Recent Developments:
# In April 2022, Ethicon, Inc. (US) (J&J) launched an electrosurgical generator for use in a wide variety of open and laparoscopic procedures. It is a microprocessor-controlled, isolated output, high-frequency generator with the ability to facilitate both monopolar cutting and coagulation as well as bipolar coagulation through an accessory electrode.
# In May 2022, collaboration between Medtronic (Ireland) and DaVita Inc. (US) aimed at the formation of a new, independent kidney care-focused medical device company (“NewCo” or “the Company”) to enhance patient treatment experience and improve overall outcomes.
Global Leading Companies:
Prominent players in this market include Medtronic plc (Ireland), Ethicon, Inc. (a subsidiary of Johnson & Johnson, US), Olympus Corporation (Japan), B. Braun Melsungen AG (Germany), CONMED Corporation (US), Boston Scientific (US), Smith and Nephew Plc (UK), Erbe Elektromedizin GmbH (Germany), KLS Martin (Germany), BOWA-electronic GmbH & Co. KG (Germany), The Cooper Companies, Inc. (US), Kirwan Surgical Products LLC (US), Zimmer Biomet Holdings, Inc. (US), Utah Medical Products Inc. (US), Encision Inc. (US), Stryker Corporation (US), Meyer-Haake GmbH Medical Innovations (Germany), Surgical Innovations (UK), I. C. Medical, Inc. (US), Symmetry Surgical Inc. (US), and Applied Medical Resources Corporation (US).
Projected Revenue Surge:
The electrosurgery market is projected to reach USD 8.3 billion by 2027 from USD 6.2 billion in 2022 at a CAGR of 6.0% during the forecast period.
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Major Growth Driving Factors:
The growth of this market is mainly driven by factors such as the growing prevalence of chronic diseases, increasing demand for minimally invasive procedures, innovation and technological advancements in electrosurgical instruments, increasing number of hospitals (coupled with the increasing number of surgical procedures), and the shifting preference toward outpatient surgeries in developed regions.
Medtronic, plc.
Medtronic is the leading player in this market. The company offers a wide range of products in the field of electrosurgery. Medtronic strategically invests in R&D to strengthen its position in the market. It invested USD 2,493 million, USD 2,331 million, and USD 2,330 million in R&D in 2021, 2020, and 2019, respectively. The company’s strong investments in developing innovative products have helped it to become a reputed player in the electrosurgery market.
Johnson & Johnson (ethicon).
Johnson & Johnson (Ethicon) accounted for the second-largest share of the electrosurgery market in 2021. Johnson & Johnson has a strong brand value among electrosurgery instrument end users and strong R&D capabilities. The company is constantly increasing its investments in R&D to accelerate innovative product development activities. In FY 2021, the company invested USD 14.7 billion in R&D, out of which USD 2.4 billion was invested in its Medical Devices business segment (an increase of 21% compared to FY 2020). These investments are aimed at discovering, testing, and developing new products and improving existing products.
Olympus Corporation.
Olympus Corporation accounted for the third-largest share of the electrosurgery market in 2021. Olympus Corporation is a leading player in the electrosurgery market with a strong leadership mindset and influential vision. The company constantly strives to upgrade its product and technology portfolios with technology upgrades. With its strong geographic presence and wide distribution network, the company has established itself as a leader in the global market. The company significantly invests in R&D activities to add technologically innovative solutions to its portfolio, which helps it to further strengthen its presence in the electrosurgery market.
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