SAN FRANCISCO, Oct. 27, 2021 /PRNewswire/ -- The global ultrasonic electrosurgical devices market size is expected to reach USD 5.45 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.04% from 2021 to 2028. The rising volume of surgical procedures owing to the growing prevalence of chronic diseases, rising adoption of minimally invasive surgeries, and developments in minimally invasive surgical techniques, including laparoscopy, have resulted in the development of ultrasonic electrosurgical devices by major market players. This is expected to contribute to the market growth. The presence of a large number of players and the growing number of strategic initiatives by the players to enhance their product portfolios are expected to boost the market growth.
Key Insights & Findings:
Based on product, ultrasonic electrosurgical consumables accounted for the largest revenue share in 2020. They are generally disposable and have low durability compared to the ultrasonic electrosurgical generators
By type, the high-intensity focused ultrasonic (HIFU) ablators segment held the largest share in 2020. This is attributed to the factors such as lowered toxicity as compared with the other techniques of ablation, minimal pain due to non-invasiveness, and low cost of procedure than surgery
On the basis of application, the cardiology segment held the largest share in 2020. The increasing prevalence of cardiovascular diseases globally is anticipated to boost the segment growth
The hospitals end-use segment is predicted to expandat the fastest growth rate over the forecast period due to the increasing number of patient visits and advanced infrastructure in hospitals as compared to other healthcare facilities
North America dominated the market in 2020 and is predicted to maintain its lead over the forecast period. This is attributed to the increasing number of preventive surgeries and the growing burden of chronic disorders, such as cancer, diabetes, and autoimmune diseases
The rising prevalence of various types of cancer such as breast cancer, colon cancer, prostate cancer, and lung cancer is anticipated to boost the demand for ultrasonic electrosurgical devices for the treatment and surgery of various tumors in the body. Cancer is considered a universal healthcare problem as it is one of the leading causes of death. Furthermore, the increasing incidence of cancer across the globe is predicted to boost the demand for ultrasonic electrosurgical devices. Thus, the growing prevalence of cancer throughout the globe is projected to create high growth opportunities for the market players over the forecast period.
A large number of surgical procedures are performed around the world. According to OMICS International Conferences, 2015, around 234 million surgical procedures are performed annually. According to the Agency for Healthcare Research and Quality (AHRQ), in 2012, 14.4 million hospital visits resulted in invasive, therapeutic surgeries, of which 46.9% surgeries were performed in inpatient settings and 53.1% were performed in ambulatory settings across 28 states in the U.S. This is expected to positively influence the demand for ultrasonic electrosurgical devices in the coming years. Several manufacturers are focusing on developing technologically advanced ultrasonic electrosurgical devices to maintain a strong market presence.
Grand View Research has segmented the global ultrasonic electrosurgical devices market on the basis of product, type,application,end use,and region:
Electrodes For Medical Devices Market– The global Electrodes for medical devices market size was valued at USD 775.8 million in 2016 and is expected to grow at a CAGR of 11.3% during the forecast period.
Laparoscopic Devices Market– The global laparoscopic devices market size was valued at USD 6.5 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.7% from 2021 to 2028.
Prostate Cancer Therapeutics Market– The global prostate cancer therapeutics market size was valued at USD 7.9 billion in 2016 and is expected to grow at a CAGR of 4.8% over the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.