Surgical Illumination Market

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 Medtronic.

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. Merivaara 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, Meditek, and DRE Medical. Some of these companies have created a monopoly over the industry, along with Maquet, Draeger, 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.

Proposed next steps:

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