✷ Report Code: A03890 | Pages: 215 | Apr 2022 | 11139 Views | ||
Author(s) : Swapna S , Onkar S | Tables: 129 | Charts: 59 |
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The global operating room equipment market was valued at $16.4 billion in 2020, and is projected to reach $27.4 billion by 2030, growing at a CAGR of 5.3% from 2021 to 2030.
Operating room (OR) is a facility wherein surgical interventions and procedures are performed on patients to treat various pathological and physiological conditions. The OR acts as a safe, inert, and sterile environment to perform surgeries. Therefore, it is vital that sound equipment is provided, which leads to successful surgical interventions. The operating room equipment has evolved significantly in the past decade; improved equipment such as surgical navigation systems have streamlined OR procedures. An operating room equipped with technically advanced equipment empowers surgeons and interventionalists with greater flexibility and ease of handling. ORs equipped with precise instruments and equipment ensure better patient care and enhanced operational efficiency.
The overall impact of COVID-19 remains positive on the operating room equipment market, owing to increasing in number of ventilation and operations performed in hospitals & clinics as doctors are the frontline warriors in the battle against the COVID-19. Furthermore, owing to the outbreak of COVID-19, OR equipment market experiencing a increase in demand, especially anesthesia and ventilation in the OR equipment market.
The OR equipment market is expected to exhibit significant growth during the forecast period, owing to increase in number of hospitals, rise in investment in OR equipment, and surge in global geriatric population. In addition, the key factors driving the operating room equipment market growth are regulatory approvals for different OR equipment and rise in patient preference for minimally invasive surgeries. However, in operating room equipment market size high costs associated with OR equipment and unfavorable healthcare reforms in the U.S. restrict the market growth. Conversely, untapped potential of emerging markets, such as Asia-Pacific and LAMEA, is anticipated to provide lucrative opportunities to key market players during the forecast period.
The global operating room equipment market share is segmented into product type, end user, and region. According to product type, the market is categorized into anesthesia machines, electrosurgical devices, multi-parameter patient monitors, surgical imaging devices, operating tables, operating room lights, and surgical navigation system. On the basis of end user, it is segregated into hospitals, outpatient facilities, and ambulatory surgical centers. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Product Type Segment Review
By product type, electrosurgical devices segment was the major revenue contributor in 2020, and operating room equipment market opportunity is anticipated to continue this trend during the operating room equipment market forecast period, owing due to increase in number of surgical procedures. However, the surgical imaging devices segment is projected to exhibit the fastest growth during the forecast period, owing to sheer usage of surgical imaging devices and availability in surgical settings.
End-user Segment Review
On the basis of end user, the ambulatory surgical centers segment presently dominates the market, and is expected to remain dominant during the forecast period. This segment is expected to exhibit a prominent growth rate, owing to the fact that these centers enable a safe, cost-effective, and patient-friendly environment for the endowment of medical services such as colonoscopy and colorectal cancer screening for patients of all age groups.
Region Segment Review
Region wise in operating room equipment industry, North America dominated the market in 2020, accounting for the highest share, and is anticipated to maintain this trend throughout the forecast period. Technological advancements in OR equipment, increase in availability of OR equipment in this region, and availability of affordable medical treatments for several disease conditions are anticipated to drive the market growth.
This report provides comprehensive competitive analysis and profiles of prominent operating room equipment industry players such as key players operating in the Steris Corporation, Stryker Corporation, Koninklijke Philips N.V., Getinge Group, Hill-Rom Holdings, Inc., Drägerwerk AG & Co. KGaA, General Electric Company, Medtronic, Plc., Mizuho SOI, and Karl Storz GmbH & Co. Kg.
Operating Room Equipment Market Report Highlights
Aspects | Details |
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By Type |
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BY END USER |
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By Region |
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Key Market Players | MIZUHO OSI, KONINKLIJKE PHILIPS N.V., GENERAL ELECTRIC COMPANY, KARL STORZ GMBH & CO. KG, MEDTRONIC PLC, STERIS PLC, STRYKER CORPORATION, HILL ROM HOLDING INC. (WELCH ALLYN, DRÄGER SAFETY AG & CO. KGAA, GETINGE GROUP |
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This section provides opinions of the top-level CXOs in the medical industry. According to the CXOs, operating room (OR) equipment to a great extent have streamlined OR workflows; these equipment have improved patient outcomes and thus have become an indispensable part of medical settings.
The CXOs further state that with an increase in research, development, and innovation, advanced technologies are being incorporated in OR equipment to improve the operational efficiency, thereby leading to promising results. According to the perspectives of the CXOs of leading companies, utilization of operating room equipment is anticipated to witness a significant rise with increase in neurosurgical, orthopedic, & cardiovascular disorders and technological advancements. Recent innovations and constant development in this field have fueled the market growth.
Furthermore, the CXOs state that rise in economic strength of the developing countries such as China, India, Indonesia, and Thailand and increasing healthcare expenditure are expected to drive the market and create new opportunities during the forecast period. North America and Europe are expected to dominate during the forecast period, while emerging countries in Asia-Pacific and Latin America are expected to offer significant growth opportunities.
A. The upcoming trends of Operating Room Equipment Market in the world includes increase in number of hospitals, rise in investment in OR equipment, and surge in global geriatric population. In addition, the key factors driving the growth of market are regulatory approvals for different OR equipment and rise in patient preference for minimally invasive surgeries.
A. The leading application of Operating Room Equipment Market is surgical procedures.
A. North America dominated the market in 2020, accounting for the highest share, and is anticipated to maintain this trend throughout the forecast period.
A. Operating Room Equipment is projected to reach $ 27419.51million by 2030, registering a CAGR of 5.3% from 2021 to 2030.
A. Steris Corporation, Stryker Corporation, Koninklijke Philips N.V., Getinge Group, Hill-Rom Holdings, Inc., Drägerwerk AG & Co. KGaA, General Electric Company, Medtronic, Plc., Mizuho SOI, and Karl Storz GmbH & Co. Kg.
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