Operating Room Equipment Market Foreseen to Witness 4.6% CAGR During 2022 - 2031by Pooja M. Digital Marketing
Operating Room Equipment Market Outlook 2031
- The global operating room equipment market was valued at US$ 35.2 Bn in 2021
- The global market is projected to expand at a CAGR of 4.6% from 2022 to 2031
- The global operating room equipment market is anticipated to exceed US$ 56.8 Bn by 2031
Operating Room Equipment Market: Overview
- Operating rooms are developed for surgeons and surgical staff to perform surgical operations, which require time, patience, focus, and safety. Various pieces of equipment are required for use in the operating room. Operation theatres should ideally have equipment such as suction machine sterilizer machine, defibrillators, oxygen concentrators, anesthesia machine, operation table, and light at their disposal to ensure that all surgical procedures are conducted safely in the hospital.
- An operating room consists of operating room supplies, surgical supplies & operation theatre supplies. The demand for equipment in operation theatre is continuously rising due to increase in number of surgeries.
- Operating rooms supplies primarily consist of instruments used for surgery such as advanced operating tables, hospital lights, operating room lights, high resolution and high definition surgical imaging displays, and movable imaging systems that have become an indispensable part of modern hybrid operating rooms.
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- High demand for hybrid operating room and improving healthcare infrastructure in developing countries are projected to drive the global market during the forecast period. Hybrid operating rooms consist of operating room integration systems where surgical functions are performed.
- The global operating room equipment market was valued at US$ 35.2 Bn in 2021. Rise in need to offer better patient care system in a sterile environment across different healthcare units is one of the basic factors driving the global operating room equipment market.
- Healthcare professionals and surgeons are increasingly demanding operating rooms equipped with technically advanced devices such as movable imaging systems, biomedical systems, endoscopes, anesthesia systems, operating tables, operating room lights, surgical imaging displays, operating room integration systems, surgical booms, and microscopes that provide ease of handling and greater flexibility to ensure better operational efficiency and patient care. This, in turn, is likely to augment the global operating room equipment market.
- Increase in cases of pathological and physiological diseases has led to a rise in the number of surgeries. Moreover, minimally invasive surgeries are gaining popularity among patients for their multiple benefits including cost-effective procedures, minimal trauma, and reduced hospital stay. These factors increase the need to upgrade operating rooms with better and efficient equipment, which in turn is anticipated to contribute to the growth of the global operating room equipment market.
- Rise in availability and accessibility of healthcare facilities, especially in developing countries, and government initiatives to increase number of hospitals and enhance medical tourism are expected to fuel the growth of the global operating room equipment market
- Manufacturers in the operating room equipment industry focus on incorporating innovative technologies in various medical devices for enhanced operational efficiency. Increase in adoption of devices equipped with virtual reality and patient imaging scans in the healthcare sector is likely to create lucrative opportunities in the global operating room equipment market.
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Improving Healthcare Infrastructure in Emerging Economies
- Health care infrastructure in emerging economies is developing at a rapid pace owing to increase in government initiatives, entry of private players in the health care and hospitals segment, rise in per capita health care spending, and expansion of the hospital network
- According to the Ministry of Health of the Republic of Kazakhstan, health care expenditure in the country is rising at a rapid rate of 12.2%, and the country has built more than 1,300 health care facilities, including 907 clinics, 180 health centers, and 176 hospitals during a period of 25 years.
- Other countries in Asia Pacific have demonstrated comparatively higher growth in health care spending, for example Indonesia (7.9%), India (9.4%), and Vietnam (6.6%)
- Emerging economies including China, Vietnam, Thailand, India, and Kazakhstan engage in developing a robust and at-par hospital infrastructure and offering quality care to patients
- Rapidly developing hospitals and health care infrastructure combined with new and advanced product offerings by leading players is expected to augment the global operating room equipment market during the forecast period.
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Operating Room Equipment Market: Segmentation
Patient Monitoring Segment to Lead Operating Room Equipment Market
- The patient monitoring product type segment held major share of the global market in terms of revenue in 2021. The segment is anticipated to account for around 34% share of the global market by 2031. Technological innovation and user-friendly approach are the major factors expected to drive the segment, particularly in the developed markets of Europe and North America.
- Patient monitoring equipment are used to monitor medical condition of patients in the operating room. Patient monitoring equipment include surgical imaging displays, movable imaging displays, and vital sign monitoring devices. Vital signs monitors comprise heart monitors, breath monitors, body temperature monitors, hematology monitor, etc.
Hospitals to Remain Key End-user
- The hospitals end-user segment led the global operating room equipment market in 2021. The segment is anticipated to account for around 72% share of the global market by 2031. The hospitals segment is expected to expand at a CAGR of 6.6% from 2022 to 2031.
- Hospitals emphasize on investing in the upgrade of operation theaters, as these are one of the major sources of revenue. Additionally, rise in demand for hybrid operating rooms and increase in investments in infrastructure & advanced technologies for efficient outcomes are expected to drive the hospitals segment.
- In March 2017, Saint Michael’s Medical Center, New Jersey, invested over US$ 21 Mn in its systems and medical equipment to enhance and modernize the hospital and make it technologically advanced. The new equipment installed in the operation theatre include operating towers, high-resolution monitors, endoscopic towers, and C-arms.
- Each of the segments has been analyzed in detail for market trends, recent trends, and developments, drivers, restraints, opportunities, and useful insights. The operating room equipment market report provides current and expected revenue (US$ Mn) for each of these segments from 2017 to 2031, considering 2020 as the base year. The compound annual growth rate (% CAGR) has been provided for each segment and market from 2022 to 2031 along with market size estimations.
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North America to Dominate Global Operating Room Equipment Market
- North America dominated the global operating room equipment market in 2021. The market in the region is anticipated to expand at a CAGR of 6.0% from 2022 to 2031. Growth of the market in the region is attributed to factors such as presence of leading players, high prevalence of chronic diseases, and established healthcare infrastructure.
- Favorable government initiatives and increase in number of ambulatory surgical centers are the other drivers expected to propel the market in the region. The U.S. held the largest share of the market in North America in 2021. This is attributed to increase in the geriatric population and rise in prevalence of diseases in the country.
- Europe is likely to be the fastest growing market for operating room equipment from 2022 to 2031 owing to strong research & development activities and support for development of new medical devices
- Significant revenue generated by developed Western European countries, such as the U.K., Germany, France, and Italy, is attributed to Europe's prominent share of the global market. Rise in base of the target patient population i.e., geriatric population (over the age of 65 years), is projected to drive the operating room equipment market in Europe during the forecast period.
- Asia Pacific is one of the leading markets for operating room equipment due to rise in prevalence of chronic diseases, large patient pool, and increase in number of hospitals & healthcare facilities with improving infrastructure. The large population base with high unmet needs in Asia Pacific attracts foreign investors to expand their business in emerging markets such as China, India, and Singapore.
Major Players in Operating Room Equipment Market
The operating room equipment market report concludes with the company profiles section, which includes key information about major players in the global operating room equipment market
Leading players analyzed in the report include
- Stryker Corporation
- Hill-Rom Holdings, Inc.
- STERIS plc.
- Dragerwerk AG & Co. KGaA
- Getinge AB
- GE Healthcare
- Koninklijke Philips N.V.
- Smiths Medical
- Mizuho OSI
- STORZ MEDICAL AG
Each of these players has been profiled in the operating room equipment market report based on parameters such as company overview, financial overview, business strategies, application portfolio, business segments, and recent developments
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Created on May 11th 2022 02:07. Viewed 154 times.