Surgical Boom Market Trends

Growth Drivers

• Growing Cases of Chronic Diseases Around the World – Centers for Disease Control and Prevention (CDC) states that six in ten Americans today are diagnosed with at least one chronic disease such as cancer, stroke, and diabetes. The rising cases of chronic diseases require specific treatment and surgeries that are focused on curing the illness from its roots. Such critical surgeries require advanced medical devices such as surgical boom for proper conduction of procedure and help the medical professional for prospering critical operations. Thus, the rising cases of chronic diseases are anticipated to bring in lucrative growth opportunities for the global surgical boom market expansion in the forecast period.

• Rising Prevalence of Non-Communicable Illnesses among the Global Population – The report published by the World Health Organization (WHO) in 2022 stated that non-communicable diseases are responsible for taking almost 41 million lives every year around the world which is equivalent to 74% of all deaths. The non-communicable diseases are fatal to human life and cause death if not treated effectively. Thus, a large number of surgeries are performed each year for diagnosing and treatment process of these non-communicable diseases which requires advanced surgical booms for proper conduction of the treatment process. Hence, with the increase in non-communicable diseases, it is anticipated to bring favorable opportunities for market expansion in the analysis period.

• Escalation in the Cases of Cardiovascular Diseases -According to the World Health Organization, estimation, 17.9 million deaths worldwide in 2019 were attributable to CVDs, or 32% of all fatalities. Heart attack and stroke deaths accounted for 85% of these fatalities. The treatment of cardiovascular diseases requires advanced medical products such as surgical booms. Hence, the rapidly growing cases of cardiovascular diseases around the world are a positive indicator of market growth in the next few years.

• High Amount of Investment in Developing the Healthcare Sector – Major key players in the market and governments are focusing on developing novel medical products that aid doctors and the medical staff present in the operation theatre during surgical procedures. This factor is henceforth projected to bring lucrative growth opportunities for market growth in the upcoming years. For instance, investment in medical and health research and development (R&D) in the United States (U.S.) increased by 11% to around USD 245 billion in 2020 from previous years.

• Recent Surge of Investments in the Medical Devices Industry – As the number of diseases is creating a global burden, governments are focusing more on manufacturing technologically developed medical products such as surgical booms for the proper treatment of diseases and disorders. The data revealed by the India Brand Equity Foundation (IBEF) stated that in FY20, the foreign investments in the Indian medical devices sector increased to USD 301 million from USD 151 million in FY19, which indicates a 98% increment.

Challenges

• High Costs Associated with Surgical Booms – Surgical booms are technologically developed medical equipment that is integrated with advanced features for performing complex functions. As a result, the cost of surgical booms is very high. This factor is anticipated to lower the adoption rate among the population with middle and low income. This factor is anticipated to subsequently hamper market growth during the forecast period.
• Rising Risks of Malfunctioning Surgical Booms
• Low Level of Awareness Among the Population