by The global India Electrosurgical Devices Market is estimated to be valued at US$ 229.95 Mn or Mn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Electrosurgical devices use high-frequency electrical currents for carrying out various surgical procedures. These devices either cut or coagulate tissues during surgeries. Electrosurgical devices are used for minimally invasive surgeries and cosmetic procedures including laparoscopy, dermatology, gynecology, urology, and general surgery. The rising prevalence of target chronic diseases such as cancer and cardiac disorders along with the increasing healthcare expenditure and focus toward minimally invasive procedures are propelling growth of the India electrosurgical devices market.
Market key trends:
The Indian electrosurgical devices market is driven by factors such as rapidly growing population, improved access to healthcare facilities, and rise in per capita healthcare expenditure. According to the Indian Brand Equity Foundation, India’s population is projected to surpass 1.5 billion by 2030. This rising population is expected to witness a surge in chronic ailments requiring surgical intervention. Furthermore, the government’s focus on strengthening public healthcare infrastructure through various initiatives such as Ayushman Bharat Yojana and expansion of medical insurance is positively impacting market growth. Technological advancements in electrosurgical devices leading to development of products with enhanced precision, control, and safety is another key trend in the market.
Porter’s Analysis
Threat of new entrants: The Indian electrosurgical devices market faces moderate threat of new entrants due to requirement of high capital investment in manufacturing and distribution.
Bargaining power of buyers: The bargaining power of buyers is moderate as healthcare facilities in India are opting cost-effective devices that provide enhanced patient outcomes.
Bargaining power of suppliers: The bargaining power of suppliers is low owing to presence of several players offering electrosurgical devices in the country.
Threat of new substitutes: The threat of new substitutes is low as electrosurgical devices are highly used by healthcare providers for cauterization and coagulation of tissues.
Competitive rivalry: Medium owing to presence of key players offering innovative products along with strong distribution network.
Key Takeaways
The India Electrosurgical Devices Market Size is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing number of surgical procedures in the country.
Regional analysis: Northern and Western regions of India are expected to dominate the market during the forecast period owing to increasing healthcare expenditure and availability of advanced healthcare facilities in these regions.
Key players operating in the India electrosurgical devices market are Medtronic plc., CONMED Corporation, Ethicon, Inc., Symmetry Surgical Inc., B. Braun Melsungen AG, Olympus Corporation, Erbe Elektromedizin GmbH, Innoblative Designs, Inc., Stryker Corporation, OmniGuide Inc., and PENTAX Medical. Key players are focusing on new product launches and partnerships to stay competitive in the market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
