Operating Room Equipment Market – Key Insights
- The global operating room equipment grew at a significant CAGR of 5.3% during 2012-2016, on the back of increasing prevalence of pathological and physiological disorders along with continuous effort to improve healthcare industry across the globe.
- Worldwide sales of operating room equipment closed in on a valuation of over US$ 29 billion, and is expected to record a Y-o-Y growth of 6.0% in 2019.
- North America is envisaged to maintain its leading position in the operating room equipment market, accounting for a relatively large percentage of revenue share in 2018. Surge in the number of ambulatory surgical centers and heavy investments by hospitals to upgrade operating rooms are the key factors fuelling the market growth.
- APEJ is likely to be the fastest-growing market for operating room equipment, expanding at a robust CAGR of 6.7% during the 2017-2022 period.
What are the Growth Driving Factors of Operating Room Equipment Market?
- Growing need to provide better patient care system in a sterile environment across different healthcare units is one of the primary factors impacting the growth of operating room equipment market.
- Healthcare professionals and surgeons are increasingly demanding for operating rooms equipped with technically advanced devices that offer ease of handling and greater flexibility to ensure better operational efficiency and patient care. This, in turn, is likely to have a significant influence on the global operating room equipment market.
- 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 need to upgrade operating rooms with better and efficient equipment, which eventually is expected to contribute to the global expansion of operating room equipment market.
- Significant growth in availability and accessibility of healthcare facilities, especially in emerging economies, coupled with government initiatives to increase number of hospitals and improve medical tourism are foreseen to be highly impactful on the growth of global operating room equipment market.
- In operating room equipment industry, manufacturers are constantly focusing on incorporating innovative technologies in a wide variety of medical devices to help improve the operational efficiency. Escalating adoption for devices equipped in virtual reality and patient imaging scans in healthcare sector is likely to open new avenues of growth of operating room equipment market.
- Electrosurgical technology that allows devices to perform surgeries using electrical energy is a key trend in operating room equipment market, which will continue to shape the market in the coming years.
What are the Key Challenges in the Global Operating Room Equipment Market?
- Operating room equipment for use in surgical procedures are just one-time sales which may slowdown the overall market growth, making it difficult for manufacturers in operating room equipment industry to generate revenues and increase profits.
- High costs associated with operating room equipment are limiting their adoption, especially in low-income economies, creating a hindrance in the market growth.
- Although North America represents a strong outlook for operating room equipment market, unfavorable healthcare reforms in the United States will possibly pose as a potential threat to the market expansion.
Operating Room Equipment Market – Competitive Landscape
- In March 2019, Getinge AB launched an updated version of its mechanical ventilator – Servo-u 4.0, with personalized lung protection and transpulmonary pressure monitoring functions to simplify complex procedures for clinicians and simultaneously make it safer for patients.
- In March 2019, Stryker Corporation completed its acquisitions of OrthoSpace, Ltd, a privately held Israel-based company. According to Stryker, the acquisition will be highly complementary to its existing portfolio and aligns with the company’s focus to invest in sports medicine.
- In December 2018, Steris Plc, a leading player in operating room equipment market, announced its targeted reconstructing plan, including the closure of two manufacturing facilities in England and Brazil and other actions. With reduced demand for certain products, the company aims to rationalize select product offerings and consolidate manufacturing of other products.
Other leading players in the operating room equipment market include Hill-Rom Holdings, Inc., General Electric Company, KARL STORZ GmbH & Co. KG, Mizuho OSI, Inc., Medtronic, plc, Koninklijke Philips N.V., and Dragerwerk AG & Co. KGaA.
Avail customized purchase options for your needs
Movable Imagining System to Contribute Significant Revenue Share
Based on product type, movable imagining system is likely to retain its leading position in the global operating room equipment market, accounting for more than 28% of the revenue share in 2017. Global sales of movable imagining systems crossed a value of US$ 7.9 billion in 2017, and is expected to grow at an impressive CAGR of 9% during 2017-2022.
Biomedical systems will continue to be the second highest-selling product in the operating equipment market, representing nearly one-fourth revenue share in 2017.
End use of operating room equipment is anticipated to be the highest in hospitals, accounting for a robust 81.3% revenue share in 2017, and is estimated to cross a whooping US$ 30 billion in 2022.
Ambulatory surgical centers, on the other hand, are foreseen to register a relatively high CAGR in the global market of operating room equipment during 2017-2022.
The Fact.MR study on global operating room equipment market provides an in-depth analysis along with exhaustive and actionable insights backed by a two-step research process involving primary and secondary resources. The primary research methodology includes interviews and discussions with experts of operating room equipment industry.
In the secondary process, trade journals, press releases, paid resources, company annual reports, and other associated publications relevant to operating room equipment market were studied to gain information and market size data.
Findings from these two main processes were used to determine an accurate and all-inclusive forecast of global operating room equipment market for the period from 2017 to 2022.
An Adaptive Approach to Modern-day Research Needs
Need an Exclusive Report for your Unique Requirement?
- Related Reports -
Automated Dialysis Concentrated Production Systems Market research report covers detailed informatio...
- Our Clients -
- Evaluate How Fact.MR's Report Can Help. -
Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
Is a sample of this report available for evaluation?
Yes, you can request a sample, and it will be sent to you through an email.