The increasing government funding, rising number of product approvals provided for various operating devices and various technological advancements are major factors expected to drive the market in the forecast period.
According to the current analysis of Reports and Data, the Operating Room Equipment market was valued at USD 27.16 billion in 2019 and is expected to reach USD 35.96 billion by the year 2027, at a CAGR of 3.6%. The equipment used in the various surgical procedures in the operating rooms present in hospitals and clinics is of crucial importance for patient compliance. The operating rooms equipment market is widely driven by the increasing favourable funding scenario by government and other bodies. Moreover, number of hospitals in various developing regions such as China, India, and others has expanded as a result of increased medical tourism. Operating Room Equipment market in regions such as Thailand, the Philippines, Malaysia, and Taiwan regions are growing at a faster pace as more hospitals and clinical setups are introduced in the region. The increasing technological advancements in the operating room equipment for better outcomes in the surgical procedures are expected to fuel the market. For instance, hybrid operating room is designed with the latest interventional devices and medical imaging systems. The technology has successfully reshaped the industrial dynamics of healthcare. Additionally, the rising geriatric population, which is considered to be highly prone to various diseases owing to surgical assistance, would also contribute to the market growth. For instance, the World Population Prospects by the United Nations estimate that the global geriatric population is expected to double by 2050, and is expected to be 2.1 billion in 2050 from 962 million in 2017. The risings cases of chronic diseases, roadside accidents, and household mishaps could also drive the market intensely in various regions. For instance, according to the American College of Cardiology, cardiovascular diseases remain the leading cause of death in chronic diseases. In 2019, there were around 1,055,000 cases of coronary events recorded in the United States. Advanced infrastructure of operating rooms equipped with technically advanced devices offers ease of handling and greater flexibility to ensure better operational efficiency and patient care. For instance, monitors used in operating room are now voice-controlled surgical technology which is a safety improvement trend. This, in turn, is expected to have a significant impact on the global demand for equipment for the operating rooms. Furthermore, huge investments are provided to multiple specialty hospitals to improve their facilities and infrastructure for patient health. However, the price and unaffordability in emerging economy could be a restraining factor that may hinder the market growth during the forecast period.
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The report puts an emphasis on the information regarding the key players with a special focus on their company profile, business overview, recent advancements, product catalog, and strategic business plans. It provides a comprehensive overview of the strategic alliances in the market under taken by the key players such as mergers and acquisitions, joint ventures, collaborations, partnerships, agreements, product launches, brand promotions, and corporate deals, among others.
Key companies operating in the market and profiled in the report include:
Koninklijke Philips N.V., STERIS plc, Stryker Corporation, Siemens Healthineers, Hill-Rom Holdings, Inc., Medtronic, Inc., Drägerwerk AG Co. KGaA, Getinge Group, GE Healthcare, and Mizuho OSI.
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The Operating Room Equipment market takes into account major geographical locations such as North America, Europe, Asia Pacific, Latin America, and Middle East Africa to offer key insights into market growth, market size, market share, revenue growth, current and emerging trends, supply and demand ratio, import/export, consumer demand and behavior, and presence of key players in each region. The report offers an in-depth country wise analysis to impart better understanding of the market and its growth prospects.
Segments Covered in the report
By Type Outlook (Revenue in Million USD; 2017–2027)
- Anesthesia Machines
- Electrosurgical Units
- Diagnostic Imaging Devices
- Multi-parameter Patient Monitors
- High Acuity
- Medium Acuity
- Low Acuity
- Surgical Imaging Devices
- Mobile C-Arms
- Mini C-Arms
- Operating Tables
- Traditional Lights
- LED Lights
- Operating Room Lights
By End Use Outlook (Revenue in Million USD; 2017–2027)
- Outpatient Facilities
- Ambulatory Surgery Centers (ASCs)
Key Regions Analyzed in the Report include:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Furthermore, it consists information about individual segment of the Operating Room Equipment market based on the types and application. The report also offers insights about the key segments expected to register significant revenue growth over the forecast period and primary trends influencing their growth. It also offers CAGR and market share values for each segment to provide clear understanding of demand and trend in the global market.
Further key findings from the report suggest
- Various technological innovations in devices and systems along with mergers and acquisitions, are increasing the market growth. For instance, KT Corporation, which is Korea’s largest telecommunication company and Samsung Medical Center have jointly introduced world’s first 5-G powered medical service which is the first step to introduce a 5G smart hospital.
- In addition, rapid adoption of the Anesthesia Information Management Systems (AIMS) in the hospitals contributes to the large share of the revenue share during the forecast period. Hospitals all over the world are focusing on investing in the upgradation of operation theaters owing to the growing demand for hybrid operating rooms and increasing investments in infrastructure advanced technologies for efficient outcomes.
- Furthermore, the advanced and innovative technology includes various innovative features such as autonomous robot for operating rooms, digital diagnostic pathology, and artificial intelligence enabled care for in-patients and many other features.
- Many institutes have invested to build highly equipped and other important facilities in the operating rooms for efficient results. For instance, Jupiter Medical Center has introduced a project representing a surgical institute worth USD 80 million. The institute is a 90,000 square feet area and includes 16 smart operating rooms with two other hybrid operating rooms.
- Furthermore, the smart operating rooms are designed to accommodate the facilities required for cardiovascular, orthopedic and general operations. The hybrid operating rooms would include minimally invasive surgeries and other open surgical procedures. The institute is expected to be open by the year 2023.
- The rise in the prevalence of pathological and physiological diseases has led to a surge in the number of surgical procedures. Moreover, minimally invasive surgeries are gaining pace among patients for their numerous benefits, including minimal trauma, cost-effective procedures, and reduced hospital stays. All these factors increase the demand to upgrade operating rooms with reliable and efficient equipment, which eventually is expected to contribute to the global expansion of the operating room equipment market.
- Operating room equipment manufacturers are offering next generation ultrasonic surgical devices to simplify complex surgical procedures. For instance, Modern ultrasonic surgical devices are multifunctional instruments that is capable of performing tissue plane dissection, coagulation, and transection during laparoscopic or open surgical procedures. Such products are expected to provide traction to the market during the forecast period.
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