The size of the electrosurgical devices market in Latin America has been calculated at 0.64 billion in 2022. It is further expected to grow and be worth USD 0.90 billion by 2027, growing at a CAGR of 6.9% from 2022 to 2027.
The rise in the number of surgical procedures performed regionally, a huge pool of elderly population, an increase in the frequency of chronic diseases, and technical improvements are all driving the Latin America electrosurgical devices market forward. Electrosurgical equipment advancements, the growing demand for less invasive procedures, the growing number of medical, cosmetic, and age-related surgeries performed, and the growing number of ambulatory surgery centers are propelling this industry forward. Electrosurgical equipment has replaced the traditional cutting tools such as surgical blades and lasers due to the growing popularity of minimally invasive operations. Some of the reasons driving market growth include increasing levels of accuracy and excellent reliability. In addition, the introduction of monopolar and bipolar electrosurgical units (ESUs) has expanded the range of applications for electrosurgical units. In addition, the market for electrosurgical devices and equipment grew significantly in response to the rising prevalence of chronic diseases. Electrosurgical devices are employed to treat a variety of life-threatening disorders, including skin cancer, tiny basal cell carcinomas, squamous cell carcinomas, wound surgery, skin surgery, non-cancerous moles, dentistry, and more.
The untapped growing market potential is likely to generate lucrative growth opportunities for the market. Electrosurgical devices are widely used by surgeons across regional markets because they are reasonably efficient, cause less blood loss, and greatly reduce recovery time, fueling market revenue throughout the forecast period. In recent years, the electrosurgical instruments market has shown rapid growth, particularly in this country. Surgical demands are growing in line with the human population. Furthermore, increased awareness and demand for minimally invasive surgeries are assisting in the growth of this market. The rising prevalence of chronic disease, the growing geriatric population, and technological improvements in electrosurgical equipment to make them safer and more efficiently contribute to the market's growth.Electrosurgery's success over traditional surgical techniques can be attributed to several benefits, including lower patient risk, faster recovery time, reduced infection risk, and ease of usage. Furthermore, because electrosurgical operations may be conducted conveniently in an office setting, the usage of electrosurgical equipment is expected to rise significantly in the coming years.
These devices are advanced, and they necessitate the use of professionals who have been trained in their use. Due to the high cost of training, skilled workers are in short supply. As a result, this aspect is limiting the market's expansion. Another issue that has deterred enterprises from entering this market is the strict regulatory environment, which has stifled industry expansion. The market's growth is projected to be restricted by the hazards associated with electrosurgical procedures.
This research report on the Latin America electrosurgical devices market has been segmented and sub-segmented into the following categories:
Rising incomes and expanding government healthcare efforts, particularly in Brazil, Mexico, Chile, and Argentina, are likely to accelerate the rise of Latin America's healthcare industry. This increase in healthcare spending is expected to accelerate the development of medical infrastructure, which would likely promote the expansion of the surgical devices market in the region. As a result, the handheld surgical instruments market has the largest share of the surgical devices industry. As a result, handheld surgical equipment makers have many opportunities in Latin America's emerging economies.
KEY MARKET PLAYERS:
A few of the noteworthy companies operating in the Latin American electrosurgical devices market profiled in this report are Ethicon, Inc. (U.S.) (a subsidiary of Johnson & Johnson (U.S.)), Olympus Corporation (Japan), and Covidien plc. (Medtronic) (Ireland).