CAGR: 0.89%Current Market Size: USD 705.18 MillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
Global Surgical Monitors Market- Market Overview:
The Global Surgical Monitors market is expected to grow from USD 705.18 million in 2022 to USD 756.9 million by 2030, at a CAGR of 0.89% during the Projection period 2023-2030. The growth of this market is mainly driven owing to the increasing demand for flame-resistant apparel in the transportation and automotive manufacturing industries.
Important details like patient vital signs, surgical pictures, and x-ray images are displayed on surgical displays. Vascular treatments are evolving on their own as more procedures are performed each year. The latest high-definition improvements being made to surgical monitors that are being released on the market provide them an advantage over older CRT equipment. There is already a variety of mobile surgical monitors available, and they are highly advised in locations where the infrastructure does not permit any fixed equipment. Leading manufacturers of surgical monitors are active in the market, offering high-tech goods that appeal to consumers. Following the adoption and conversion to LCD displays, which continue to increase at an unprecedented rate, helped in part by declining LCD unit prices, the entire medical display monitor market experiences a change in trend. Across all application platforms, the market for surgical monitors is expanding due to the demand for diagnostics displays. The ageing population is bringing in a variety of new patients, many of whom have obvious chronic illnesses and degenerative diseases, which is raising the demand for diagnostic services. The market for surgical monitors is now experiencing excellent overall growth due to the current increase in the number of short-term care facilities and ambulatory surgery centres.
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Market Dynamics:
Drivers:
The surgical monitors market is witnessing immense growth due to the rising geriatric population. It is very common that during old age people start suffering from various health issues. In addition, a growing number of geriatric individuals are suffering from chronic illnesses, fueling the demand for surgical monitors. It is estimated that by 2050 the global geriatric population will reach up to 1.5 billion, which will create more opportunities for the surgical monitors market to grow at a tremendous rate during the Projection period and in future as well.
Restraints:
A large portion of the growth of the market is impeded by the high costs of surgical monitors, particularly in countries where reimbursements are low. The high installation and maintenance costs of these devices prevent most healthcare facilities in developing countries from having access to them. Furthermore, as technology advances and innovative display devices are developed, the cost of these devices will rise, thereby restricting the market's growth. All these factors are hampering the growth of the market as well as restricting the development of healthcare sectors.
Opportunities:
Surgical monitors are increasingly used in ambulatory surgical centres and short-term care facilities, leading to strong overall market growth. In recent years, there has been an increase in chronic diseases and wasting diseases due to the ageing population, which has resulted in a corresponding increase in diagnostic service demand, which is propelling the growth of the market as the requirement for surgical monitors is rising with the rise in the number of diseases and presence of ambulatory surgery centres are playing a key role in the growth of the market by offering all the required facilities to the patient on the same day.
Challenges:
Surgical monitors are complex devices to operate, which need skilled staff in order to prevent any error during the monitoring procedure. Shortage of trained staff to operate these complex devices is creating so many challenges for market growth because of lack of understanding and knowledge. The majority of healthcare centres, mainly in the rural areas, are not able to take the advantage of these monitors. Moreover, the high capital investment required to acquire such equipment is also an issue for many small and medium-sized hospitals, which will affect the adoption of surgical monitors in such institutions and hinder market growth to some extent during the Projection period.
Segmentation Analysis:
The global surgical monitors market has been segmented based on screen size, application, end-user, and region.
By Screen Size
The screen size segment includes <22.9 inches, 23.0 – 26.9 inches, 27.0- 32.9 inches, 33.0- 41.9 inches and >42.0’’ inches. The <22.9 inches segment led the largest share of the surgical monitors market with a market share of around 57.2% in 2022. With the advancement in technologies, panels under 22.9 inches are becoming increasingly popular, and the <22.9-inch screen size surgical monitors market is expected to grow at a CAGR of 4.5% over the Projection period. These surgical monitors are more cost-effective and more effective for a variety of applications compared to the rest of the sizes available.
By Application
The application segment includes the operating room and endoscopy. The operating room segment led the largest share of the surgical monitors market with a market share of around 57.2% in 2022. An operating room surgical monitor is designed to display images during image-guided surgery, such as endoscopy or interventional radiology. The use of surgical displays in operating rooms will propel the growth of the market over the Projectioned period as they display critical patient information, including PACS images and vital signs.
By End-User
The end-user segment includes ambulatory surgical centres, hospitals and clinics. The hospitals’ segment led the largest share of the surgical monitors market with a market share of around 39.32% in 2022. Hospitals are preferred by a large patient population base, the number of procedures performed in hospital settings is increasing, and hospitals have financial backing for introducing technologically advanced products for patient monitoring. In addition, as a result of surgical displays, the surgical team can visualize intricate patient anatomy instantly during surgery, providing a clear view of the surgical field and providing important patient information, such as vital signs and X-rays, during a procedure.
Global Surgical Monitors Market- Sales Analysis.
The sale of surgical monitors expanded at a CAGR of 0.50% from 2016 to 2022.
Several companies are active in the global surgical monitor market, which is concentrated at the top and fragmented at the bottom. Using surgical monitors in conjunction with superior technology improvements eliminates unnecessary difficulties throughout the surgical operation. For instance, according to a September 2020 article titled "Estimation of the National Surgical Needs in India by Enumerating the Surgical Procedures in an Urban Community Under Universal Health Coverage," in low- and middle-income countries, there would need to be 5,000 surgeries to address the surgical burden of diseases affecting 100,000 people (LMICs). Furthermore, according to the same source, the reported rates of surgery per 100,000 people range from 295 in low- and middle-income countries (LMICs) to 23,000 in high-income countries (HIC).
Additionally, according to the Organization for Economic Cooperation and Development (OECD), Turkey reported performing 393,901 cataract operations in 2020. The same source estimates that 84,647 hip replacement surgeries and roughly 114,601 caesarean sections were performed in Italy in 2020. As a result, the rise in surgical procedures will probably lead to a rise in demand for surgical equipment, which would help the market grow.
Thus, owing to the aforementioned factors, the global surgical monitors market is expected to grow at a CAGR of 0.89% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the surgical monitors market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region dominated the surgical monitors market and held a 39% share of the market revenue in 2022.
Global Surgical Monitors Market- Country Analysis:
Germany's surgical monitors market size was valued at USD 54.6 million in 2021 and is expected to reach USD 58.6 million by 2029, at a CAGR of 0.9% from 2023 to 2030.
There has been an increase in genetic abnormalities and chronic illness in the country, as well as cutting-edge healthcare infrastructure and reimbursement options, propelling the growth of the market. In addition, the market in the country is being driven by the increasing number of surgical procedures, as well as the growing geriatric population, which is prone to chronic diseases.
China’s surgical monitors market size was valued at USD 54.99 million in 2021 and is expected to reach USD 59.5 million by 2029, at a CAGR of 1% from 2023 to 2030.
There are increasing numbers of healthcare facilities in the country, a need for continuous training, a growing number of medical devices equipped with networking capabilities, and an improvement in administrative efficiency through image management, which are all contributing factors to the growth of the market in the country.
India's surgical monitors market size was valued at USD 42.3 million in 2021 and is expected to reach USD 46.16 million by 2029, at a CAGR of 1.1% from 2023 to 2030.
Technology advancements, rising healthcare spending, an ageing demographic trend, changing epidemiological patterns, and changing patient care methods are all expected to drive the surgical monitor market in the country during the Projection period.
Key Industry Players Analysis:
To increase their market position in the global surgical monitors business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
0.89% |
Market Size |
705.18 million in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Screen Size, By Application, By End-User, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Novanta, Sony, Barco, Eizo Inc., Stryker, Olympus Corporation, NDS Surgical imaging, Kmw Group, Steris, Berchtold Corporation, Skytron LLC, BPL Medical Technologies, Boston Scientific, Canon Medical Systems Corporation, GE Healthcare, Medtronic plc, and 3M Healthcare. |
By Screen Size |
|
By Application |
|
By End-User |
|
Regional scope |
|
Scope of the Report
Global Surgical Monitors Market by Screen Size:
Global Surgical Monitors Market by Application:
Global Surgical Monitors Market by End-User:
Global Surgical Monitors Market by Region:
Global Surgical Monitors market is expected to reach USD 756.9 million by 2030, at a CAGR of 0.89% from 2023 to 2030.
Rising geriatric population and the presence of ambulatory surgery centres will propel the market's growth.
North American region will witness more growth in the surgical monitor’s market.
Novanta, Sony, Barco, Eizo Inc., Stryker, Olympus Corporation, NDS Surgical imaging, Kmw Group, Steris, Berchtold Corporation, Skytron LLC, BPL Medical Technologies, Boston Scientific, Canon Medical Systems Corporation, GE Healthcare, Medtronic plc, 3M Healthcare among others.
Political Factors- The objections by pressure groups, social and environmental activists, and labor unions should be carefully examined by the surgical monitors market since they have a significant impact on how policies are made. Close cooperation with these organisations might improve the surgical monitors market's capacity for community engagement and long-term business objectives. Additionally, a well-developed governance structure and a democratic political climate improve the business climate for markets like the surgical monitors market.
Economical Factors- Organizational performance is directly impacted by a nation's economic development. The surgical monitors market has numerous prospects for expansion in economies that are expanding. In a similar vein, it's critical to comprehend the stage of the industrial lifecycle. Due to market saturation, entering mature industries can be more difficult than entering industries in the growth stage. Moreover, the business performance of the surgical monitors market. is also influenced by the extent to which the host country's government has spent on core infrastructure development. The business climate is made easier by a well-developed infrastructure, which also boosts the gold industry's growth potential in the respective nation.
Social Factor- For markets like surgical monitors market, changes in demographic patterns like the ageing population, migration trends, and socio-economic variables are of the utmost importance. surgical monitors market. can select the appropriate market segment(s) with a strong growth potential by looking at the demographic factors. Migration has an impact on business and marketing strategy as well. Understanding the overall attitudes of the populace toward migration is crucial for the surgical monitors market since it can affect the capacity of businesses to hire foreign managers in the host nation. Any society's acceptance of hierarchy and income disparity can be seen in the power distance. When entering markets with high or low power distance, surgical monitors market. must modify its business management procedures.
Technological Factors- To understand how new technologies affect the firm's value chain and current cost structure, the surgical monitors market must take into account the investments made by competitors on a micro and macro level. In a setting where creative disruption is prevalent, research and development activities are crucial. To maximize earnings in such a situation, the surgical monitors market should invest in disruptive technologies and reinvest the money in even more disruptive technologies in the future. The lifecycle of developing new products has been shortened by the adoption of new technology. New products are created quickly today, and supply chain partners also have more clout. It puts pressure on the surgical monitors market to develop new products quickly, diversify its product line, incorporate flexibility into the value chain, and establish positive working relationships with partners in the value chain.
Environmental Factors- Weather and climatic changes can have an impact on how effectively businesses operate. For instance, severe weather might raise operating room costs and force the surgical monitor market to make the value chain more adaptable. These modifications may also affect consumer spending habits, which would require an organization to change its product and marketing strategies. The use of green/eco-friendly products is becoming more popular. To gain the trust of stakeholders, the surgical monitors market can seize the opportunity and implement green business practices. Priorities for product innovation are changing due to regulatory bodies' emphasis on ensuring compliance with environmental standards. surgical monitors market must put greater emphasis on selling their goods' environmental friendliness rather than on their usual value propositions.
Legal Factors- surgical monitors market must follow the employee/labor health and safety laws as some countries have strict regulations to ensure labor safety. Providing a secure work environment for the workforce is the ethical and moral obligation of the surgical monitors market. Similarly, anti-discrimination laws (like equal employment opportunity) also need to be carefully studied when developing human resource practices as discriminatory suits against employer harm the organizational image and affect organizations’ ability to attract and retain talent. Data protection has become an important issue due to consumers’ privacy and security concerns. surgical monitors market. need to study data protection regulations to protect customer data. Moreover, there are laws to set the maximum price, ensure a certain quality standard, and protect consumers from fraudulent marketing claims.
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