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.
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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.
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.
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.
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The global surgical boom market is further classified on the basis of region as follows:
Our in-depth analysis of the global surgical boom market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing need for integration of surgical boom in operating rooms and the rapid rise in the number of surgeries performed globally are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
High initial investment expenditure related to surgical boom is estimated to hamper market growth.
The market in Asia Pacific will provide ample growth opportunities to the market owing to the increase in government expenditure on improving healthcare infrastructure in the region.
The major players dominating the surgical boom market are Stryker Corporation, SKYTRON, LLC, CV Medical, and Amico Group of Companies, among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, end-user, and by region.
With respect to end-user, the medical hospital segment is anticipated to hold the largest market share owing to the presence of a greater number of operating rooms and intensive care units.
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