Surgical Boom Market is expected to reach US$ 354.99 million by 2027 from US$ 252.08 million in 2019; it is estimated to grow at a CAGR of 4.4% from 2020 to 2027. The report highlights the trends prevalent in the global surgical boom market, and the drivers and deterrents pertaining to its growth. The growth of the market is mainly attributed to the increasing number of surgeries, and the benefits of surgical booms such as flexibility, enhanced safety, and mobility. However, the troublesome functioning of surgical booms in hybrid operating rooms restricts market growth.
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Spike in the number of hospital admissions due to increase in geriatric population, mounting prevalence of chronic diseases, and surge in number of accidents, among others, has led to rise in number surgical procedures. As per the Lifespan Organization, cardiovascular disease is the leading cause of death in the US, and ~500,000 open surgeries are performed every year in the country. Surge in number of accidents and trauma cases is another factor boosting the number of surgeries being performed worldwide.
Technological advancements are enabling various hospitals and medical institutes to perform a large number of surgeries in a year. For instance, Taiwan’s Chang Gung Memorial Hospital performs ~167,000 surgeries in a year, and it claims to have performed the highest number of surgeries in the world. Further, in 2018, the All India Institute of Medical Sciences (AIIMS) performed the maximum number of surgeries, i.e., ~194,000 surgeries.
The companies operating in the Surgical Boom Market are focusing on organic as well as inorganic growth strategies to increase their share in the global market. Olympus, a global healthcare technology leader, designs and delivers innovative solutions for medical and surgical procedures to reduce costs and enhance treatment procedures. In April 2016, the company signed a distribution agreement with AMICO to sell its surgical lighting, equipment booms, patient lifts, and other infrastructure products.
Similarly, CompView Medical (CVM), a US-based company, designs, develops, and produces all-in-one equipment management and A/V systems for the hybrid operating rooms. In March 2015, CVM launched NuCart, an all-in-one equipment management, visualization, and ergonomic boom system. Such organic and inorganic developments by the medical equipment companies are emerging as a major trend in the surgical boom market.
Top Market Players Analysis-
Steris Corporation, Stryker Corporation, Amico, Getinge Group, Dragerwerk AG & Co. KGaA, Skytron, C V Medical, Medicana, Hillrom, and Shenzhen Mindray Bio Medical Electronics Co., Ltd are among the prominent players operating in the surgical boom market. These players are focused on both organic and inorganic growth strategies to sustain their position in the market. For instance, in January 2019, Premier Inc. announced new supply agreements with major manufacturers such as Getinge USA Sales LLC, Skytron LLC, STERIS Corporation, and Hill-Rom Company Inc, for the months of October, November, and December. The contract is available to its acute care, non-acute healthcare, and non-healthcare members.
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Based on installation, the surgical boom market is segmented into roof mounted and floor mounted. The roof mounted segment held a larger share of the market in 2019, and the floor mounted segment is anticipated to register a higher CAGR of 4.8% in the market during the forecast period. The roof mounted booms are ideal for electricity and medical gas supply. The roof mounted booms allow easy provision and elimination of medical gasses according to the hospital needs.
Based on product type, the surgical boom market is segmented into equipment boom, utility boom, anesthesia boom, and custom boom. The utility boom segment held the largest share of the market in 2019, and the anesthesia booms segment is anticipated to register the highest CAGR of 5.9% in the market during the forecast period.
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