Bovie Medical Corporation is actively engaged in the business of manufacturing and marketing a variety of electrosurgical medical products as well as developing related technologies and products. Recently, greater effort and resources have been directed towards manufacturing electrosurgical generators which are primarily used for outpatient surgical procedures. Bovie continues the ongoing development of high-powered generators for operating room use. It is estimated that the electrosurgery industry is currently growing 10% annually and is used in 80% of all surgical procedures performed worldwide.
Progress achieved during the initial introduction of J-Plasma™
- The product performed as intended and each surgical procedure was completed successfully.
- When compared to similar devices, we have proven the viability and superior performance of our device and technology in the targeted specialties of GYN, plastics and general surgery.
- The product has gained acceptance from both surgeons who were familiar with plasma and those who were only recently introduced to the technology through Bovie's J-Plasma™.
COMPANY PRODUCTS - The Company’s products compete primarily in the multi-billion dollar market for electrosurgical generators and single-use specialty medical products. Industry demand for electrosurgical medical products is being favorably impacted by several trends including: the aging population, increased emphasis on less invasive surgical procedures, higher level of outpatient care, continuing pressure to improve productivity and reduce costs; and the heightened awareness for reducing the transmission of infectious diseases.
J-Plasma™ ICON GS electrosurgical generator - Approximate total worldwide market exceeds $2 billion
The technology utilizes a gas ionization process producing a stable thin beam of ionized gas that can be controlled in a wide range of temperatures and intensities, providing the surgeon great precision, minimal invasiveness and an absence of conductive currents during surgery. Potential markets include gynecology, urology, dermatology, plastic surgery, neurology, gastroenterology, and veterinary medicine. Bovie anticipates directing its resources to each individual niche as best suited to the Company's overall business plan.
Vessel Sealing Instruments - Approximate worldwide market $1 billion
The patent pending vessel sealing instruments allow for monopolar and bipolar energy combined with intelligent feedback from an electrosurgical generator. The vessel sealing instrument handle will accommodate a wide array of possible applications in either monopolar or bipolar surgeries serving the endoscopic needs. The Endoscopy market is the fastest growing market in electrosurgery. The vessel sealing instruments are subject to FDA 510k clearance to market.
Standard Electrosurgical Generators & accessories - Approximate worldwide $80 million
Battery Operated Cauteries - Approximate worldwide market $10 million Battery operated cauteries represent the Company's original line. Cauteries were originally designed for precise hemostasis (to stop bleeding) in ophthalmology. The Company estimates it manufactures more types of cauteries than any other company in the world controlling up to 70% of the market, including a line of replaceable battery and tip cauteries, which are popular in overseas markets.
Battery Operated Cauteries - Approximate worldwide market $10 million
Battery operated cauteries represent the Company's original line. Cauteries were originally designed for precise hemostasis (to stop bleeding) in ophthalmology. The Company estimates it manufactures more types of cauteries than any other company in the world controlling up to 70% of the market, including a line of replaceable battery and tip cauteries, which are popular in overseas markets.