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HEALTHCARE & PHARMACEUTICAL

Surgical Boom Market Segmentation by Product Type (Equipment Boom, Utility Boom, Anesthesia Boom, and Custom Boom); and by End-User (Medical Hospital, Ambulatory Surgical Center, and Others) – Global Demand Analysis and Opportunity Outlook 2030

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Extensive insights into the Growth of Surgical Boom Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

  • April 2021: Stryker started a national partnership with Minor League Basketball. This partnership allows Stryker to become “The Official SmartRobotics Joint Replacement Partner” of Minor League Basketball.

  • December 2020: SKYTRON, LLC launched a new surgical boom called “The Freedom Boom”, which will upgrade the surgical boom technology of the company owing to its enhanced features such as movement sensors, five arms and increased arm lengths.

Global Surgical Boom Market Highlights 2022-2030

The global surgical boom market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2022-2030. The growing need for integration of surgical boom in operating rooms, along with the rapid rise in the number of surgeries being performed globally, are expected to fuel the progress of this market. Moreover, the increase in the prevalence of diseases such as obesity, diabetes, and hypertension on a global scale has elevated the requirement of various kinds of surgeries, especially from the vulnerable group of individuals such as the elderly population, which in turn is projected to provide lucrative opportunities to the market growth in the near future. The growth of the market can also be attributed to factors such as the growing establishment of ambulatory surgical centers and the rising adoption of minimally invasive surgeries by these centers. According to the data collected from the Center for Disease Control & Prevention of the U.S., chronic diseases are the leading cause of deaths and disability in the United States resulting in high annual healthcare costs. 6 out of 10 adult individuals in the country have a chronic disease.

Surgical Boom Market Graph

The market is segmented on the basis of product into equipment boom, utility boom, anesthesia boom, and custom boom, out of which the utility boom segment is anticipated to grab the largest share by the end of 2030 on account of the increasing demand for the product ascribing to the presence of advanced features. Utility booms include movable arms that allow flexibility in the positioning of displays and other equipment, which is also projected to contribute to the growth of the segment during the forecast period. Additionally, based on end-user, the medical hospital segment in the global surgical boom market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the fact that a relatively larger number of individuals choose hospital facilities for treatment as a result of the presence of a greater number of operating rooms and associated intensive care units.CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Healthcare Expenditure Graph

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

Global Surgical Boom Market Regional Synopsis

Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increase in government expenditure on improving healthcare infrastructure in the region. Additionally, the availability of affordable medical treatment options has resulted in more individuals to avail the medical facilities of the region. Furthermore, the market in North America is evaluated to occupy the largest share in terms of revenue during the forecast period, owing to the presence of leading market players and well-developed healthcare infrastructure in the region. Along with this, North America also leads in terms of technological advancements in the medical sector, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share on account of its proven success in the development of efficient treatment methods, rising adoption of surgical treatments and the increasing geriatric population in the region. As per the Eurostat statistics of the European Region, around 4.3 million cataract surgeries were performed in the European Union member states, making it the most common surgical procedure in 2018.

Surgical Boom Market Share Image

The global surgical boom market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global surgical boom market includes the following segments:

By Product Type

  • Equipment Boom
  • Utility Boom
  • Anesthesia Boom
  • Custom Boom

By End-User

  • Medical Hospital
  • Ambulatory Surgical Center
  • Others

Growth Drivers

  • Growing Need for Integration of Surgical Boom in Operating Rooms
  • Rapid Rise in the Number of Surgeries Performed Globally

Challenges

  • High Initial Investment Expenditure Associated with Surgical Boom

Key Players Dominating the Market

  • Stryker Corporation
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis 
  • SKYTRON, LLC
  • CV Medical
  • Amico Group of Companies
  • STERIS Corporation
  • Hill-Rom Services, Inc.
  • GENERAL ELECTRIC COMPANY
  • Ondal Medical Systems
  • Dragerwerk AG & Co. KGaA
  • Shenzhen Mindray Bio Medical Electronics Co., Ltd

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