Analysis by Type (Advanced Vessel Sealing Instrument, Bipolar Forceps); by Surgery (General Surgery, Gynecology Surgery, Orthopedic Surgery, Cardiovascular Surgery, Cosmetic Surgery, Neurosurgery, and Others); and End User (Hospitals, Ambulatory Surgical Centers, Specialized Clinics, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
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According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Increase in the number of elderly people and the subsequent increase in the prevalence of various diseases and conditions among them along with the growing number of elderly people undergoing surgical procedures are major factors anticipated to drive market growth over the forecast period.
The global bipolar electrosurgical device market is segmented and analyzed for demand and supply by surgery into general surgery, gynecology surgery, orthopedic surgery, cardiovascular surgery, cosmetic surgery, neurosurgery, and others. Among these segments, the general surgery segment is anticipated to capture the largest market size in the global bipolar electrosurgical device market owing to the increasing number of general surgeries being performed in hospitals and ambulatory surgical centers. For instance, there were 4640 surgical procedures performed annually in India for a population of 88,200. Most commonly performed surgeries included cataract surgery (22%), Caesarean section (3%), fracture surgery (3%) and hernia surgery (2%) Approximately 44% of surgeries were essential procedures. The specialty of general surgery is concerned with diseases and disorders of the alimentary canal, stomach, small and large intestine, pancreas, liver, as well as the thyroid gland. Moreover, increasing per capita income and huge spending on medicare services are further anticipated to augment segment growth over the forecast period.
Regionally, the global bipolar electrosurgical device market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033 backed by the increasing number of cosmetic surgeries being performed coupled with a growing desire to look youthful among women and increasing disposable income. According to the study, 13,280,000 cosmetic minimal-invasive procedures were carried out in 2020 in the United States, including 110,000 procedures for soft tissue fillers between 50 and 70 years of age. Furthermore, Major players in the electrosurgical device industry, rapid adoption of advanced technologies, a large number of skilled professionals, and increased awareness of minimally invasive surgical procedures in the region is anticipated to drive bipolar electrosurgical device market growth over the forecast period.
The global bipolar electrosurgical device market is further classified on the basis of region as follows:
Our in-depth analysis of the global bipolar electrosurgical device market includes the following segments:
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In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Rising geriatric population, increasing spending on healthcare and medicare services along with rising demand for minimally invasive procedures are the major factors driving the growth of the bipolar electrosurgical device market.
Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 – 2033.
Ans: High cost associated with the bipolar electrosurgical devices and risk of side effects related to such devices are the challenges affecting the market growth.
Ans: The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are 4T Medical 2022, PENTAX Medical, Boston Scientific Corporation, Olympus Corporation, Lamidey Noury Médical, B. Braun Melsungen AG, DTR Medical Ltd., Special Medical Technology, Bovie Medical Corporation and DRE Medical.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, surgery, end user and, by region.
Ans: The general segmen is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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