According to Future Market Insights' newly released Ultrasonic Electrosurgical Devices Market analysis report, the global market for Ultrasonic Electrosurgical Devices was valued at USD 4.2 billion in 2021 and is expected to rise at a CAGR of 6.1% during the forecast period to reach a market valuation of USD 8 billion by 2032. The global market is expected to surge at an absolute dollar opportunity of USD 3.5 billion during the forecast period.
| Attribute | Details |
|---|---|
| Global Ultrasonic Electrosurgical Devices Market (2022) | USD 4.5 Billion |
| Global Ultrasonic Electrosurgical Devices Market (2032) | USD 8 Billion |
| Global Ultrasonic Electrosurgical Devices Market CAGR (2022 to 2032) | 6.1% |
| USA Ultrasonic Electrosurgical Devices Market CAGR (2022 to 2032) | 6.5% |
| Key Companies Profiled | Ethicon - Endo-Surgery; Olympus Corporation; Medtronic; Misonix Inc.; BOWA-electronic GmbH; Söring GmbH; Advanced Instrumentations; Reach Surgical; ITALIA MEDICA SRL; SonaCare Medical; Miconvey |
The market growth is attributable to the growing surgeries count, rising prevalence of chronic diseases, increasing minimally invasive surgeries, and advancements in surgical techniques. Furthermore, the necessity for patient safety and increasing strategic initiatives throughout complex surgeries have prompted leading market participants to develop ultrasonic electrosurgical devices.
As per the publication released by Future Market Insights - a market research and competitive intelligence provider, the market is currently valued at USD 4.2 Billion and is expected to become a USD 4.5 Billion market by the end of 2022. between 2022 and 2032, the market is expected to grow at a CAGR of 6.1%. The market is estimated to offer an absolute dollar opportunity of USD 3.5 billion during 2022 and 2032 and is likely to hit a valuation of USD 8 Billion by 2032.
The expanding elderly population, as well as an increase in the number of surgical procedures, are some of the primary drivers escalating the demand for ultrasonic electrosurgical devices during the forecast period. Ultrasonic electrosurgical technologies are becoming more popular as the concern for patient safety throughout complex surgical procedures grows.
The market is expected to grow due to the existence of a large number of companies and the rising prevalence of their strategic alliances for improving product portfolios. During the projected period, the frequency of surgical operations is expected to rise due to an increasing number of traffic accidents, an aging population, and increased healthcare spending in emerging economies.
The complex nature of Ultrasonic Electrosurgical equipment necessitates the use of qualified specialists for safely handling the instruments and performing the operations. The scarcity of such qualified and trained personnel may limit the demand. Furthermore, compared with conventional electrosurgical instruments, ultrasonic electrosurgery components are more expensive and less durable which has been constraining the market growth.
North America is likely to dominate the global market owing to the rising chronic ailments, preventive surgeries, minimally invasive surgeries, technological advancements, and the presence of large players in the region.
Meanwhile, the APAC market is likely to grow at the highest CAGR owing to the surge in the geriatric population, market expansion by key players, the rising adoption rate of technologically advanced products, growing healthcare expenditure, and increased reimbursement policies by the government.
In 2021, the USA with over 25% share accounts for the largest Ultrasonic Electrosurgical Devices market globally. The market in the country is projected to expand at a CAGR of 6.5%. Between 2022 and 2032, the market is expected to surge with an absolute dollar opportunity of USD 1.4 billion. According to the American Heart Association, 7,85,000 Americans will experience their first heart attack this year, which will take the market forward.
During the forecast period, the market will be driven by favorable government policies, new product development, rising healthcare infrastructure expenditure, and a high level of patient knowledge about the presence of advanced treatment devices.
The region's ability to cater to a high level of innovation in the field of medical devices, as well as its growing burden of chronic disorders, rising preference for minimally invasive surgeries, and ability to cater to a high level of innovation in the field of medical devices, help it dominate the market.
The market in the UK is expected to reach a valuation of USD 339 Million by 2032. With a CAGR of 5.7%, the market is projected to gross an absolute dollar opportunity of around USD 196 Million from 2022 to 2032.
During the projected period, the Chinese market for Ultrasonic Electrosurgical Devices is expected to expand at a CAGR of 8%. Between 2022 and 2032, the market in the country is likely to generate an absolute dollar opportunity of USD 432.1. The higher adoption of modern technology, the rising frequency of chronic illnesses, the favorable reimbursement policies, the rising senior population, and the escalating preference for minimally invasive surgeries are contributing to this increase. Furthermore, major players have been investing in the healthcare sector of the country to address the unmet demand.
In 2021, ultrasonic electrosurgical consumables were the highest revenue-generating segment, which is projected to grow at a CAGR of 6%. The forecasted growth is significantly higher than the historical growth of just 4.1% during the period between 2017 and 2021.
The consumables segment is growing rapidly due to its easy disposable nature and low durability rate in comparison to ultrasonic electrosurgical generators. Furthermore, consumables are also reusable in a variety of treatment operations and have a limited usage cycle, both of which contribute to the segment's growth.
Ultrasonic electrosurgical devices find their largest utility in hospitals. The market revenue through hospitals is expected to grow at a CAGR of 6.5% during 2022 and 2032. The significant market growth through this segment is attributable to the factors like rising chronic diseases, increasing surgical procedures, and rising kidney and liver transplants. Furthermore, the rising availability of qualified medical professionals is driving segment growth.
The leading players in the Ultrasonic Electrosurgical Devices Market are increasing their Research and Development spending to fund the development of strategically advanced offerings. Furthermore, government funding, rising surgical procedures, technological advancements, advancing regulatory approvals, mergers and acquisitions, and a diverse product portfolio have contributed to the competitive environment in the market. To maintain their dominance in the global market of Ultrasonic Electrosurgical Devices Market, the leading players are projected to benefit from new product releases and the expansion of current operations in the untapped international market.
The key competitors in the Ultrasonic Electrosurgical Devices Market are Ethicon Endo-Surgery, Olympus Corporation, Medtronic, Misonix Inc., BOWA-electronic GmbH, Söring GmbH, Advanced Instrumentations, Reach Surgical, ITALIA MEDICA SRL, SonaCare Medical, and Miconvey.
The recent developments in the Global Ultrasonic Electrosurgical Devices Market are as follows:
Similarly, recent developments related to companies offering Ultrasonic Electrosurgical Devices have been tracked by the team at Future Market Insights, which are available in the full report.
In 2021, the market was valued at USD 4.2 billion and is expected to reach USD 4.5 billion by the end of 2022.
The market is anticipated to grow at a CAGR of 6.1% during the forecast period. It will be valued at USD 8 Billion by the end of 2032.
The global Ultrasonic Electrosurgical Devices Market is expected to register an absolute dollar opportunity of USD 3.5 Billion between 2022 and 2032, growing at a CAGR of 6.1%.
The key players operating in the Global Ultrasonic Electrosurgical Devices Market are Ethicon Endo-Surgery, Olympus Corporation, Medtronic, Misonix Inc., BOWA-electronic GmbH, Söring GmbH, Advanced Instrumentations, Reach Surgical, ITALIA MEDICA SRL, SonaCare Medical, and Miconvey.
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Ultrasonic Electrosurgical Devices Market
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