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Research Outline
Prepared for Vinod M. | Delivered March 20, 2020
Surgical Illumination Market
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Goals
To gain an understanding of the surgical illumination market by researching the growth rate of the surgical illumination market through statistics and companies in the field including Stryker, OBP Medical, and
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Early Findings
The surgical illumination market is expected to grow dramatically from
2019 to 2025
.
Reasons
for this increase include the growing number of surgeries globally, the high number of chronic illnesses that have led to surgeries, and "key industry players" developing and endorsing new surgical light systems.
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and Stryker
have developed and created new technology that has helped boost the number of surgeries.
The number of
hybrid operating rooms
in hospitals has also boosted the demand for surgical lighting and tools.
According to a
2016 report
by the World Health Organization (WHO), the number of surgeries rose ~40% between 2004 and 2012.
Additional key players
in the market include STERIS, NUVO,
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, and DRE Medical. Some of these companies have created a
monopoly
over the industry, along with
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,
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, and Philips Button.
Coherent Market Insights
found the surgical lighting industry was valued at $394.1 million in 2017 and is expected to grow by 4.4% between 2018 and 2026.
MarketWatch
predicts the market will have a CAGR of 4.3% from 2017 to 2023.
Grand View Research, Inc.
predicts the "surgical lights market" will grow at a rate of 4.6% from 2019 to 2026 bringing in a total of $2.2 billion.
Europe and North America
have been at the forefront of the surgical light industry in volume and revenue because of the access to "advanced and progressive healthcare facilities" and ambulatory surgery centers. North America dominates the market owning
38.7%
of the market in 2018.
The global illuminated retractors market, according to
Zion Market Research
, will generate $2.991 million by 2025, at a CAGR of 7.5% between the years of 2019 and 2025. The
reasons
for the increase of demand for surgical illumination are the same for the illuminated retractors/retractors market. This was included as illuminated retractors were specifically mentioned.
Global surgical lamps
are also on the rise. CRI (high color rendering index) light lamps make up the largest segment of this particular
surgical lighting industry
, while vein light lamps are the "fastest growing" lamps in the market.
Summary of Initial Research
There were many research studies conducted on the growing demand of surgical illumination systems. That is why multiple have been included as each had slighty different predictions on how much the market would grow.
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