Global Surgical Lamp Market Report, published by Variant Market Research, forecast that the global market is expected to reach $859 billion by 2024 from $602 billion in 2016, growing at a CAGR of 4.5% from 2016 to 2024. By geography, Asia-Pacific and North America are expected to grow at a CAGR of 5.2% and 4.5%, respectively, during the forecast period.
The factors supporting the growth of the global surgical lamp market include, increasing need for advanced applications of cost-saving surgical light lamps, increasing number of surgeries, rising technological advancements, and rapid improvements in healthcare facilities. Additionally, government initiatives supporting the implementation of energy-efficient surgical lamps and advancements in surgical procedures would provide opportunities during the forecast period. Though, complications associated with CFLs and high costs of these lamps may hamper the market growth.
Technology, type of light, product type, and geography are the key segments in the global surgical lamp market. Technology segment is sub-segmented into LED surgical lamps, CFL surgical lamps, and halogen surgical lamps. Among which, LED surgical lamps accounted for the largest share in 2016, followed by CFL surgical light. By type of light, the market is bifurcated into colour rendition light, homogenous light, special germicidal ultraviolet ray, vein light, and others. Vein light is expected to attain fastest CAGR during the forecast period. Furthermore, product type is categorized into ceiling mount surgical lamp, surgical headlight lamp, dental light lamp, laser light, and others. Ceiling mount surgical lamp and surgical headlight lamp accounted for majority of the share in 2016.
Geographically, the surgical lamp market is categorized into North America, Europe, Asia-Pacific, and Rest of the world (RoW). In 2016, North America and Europe accounted for the popular market share with 41.3% and 28.4%, respectively. Whereas, Asia-Pacific is anticipated to attain fastest CAGR during the forecast period, driven by growing geriatric population, increasing occurrence of lifestyle-related diseases and rising demand for energy-efficient and cost-effective lamps.
Major companies operating in the global surgical lamp market include, Welch Allyn, Steris Corporation, Integra LifeSciences Corporation, KLS Martin Group, DRE INC., Stryker Corporation, Skytron, A-dec, Inc., Waldmann GmbH & Co. KG, Koninklijke Philips N.V., and Herbert, among others.