Electrosurgical devices are commonly used in minimally invasive surgical procedures such as laparoscopy and arthroscopy. These devices utilize high frequency electric currents to cut, coagulate, desiccate or fulgurate tissues and blood vessels. They have become integral to modern surgical practice due to advantages such as less blood loss, fewer complications, reduced hospital stay and recovery time as compared to traditional open surgeries. The growing burden of chronic diseases and rising geriatric population in India is leading to a higher number of surgical procedures. As minimally invasive surgeries offer less post-surgical discomfort and faster recovery, their demand is increasing considerably. According to the Indian Society of Gastrointestinal Endoscopy (ISGE), laparoscopic procedures increased by about 40% between 2008 and 2018.
The India electrosurgical devices market is estimated to be valued at US$ 264.91 Mn in 2024 and is expected to exhibit a CAGR of 2.4% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the India electrosurgical devices market are First Care Products, TyTek Group., PerSys Medical, IBC, and H&H Medical Corporation. First Care Products is one of the leading domestic players offering a comprehensive range of electrosurgical generators and accessories. TyTek Group manufactures electrosurgical equipment under the brand names Medtronic, Bovie and Serc.
The demand for India Electrosurgical Devices Market Growth significantly due to the rising preference for minimally invasive surgeries over traditional open surgeries. Minimal incisions, reduced blood loss, fewer complications and shorter hospital stay have made minimally invasive procedures highly desirable for both patients and surgeons. The rapidly ageing Indian population is also leading to higher number of surgical procedures annually.
Indian companies are expanding globally to tap the growth opportunities in international markets. Many domestic players are obtaining ISO and CE certification to export their products to regulated markets in Europe, Middle East and Africa. Private equity investments and mergers & acquisitions have also accelerated in recent years with foreign companies looking to gain access to the fast growing Indian surgical devices market.
Market Drivers
The increasing healthcare expenditure by both public and private players is a major market driver. Between 2019 and 2024, India's healthcare spending is projected to rise at a CAGR of about 22% according to India Brand Equity Foundation. Higher funding allows for modernization and upgradation of surgical facilities with new age technologies like electrosurgical devices. Additionally, favorable government initiatives to promote medical device manufacturing are encouraging local production as well as imports of high-tech electrosurgical units. The Production Linked Incentive (PLI) scheme extended to the sector is expected to attract sizable investments over the next 5 years and fuel market growth.
Impact of geopolitical situation on India Electrosurgical Devices Market growth
The current geopolitical tensions between Russia and Ukraine have significantly disrupted global supply chains and increased economic uncertainties. This has impacted the growth of the India electrosurgical devices market. Both Russia and Ukraine are major suppliers of raw materials like metals used in electrosurgical instruments. The ongoing war has constrained exports from these countries. This has aggravated raw material shortage issues faced by Indian medical device manufacturers. Rising raw material costs due to supply constraints are expected to push up product prices in the domestic electrosurgical devices market in the coming years.The geopolitical uncertainties have also driven steep corrections in global stock markets. This has dented investor sentiment and restricted capital investments towards new product developments for electrosurgical device makers. Medical device players in India would need to focus on diversifying supply sources and optimizing their supply chain channels to negate the disproportionate impacts due to geopolitical challenges. Long term investments in emerging raw material suppliers along with inventory planning can help mitigate raw material supply chain disruptions.
Geographical concentration
In terms of value, the India electrosurgical devices market is highly concentrated in Southern states like Tamil Nadu, Karnataka and Telangana. These states account for over 40% share of the total market revenues due to strong healthcare infrastructure and higherfootprint of private hospitals. Tamil Nadu is the leading state, with hospitals in Chennai, Coimbatore and Madurai being major consumers.Karnataka is next with Bangalore as its medical devices hub.Meanwhile, key states in the Northern and Western regions like Delhi, Maharashtra and Gujarat are also growing rapidly due to Governmentinvestments to enhance healthcare access. The electrosurgical devices penetration remains relatively low in Eastern states but initiatives like expansion of Ayushman Bharat should aid the medical device uptake in the longer run.
Fastest growing region
The southern region constituting Telangana, Andhra Pradesh and Kerala is poised to emerge as the fastest growing regional market for electrosurgical devices in India over the next few years. This can be attributed to ongoing expansion of healthcare infrastructure and increase in medical tourism. The Governments of these states have sanctioned setting up of new hospitals, medical colleges as well as super specialty blocks which will augment the demand for associated equipment like electrosurgical units. Particularly, Telangana has initiated various programs to foster medical devices manufacturing and boost investments into the sector. Its emergence as a hub for global medical technology players is expected to facilitate increased access to advanced electrosurgical solutions. Initiatives towards improving rural healthcare through primary health centres and digital health inclusion across these southern states are likely to catalyse the regional market growth through 2031.
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