasted to remain the most lucrative end use segment on the back of rapid development of medical infrastructure worldwide, coupled with rising number of private players in the healthcare sector.
- North America is projected to spearhead the regional landscape, capturing over 1/3rd of market share, and will expand at a value CAGR of 4.1% through the forecast period.
- North America's dominance is attributed to supportive reimbursement coverage for surgical procedures and approvals form the US FDA.
- Asia Pacific is anticipated to grow at a CAGR of 4.7% and will account for over 1/5th of market value on the back of rapid development of the healthcare sector in the region.
Monopolar Electrosurgery Market - Driving Factors
- The penetration of robotics into the medical landscape has aided in numerous laparoscopic procedures for indications such as prostatectomy, colorectal cancer surgery, hernia repair and plastic surgery, thus boosting the overall market.
- Introduction of novel and innovative products has enhanced the efficiency of the surgical procedures, improving the success rate of surgeries, thus impelling market growth.
Monopolar Electrosurgery Market - Constraints
- Lack of proper reimbursement options in low and middle income countries coupled is posing a challenge to the swift growth of the market.
Anticipated Market Impact by Coronavirus Outbreak
The outbreak of COVID-19 is expected to have a moderate impact on the growth of the market as exploding numbers of infections assert medical institutions to realign their priorities. Hospitals across the world have deprioritized elective surgical procedures to focus on offering treatment to COVID-19 patients. On this premise, several surgeries, including monopolar electrosurgical procedures for chronic conditions have been postponed. As a result, the downtrend is expected to prevail through 2020, with a quick revamp being expected post pandemic.
Explore the global monopolar electrosurgery market with 120 figures, 96 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/report/4845/monopolar-electrosurgery-market
Competition Landscape
The key players operating in the monopolar electrosurgery market include Medtronic (Covidien), CONMED Corporation, Ethicon, Inc., and BOVIE MEDICAL. Among them, Medtronic and Ethicon dominate the competitive landscape, accounting for 3/5th of the overall market share. Their dominance is attributed to strong research and development division, robust domestic and global presence, and diversity in product offerings. In the wake of COVID-19 pandemic, Ethicon, Inc. developed MEGADYNE Mega Vac PLUS Smoke Evacuator to be used by medical professionals while performing laparoscopy to protect them from contracting the infection.
More on the Report
The FACT.MR's market research report provides in-depth insights on the monopolar electrosurgery market. The market is scrutinized on the basis of product (hand instruments, electrosurgical generators, return electrodes and accessories), application (general surgery, gynecology surgery, cardiovascular surgery, cosmetic surgery, orthopedic surgery, urology surgery and others) and end users (hospitals, ambulatory surgery centers, and others) across five major regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA).
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SOURCE: Fact.MR