Albert Mohler has posted some very thoughtful words at his blog about how Protestants ought to think about the rite of exorcism. He says:
The weapons of our warfare are spiritual, and the powers that the forces of darkness most fear are the name of Jesus, the authority of the Bible, and the power of his Gospel.
Evangelicals do not need a rite of exorcism, because to adopt such an invention would be to surrender the high ground of the Gospel. We are engaged in spiritual warfare every minute of every day, whether we recognize it or not. There is nothing the demons fear or hate more than evangelism and missions, where the Gospel pushes back with supernatural power against their possessions, rendering them impotent and powerless. Every time a believer shares the Gospel and declares the name of Jesus, the demons and the Devil lose their power.
Too often we forget that the Gospel really does render Satan and his minions "impotent and powerless." While it is true that he does prowl around like a roaring lion looking for someone to devour (1 Pet. 5:8), he has no ultimate power to defeat God's elect. So, while we must remember to "resist him" (1 Pet. 5:9), we must surely also remember that "the God of all grace, who has called you to his eternal glory in Christ, will himself restore, confirm, strengthen, and establish you" (1 Pet. 5:10). Satan may wound Christians, but he cannot ultimately defeat them, for he is already disarmed and defeated (Col. 2:15; Heb. 2:14).
In our evangelical culture that sometimes promotes the fear of all things Satanic, it is good to remember that Satan need not ultimately be feared. James puts it quite well when he says, "Resist the devil, and he will flee from you" (James 4:7). Yes - Satan will flee from you! There is nothing more dreadful to Satan the accuser than a faithful Christian armed to the teeth with the gospel of Jesus Christ.