DUBLIN--(BUSINESS WIRE)--The "Surgical Lights Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering.
The Global Surgical Lights Market is projected to grow at a CAGR of 5.76% during the forecast period, reaching a total market size of US$1,027.619 million in 2025 from US$734.493 million in 2019.
The demand for surgical lights is growing due to an increase in the number of hospitals, a growing global aging population, and the rising prevalence of lifestyle diseases. Rising investments in healthcare infrastructure, especially in developing economies.
Hospitals are focusing on providing better healthcare facilities and equipping hospitals with the best of devices and technology for improving health care services is boosting the market growth of surgical lights. Supportive government policies and initiatives such as exemptions from taxes and duties for imported medical systems and drugs and subsidized rates for hospital establishments, to improve the country's health facilities is further contributing to the market growth of surgical lights globally.
The increasing standards and regulatory approvals required from the government for operating room equipment is also growing the market for surgical lights as manufacturers are increasingly investing to expand their product portfolio as per regulatory standards across different regions or countries.
The growing geriatric population, due to the adoption of a better lifestyle, availability of better health facilities, and declining birth rate, is another factor that is positively impacting the market growth of surgical lights. According to the World Bank Data, the population ages 65 and above of the total population have increased from 7.49% in 2008 to 8.87% in 2018. Since aged people go through relatively more number of surgeries, this continuous rise in the ageing population will increase the demand for surgeries, thereby leading to the market growth of surgical lights during the forecast period.
Growing demand for surgical centers due to the increasing number of surgeries is also fueling the market growth of surgical lights. According to OECD data, the number of surgeries has increased from 1,100,675 in 2011 to 1,182,649 in 2018 in Canada while in Mexico, the total number of surgeries increased from 657,730 in 2011 to 835,606 in 2018. The surgical lights are important as they contribute to the success rate of any surgical procedure.
High prevalence of cardiovascular diseases contributing to the market growth
The cardiology segment accounts for a higher demand for surgical lights owing to the high prevalence of cardiovascular diseases around the world. According to the World Health Organization (WHO) in 2017, out of the 17 million premature deaths, about 37% were caused due to cardiovascular disease (CVDs) globally. The increasing number of gynecological surgeries due to growing cases of female reproductive system disorders is further boosting the market growth of surgical lights.
Hospitals to hold a major market share
Hospitals hold a significant market share owing to the rising investments in expanding or building new hospitals in different regions. The rise in the advancement of technology and the increase in the up-gradation of technologies and medical devices in hospitals is also supporting the escalating demand for surgical lights. The increasing demand for advanced and hybrid operations rooms combined with growing investments is further anticipated to propel the market growth of surgical lights across this segment.
However, the ambulatory surgical center will witness a higher CAGR during the forecast period owing to the increasing demand for outpatient surgery centers. People are opting to get their surgery done in ambulatory surgical centers in order to avoid costly hospital visits and stays while getting a better and affordable surgical treatment.
APAC to be one of the major markets for surgical light vendors
Regionally, the global surgical lights market is classified into North America, South America, Europe, Middle East and Africa, and Asia Pacific. North America held the significant market share owing to the presence of well-established healthcare infrastructure and rising investments, both public and private, in order to expand the healthcare infrastructure is bolstering the market growth in this region.
Furthermore, a rapidly increasing aging population in countries like the U.S. and Canada is also driving the market growth of surgical lights in this region. According to the U.S. Population Reference Bureau Report 2016, the number of Americans aged 65 and above is projected to double from 46 million in 2016 to 98 million by 2060.
Growing prevalence of diseases such as cancer is further contributing to the growth of synthetic surgical gloves demand in the U.S. Moreover, rising cases of cardiovascular diseases and cancer in these countries is also contributing to the market growth to some extent. According to the National Cancer Institute (NCI), an estimated 1,735,350 new cases of cancers were to be diagnosed in the U.S. and 609,640 people were estimated to die from the disease.
The Asia Pacific region is expected to be the fastest-growing region in the forecast period due to advancing healthcare technology and growing demand for better healthcare facilities in the region. The booming medical tourism industry in South East Asian countries on account of the presence of advanced medical facilities and low-cost treatment is another major driver of the APAC surgical lights market.
Market Players and Competitive Intelligence
The competitive intelligence section deals with major players in the market, their market shares, growth strategies, products, financials, and recent investments among others. Key industry participants profiled as part of this section are Stryker, BihlerMED, Getinge AB, Hill-Rom Services Inc., Integra LifeSciences Corporation, Koninklijke Philips N.V., S.I.M.E.O.N Medical GmbH & Co. KG, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., and Skytron, and Steris plc.
Key Topics Covered
1. Introduction
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
2.2. Assumptions
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Global Surgical Lights Market Analysis, By Application
5.1. Introduction
5.2. Oncology
5.3. Cardiology
5.4. Ophthalmology
5.5. Others
6. Global Surgical Lights Market Analysis, By End-User
6.1. Introduction
6.2. Hospitals
6.3. Ambulatory Surgical Centers
7. Global Surgical Lights Market Analysis, By Geography
7.1. Introduction
7.2. North America
7.3. South America
7.4. Europe
7.5. Middle East and Africa
7.6. Asia Pacific
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. Stryker
9.2. BihlerMED
9.3. Getinge AB
9.4. Hill-Rom Services Inc.
9.5. Integra LifeSciences Corporation
9.6. Koninklijke Philips N.V.
9.7. S.I.M.E.O.N Medical GmbH & Co. KG
9.8. Shenzhen Mindray Bio-Medical Electronics Co. Ltd.
9.9. Skytron
9.10. Steris plc
For more information about this report visit https://www.researchandmarkets.com/r/ht45sx
