The global surgical energy instruments market is expected to grow at a compound annual growth rate (CAGR) of 5% to reach US$14.5bn by 2028, according to GlobalData, a leading data and analytics company.
The company’s report: ‘Surgical Energy Instruments – General Surgery Market Analysis and Forecast Model’ reveals that the rising number of surgical procedures, increasing prevalence of various chronic diseases and an increasing ageing population are driving the market forward.
North America will continue to dominate the market due to the high adoption rate of newer technologies. However, Asia-Pacific will be one of the fastest growing regions at a CAGR of 9.3% between 2019 and 2028, followed by South Central America at a CAGR of 6.8%. Middle East and Africa region is expected to witness slow market penetration due to lack of infrastructure and low procedural volume.
Pratibha Thammanabhatla, Medical Devices Analyst at GlobalData, comments: “Advanced energy instruments are the major revenue contributors within the surgical energy instruments market. The market for advanced energy instruments is expected to grow from US$5.2bn in 2019 to US$8.8bn in 2028, primarily driven by factors such as reduced operating time, low blood loss and improved patient outcomes.”
The report also found that Johnson & Johnson and Olympus Corp are the global market leaders followed by B. Braun Melsungen AG, Medtronic Plc and ERBE Elektromedizin GmbH.
Thammanabhatla concludes: “Surgical energy instruments are likely to become a part of every surgeon’s hand in future if critical factors such as accessibility, cost and the ability to minimize fatigue are addressed.”