Surgical Monitors Market Trends

Growth Drivers

• Rising Number of Surgeries: Millions of individuals throughout the world receive surgery each year, and surgical procedures are thought to be responsible for 13% of all disability-adjusted life years (DALYs) worldwide. An estimated 1.19 million persons lost their lives in traffic-related incidents each year. For kids and young adults aged 5 to 29, automobile accidents are the main cause of death. Despite having over 60% of the world's vehicles, low- and middle-income countries account for 92% of all road fatalities worldwide. An additional 20 to 50 million people sustain non-fatal injuries; many of them become disabled. A significant proportion of people injured in such accidents, raise the need for surgeries. Thus, with the rising number of road accidents the number of surgeries conducted is also increasing further providing growth prospects to the market.
• Growing Aged Population: The percentage of the population that is 60 years of age or older is rising. There were one billion individuals sixty years of age or older in the world in 2019. By 2030, there will be 1.4 billion, and by 2050, there will be 2.1 billion. This increase is happening at an unprecedented pace, and it will continue to grow in speed in the upcoming decades, especially in developing nations. Eighty percent of the elderly will reside in low- and middle-income nations in 2050. Chronic obstructive pulmonary disease, depression, diabetes, dementia, back and neck discomfort, cataracts, hearing loss, refractive errors, and osteoarthritis are common illnesses in older adults. People are more prone to having multiple ailments at once as they get older. Owing to this, the demand for surgeries among old age people would rise. In light of this, the market is anticipated to witness growth during the projection period.
• Rising Healthcare Expenditure: The analysis, which was released in advance of Universal Health Coverage (UHC) Day, shows that, in 2021, health spending worldwide hit a record high of US$ 9.8 trillion, or 10.3% of the world's gross domestic product (GDP). Health spending across all income categories was mostly concentrated in hospitals, ambulatory care providers, and pharmacies (65%–84%). During the epidemic, capital investments rose in all income brackets: 40–50% in low- and lower-middle-income nations, and 8–9% in upper-middle- and high-income nations. This rise in spending on the healthcare sector also offers growth prospects to the surgical monitors market.

Challenges

• Dearth of Trained Professionals: Surgical Monitors are intricate instruments that require proficient personnel to ensure that no mistakes are made throughout the monitorsing process. Lack of understanding and knowledge is posing several obstacles to market expansion due to a shortage of trained personnel to operate this sophisticated equipment. Most healthcare facilities, particularly those in rural areas, are unable to benefit from monitors. Additionally, many small & medium-sized hospitals find it difficult to afford the large capital expenditure needed to purchase such equipment which will have an impact on their adoption of Surgical Monitors and perhaps impede market growth.
• High Prices of Surgical Monitors may Hinder Market Growth.
• Regulatory Compliances Associated with the Surgical Monitors may hamper the Market Growth.