The Surgical Lights market is worth $734.793 million for the year 2019 and is expected to grow at 5.75% CAGR to reach a market volume of US$1,086.111 million by 2026.
Surgical light is a medical device widely used by doctors and surgeons in various operative procedures. Surgical lights aid by providing needed illumination at varying depth of incision and body cavities during the surgical procedure. Surgical lights are also known as operating lights or surgical overheads. Surgical lights serve the purpose of providing optimal visualization and hours of bright light without harming the patient or staff through the excessive heat generated by lights. The setup may consist of a single or multiple light head assembly attached to a suspension arm. Besides, the type of lamps used in surgical light equipment includes tungsten, quartz, xenon halogens and LEDs. Furthermore, According to a WHO report, surgical lights can be classified by mounting configuration as ceiling-mounted, On Floor stand and Wall mounted.
Moreover, the LED segments in the surgical market hold a dominant share in the market application. The dominant market share can be attributed to the long term cost reduction benefits provided by the LED segment. Besides, LED lights offers the highest quality and adequate intensity of illumination, which further inclines usage towards LED lights in medical procedures. Also, the growing demand in the market is motivating market players to offer innovative and technological advancements in surgical light solutions. Further, the introduction of novel LED surgical light solutions have provided a comparative advantage over the halogen segment as they offer significant operational benefits over the latter.
Similarly, surgical lights are used across various medical segments such as Cardiac Surgery, Neurosurgery, Oncology, Gynalogical and ENT Surgery among others. Additionally, surgical lights serve an integral role in hospitals, ambulatory surgical centres and other related medical clinics. Hospitals hold a significant market share for surgical lights owing to growing investment in hospitals and medical institutions, exponential growth in healthcare infrastructure in emerging economies such as India, China and Saudi Arabia among others. However, Ambulatory surgical centres are estimated to witness notable growth in the adoption of surgical lights over the forecasted period owing to the cost-effective medical facilities offered by ambulatory centres.
Prominent players in the Machine Condition Monitoring market are Hill-Rom Services Inc., Stryker, Getinge AB, Steris PLC, Skytron, LLC and Integra LifeSciences Corporation among others. In recent market developments, Steris PLC announced the acquisition of cantel medical in a $4.6 billion deal.
The Rising Number of Surgical Procedures and Expansion in Health Care Infrastructure Will Drive the Market Growth
The rising number of surgical procedures globally is leading to increasing demand in the surgical lights market. The growing number of surgical procedures coupled with increasing regulatory approvals for operating rooms are expected to offer better facilities for patients and augment the demand in the surgical lights market over the forecasted period. The growth in the surgical lights market can be attributed to an increasing number of accidents, chronic illnesses and the growth of the geriatric population. The growing need for surgical procedures is supported by incased product availability, accessibility for healthcare facilities and burgeoning demand for advanced health care infrastructure by healthcare professionals is expected to further drive demand in the surgical lights market. Furthermore, the development of health care facilities across emerging economies is a major factor driving the demand in the surgical lights market. The development of healthcare facilities in emerging economies can be attributed to an influx of investment by private players through PPPs or direct buyouts. Besides, supportive government initiatives are further augmenting growth in the surgical light market.
Trends in Surgical Lights Market by Region:
Prominent market players around the world have adopted various business strategies to sustain, grow and develop in the surgical lights market by applying business solutions across various hospitals, clinics and ambulatory surgical centers among others. Leading corporations have employed various business strategies including partnerships, takeovers, mergers, and other related commercial agreements to develop and provide innovative and technological advanced services to the medical community worldwide. Through such collaborative agreements and innovative practices, the North American region has resulted in the considerable development of the market on the whole.
The North American region endures a notable market share and is anticipated to grow at a decent CAGR over the forecasted period. The growth in the North American region is majorly driven by the rapid adoption of technologically advanced LED lights and growing investment by the private and the public sector in the surgical lights market. Moreover, due to the presence of well-established healthcare infrastructure and rapidly ageing population in countries like the USA, Canada, the market is estimated to further propel growth in the market over the forecasted period. Additionally in the USA, the use of surgical light/lamps is governed and regulated by FDA. Whereas, the APAC region is anticipated to grow at the fastest rate and dominate the market over the forecasted period. The major driving factor is rapidly advancing technological healthcare solutions and increasing demand for better healthcare facilities in the region. Also, the booming medical tourism industry in the Southeast Asia region is expected to further augment the demand in the market.
The novel coronavirus negatively impacted the surgical lights market. The outbreak of the novel coronavirus has impacted every industry including healthcare. The COVID-19 led lockdown led to a shift in priority towards COVID patients, thereby affecting the surgery-associated market for patients dealing with chronic illnesses and patients requiring surgeries. In the majority of countries owing to the pandemic, a significant number of hospital wards were transformed into COVID wards, thereby significantly impacting and reducing the number of dental, gynecological, cardiovascular, and other types of imminent surgeries. The decline in the number of operative producers resulted in a reduction in the use of surgical devices such as surgical lights.