The global surgical headband market is projected to accelerate at a CAGR of 4.02% from a market size of USD512.437 million in 2019 to a market size of USD649.145 million by the end of 2025. The surgical headband industry is predicted to increase during the forecast period owing to the increasing number of surgeries at the international level, growing cosmetic surgical procedures. The increasing health expenditure globally is further augmenting the market growth over the next five years. The growing number of Centers of Excellence (CoE) worldwide for complex surgeries is propagating the growth of the global surgical headband market in the forecast period. The rising aging population at the global level, is demanding improved and dedicated healthcare infrastructure along with sophisticated treatment procedures including the advanced surgical procedures in order to treat their age-associated chronic diseases, providing an immense opportunity for the market to proliferate during the forecast period. However, the presence of stringent regulations for the development and approval of medical devices is projected to impede the market growth having a moderate impact during the course of the forecast period. Furthermore, the presence of chronic diseases, including cardiovascular diseases globally will significantly impact the market growth positively with the growing number of cardiovascular disorders along with other chronic diseases requiring surgeries around the globe.
On the basis of geography, North America and Europe are projected to hold a significant market share followed by the Asia Pacific region to grow at a significant CAGR during the forecast period. The highest health expenditure along with the advanced medical facilities and state-of-the-art healthcare infrastructure is further providing an impetus in fueling the market growth of the North American (NA) region in the forecast period. Also, a burgeoning older population, in addition to a high prevalence of chronic conditions among a range of individuals will further augment the market demand in the NA region.
Moreover, the ongoing organ donation and transplantation activities at the global level are further bolstering the growth prospects of the global surgical headband market in the forecast period, further strengthening the market demand over the next five years. Also, the increasing adoption of minimally invasive surgeries in the world is providing an opportunity for the market to grow at a significant pace during the tenure of the forecast period.
Given the current COVID-19 scenario, the market for surgical headband will significantly get affected in 2020, due to negative effects on the production and demand for surgical headbands. This is mainly due to the shift of focus towards the production and supply of COVID-19-related medical products for the prevention of disease spread and essential medical supplies.
The escalating number of surgeries globally along with the growing demand for surgical care is predicted to enhance market growth during the forecast period.
The number of surgeries is soaring at the international level; hence, this is projected to drive the market demand over the next five years. Additionally, with the increasing adoption of minimally-invasive surgical procedures, the market is estimated to propagate in the forecast period.
The increasing road traffic injuries, especially in the low and middle-income countries are further providing an impetus in surging the market growth in the forecast period offering strong prospects for surgeries. As per the WHO estimates, close to 1.35 million individuals die every year due to road traffic accidents. These injuries are reported to be the leading cause of death for children and young adults aged between 5 to 29 years of age. Road traffic accidents cost around 3% of most of the countries’ GDP. It has been predicted that over 50% of all road traffic accident deaths occur among pedestrians, cyclists, and motorcyclists. Additionally, more than 90% of the global fatalities on road take place in the low and middle-income nations. In the developed regions of the world, individuals from the lower socio-economic status are prone to road traffic accidents. Furthermore, the growing number of non-fatal traffic injuries is providing robust market growth opportunities in the forecast period. According to the WHO prediction, around 20 to 50 million people suffer due to non-fatal road traffic injuries, resulting in disability due to injury.
Moreover, surgical care plays an essential role where the growing population of the world requires facility-based treatments as per the acute and chronic disease state. It has been observed that the movement towards accessing universal healthcare will fail to attain its sustainable development goals without including surgical services. Hence, with the growing surgical need, which may vary from region to region, and according to the disease prevalence, the market for surgical headband holds strong growth prospects in the forecast period.
Additionally, with the growing geriatric population worldwide, the market is further poised to strengthen in the forecast period. For example, the population in the United States is projected to surge from 7.9% in 2010 to 17% in 2020 (source: US Census Bureau). The elderly individuals are reported to be the fastest-growing population and their population size is estimated to increase to 53.2% in 2020 from 13.3% in 2010. The surge in the elderly population is mainly attributed to the increase in life expectancy. Hence, this population has a strong impact on increasing demand for better healthcare facilities which include better surgical procedures as well. This is because of the fact that the older population requires more medical services in comparison to the younger population.
The growing Center of Excellence (CoE) model of care is further augmenting the market demand in the forecast period.
The burgeoning concept of the Center of Excellence (COE) is being considered as an intelligent approach as per the increasing need for disease-based medical management of varied chronic conditions. The COE’s multidisciplinary approach and dedicated approach with demonstrated efficacy and better treatment outcomes are providing an opportunity for the market to grow at a significant pace in the forecast period owing to the growing need for surgical headbands as part of the routine medical supply to be utilized for various surgical procedures requiring innovative surgical headbands for better illumination. As of now, there is no single definition of COE, but the centers consist of high-level experts who are skilled in a specific treatment area and are well-aware of the cutting-edge technologies in their respective fields. Centers of Excellence are healthcare systems and hospitals offering highly specialized and sophisticated treatments, procedures, and also provide complicated surgical procedures. Also, these centers are involved in clinical trials and biomedical researches for various diseases.