Operating Room Equipment Market Size to Grow at a CAGR of 3.95% During the Forecast Period 2020–2025
Operating Room Equipment Market size was valued at $ 23.7 Billion by 2019 and is anticipated to grow at a CAGR of 3.95% during the forecast period 2020-2025. The Operating Room Equipment Market growth rate is attributed to increasing investment, support and grants from government agencies around the world, increasing numbers of hospitals, increasing patient demand for minimally invasive procedures, increasing numbers of regulatory approvals for operating room equipment, and increasing numbers of geriatric patients, combined with a growing number of surgeries worldwide. In order to treat various medical and pathological conditions in a sterile atmosphere, operating rooms are often known as the operation theatre or operating suite, the operating room is a facility where all Surgical operations are conducted on patients. By providing surgeons and other healthcare professionals with greater flexibility and ease of handling, and operating room fitted with technically advanced equipment ensures better patient care and increased operational performance. Both of these devices are used to improve patient safety and improve operational performance by empowering more flexibility and ease of handling for surgeons and other healthcare professionals.
Furthermore, increasing investment by government bodies across the globe is also driving the market. As per the data published by the Ministry of Health & Family Welfare, Government of India, under the PMSSY scheme six AIIMS like institutions received Rs. 620 crores towards the cost of construction and Rs. 200 crores for procurement of medical equipment and modular operation theatres. In 2016, the Wanda Group, a Chinese conglomerate, decided to invest CNY15 billion for the development of hospitals across the country. The investment is intended for building three hospitals in Chengdu, Qingdao, and Shanghai. Under this initiative, Wanda Group has partnered with UK-based International Hospitals Group (IHG) that would be managing the new hospitals constructed. Such types of investments are poised to create new opportunities for market players. Hence, rapid technological advancement has brought a lot of changes in the way of surgical procedures which are carried out today around the globe. Operating rooms are becoming more commodious with new and advanced operating equipment that have become an essential part of modern hybrid operating rooms. The operating room equipment global market is primarily characterized by growing demand for technically advanced operating room equipment as healthcare providers across the globe are increasingly adopting the concept of hybrid operating rooms.
Operating Room Equipment Market Segment Analysis - By Equipment Type
On the basis of equipment type, anaesthesia devices segment held the major share of the market in terms of revenue and is poised to grow with a CAGR of 3.8%. The reason is being attributed to the technological advancements and growing usage of anaesthesia machines in the surgery centres contribute to a large share of the segment. Anaesthesia machines are commonly used in almost all types of surgeries. In addition, this segment is anticipated to gain revenue share during the forecast period 2020-2025 as a result of the increasing prevalence of chronic diseases and illnesses has led to a rise in surgical procedures. Anaesthesia plays a crucial role in surgery, and anaesthesia equipment plays a vital role in providing sufficient & accurate delivery of anaesthesia necessary for surgical procedures. The increasing geriatric population who are highly susceptible to various disorders and degenerative diseases is one of the key factors responsible for the rising demand for surgeries.
Apart from this, over the forecast period 2020-2025, the endoscope segment is anticipated to see the fastest development. Some of the driving forces responsible for the growth of the segment in the coming years are increasing patient preference for endoscopic procedures, the understanding of minimally invasive procedures, and the acceptance of technical advances in surgical procedures.
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Operating Room Equipment Market Segment Analysis - By Geography
North America dominated the Operating Room Equipment Market with a share of 38.5% in 2019. The application of Operating Room Equipment has grown rapidly over the last few years owing to the increasing prevalence of chronic diseases in the region, large geriatric population base, sophisticated healthcare infrastructure, and rising number of ambulatory surgical centers are key market growth drivers. Rising demand for minimally invasive surgeries and higher adoption of technological advancements are also driving growth in the region.
Furthermore, over the forecast period 2020-2025, Asia Pacific is anticipated to record the fastest growth. A high prevalence of chronic diseases, large patient pools, and a rising number of hospitals & healthcare facilities with improved infrastructure in the area are factors responsible for faster growth. The region's large population base with high unmet needs attracts many foreign investors in emerging markets such as India, China, and Singapore to expand their sector.
Operating Room Equipment Market Drivers
Technological advancement in healthcare sector
Presently, operating room equipment global market is driven by the technological advancement in healthcare sector, increase in the number of surgery procedure around the globe, with increase in the number of ambulatory surgical centres, rise in the ageing population and increase in the prevalence of chronic disease.
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Operating Room Equipment Market Challenges
Stringent regulation by government
High cost associated with latest technology devices act as a major barrier for operating room equipment global market. However, beneficial government initiatives and technological developments being made for better growth of the market during the forecast period 2020-2025.
Operating Room Equipment Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Operating Room Equipment Market. In 2019, Operating Room Equipment Market share is fragmented by the top ten players present in the market. Operating Room Equipment Market top 10 companies are Stryker; KARL STORZ GmbH & Co. KG; Siemens Healthineers; Hill-Rom (Trumpf Medical); Koninklijke Philips N.V.; STERIS plc, Getinge AB; Medtronic, GE Healthcare and others.
Acquisitions/Product Launches
In March 2019, Hillrom announced its acquisition with Voalte Inc, which advances the digital and mobile healthcare communication platform.
In October 2017, Mizuho OSI introduced its new technology, Levo Head Positioning System, which adds a new level of cause for control, and head positioning for allspice procedures from cervical to the sacrum.
Key Takeaways
North America dominated the Operating Room Equipment Market with a share of 38.5% in the year 2019.
The factors such as Growth in regulatory approvals for different OR equipment along with rising in patient preference for minimally invasive surgeries are amongst the major factor projected to impel growth of Operating Room Equipment Market.
Surge in number of hospitals increased investment in OR equipment, and increase in global geriatric population is to accelerate the market demand are the key factors owing to the growth in the segment during forecast period 2020-2025.
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