In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Minor surgical lights also known as surgical headlight or operating light are the medical devices that are used to assist the healthcare professionals during the surgery by illuminating the operative site of the patient. These lights are used in hospital operation theaters and ambulatory centers. A combination of a variety of minor surgical lights are known as surgical light systems. These lights are also used in specialty clinics and emergency rooms to perform different type of surgical procedures. There are different types of minor surgical lights and each light has its own use. The life of a minor surgical light ranges from 40,000 to 60,000 hours of use.
The minor surgical lights market is anticipated to record a CAGR of around 4.5% over the forecast period i.e. 2019-2027. The market is segmented by product type, modality, application and end user industry. By type, the LED light segment is anticipated to have significant growth on account of consumption of less electricity and brighter illumination.
The minor surgical lights market is segmented by product type, modality, application and end user industry. Based on product type, the market is segmented into convention lights and LED lights. On the basis of modality, the market is segmented into ceiling and wall mounted and floor stand. On the basis of application, the market is segmented into endoscopy procedures, surgical suites, dental procedures and others. Further based on end user industry, the market is segmented into ambulatory surgical centers, hospital operating rooms and procedure rooms.
By product type, the convention lights are expected to gain more revenue share attributing to its low cost as compared to the LED lights, the LED lights segment is expected to gain more market share owing to consumption of less electricity and brighter illumination. By modality, ceiling and wall mounted surgical lights segment is expected to dominate the minor surgical lights market by revenue share and floor stand minor surgical lights will gain more attention attributing to its rising acceptance in specialized clinics.
Get more information on this report: Download Sample PDF
Due to increasing prevalence of lifestyle diseases such as obesity, diabetes, asthma, depression, stroke, heart disease and others, the demand for surgical intervention increases and to carry out surgical procedures, minor surgical lights are required which is further expected to boost the growth of the minor surgical lights market.
Different types of minor surgical lights are available for different types of surgical procedures, as every surgical light has its own significance and use. Availability of different types of light for different surgical procedures is expected to boost the growth of the minor surgical lights market.
Technological evolution such as launch of LED surgical lights has helped in the up gradation of surgical equipment and have eased the work of the surgeons. This technological evolution is further expected to boost the growth of the minor surgical lights market.
The hospitals of the low-income countries lack the budget in order to purchase the costly surgical equipment which is expected to hinder the growth of the minor surgical lights market.
Our-in depth analysis of the minor surgical lights market includes the following segments:
Based on regional analysis, the minor surgical lights market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia Pacific is expected to dominate the global market during the forecast period in revenue terms owing to presence of large number of hospitals in the region and rising number of surgical interventions, escalating demand for LED lights in the operating rooms. Additionally, the growing medical tourism, increasing demand for cost-effective surgical lighting solutions and increasing number of patients requiring surgical procedures is further projected to bolster the growth of the market. Europe is expected to grow significantly on the back of adoption of LED lights in the region, increasing number of surgical light suppliers and distributors and as well as expanding demand for operating room lighting. North America is expected to grow significantly attributing to rise in incorporation of specialty clinics, growth of medical device sector, increasing number of specialty care services and rapid development of healthcare technology. As per the Agency for Healthcare Research and Quality reported, in 2014, in the U.S., nearly 11 million and 10 million invasive and therapeutic surgeries were carried out in ambulatory and in-patient settings respectively. Latin America and Middle East and Africa region are expected to showcase delayed growth on the back of lack of funding to hospital in order to purchase the costly surgical equipment. Middle East and Africa is expected to grow on the back of increasing availability of specialty care services. Africa is expected to grow owing to demand for primary care services.
The minor surgical lights market is further classified on the basis of region as follows: