Operating Room Equipment Market Analysis Current Trends and Sales Forecast Till 2023
An operating room (OR) is a facility within a hospital or a clinic where surgeries are performed on patients in order to treat different physiological and pathological conditions. Technological advancements have brought a lot of change in the way surgical procedures are carried out today. Operating rooms are becoming more spacious with new and advanced operating tables, operating room lights, high resolution and high definition surgical imaging displays, movable imaging systems, and biomedical systems that have become an indispensable part of modern hybrid operating rooms.
The operating room equipment market has been assessed and estimated for movable imaging systems, biomedical systems, endoscopes, anesthesia systems, operating tables, operating room lights, surgical imaging displays, operating room integration systems, surgical booms, and microscopes. The global operating room equipment market was valued at US$ 23,947.3 Mn in 2014 and is projected to reach US$ 42,873.3 Mn by 2023, expanding at a CAGR of 6.9% during the forecast period from 2015 to 2023.
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Increasing number of ambulatory surgical centers (ASCs) globally coupled with rising demand for a wide range of modern operating room equipment, and growing trend of adopting hybrid operating rooms are some of the factors likely to drive the operating room equipment market during the forecast period. According to the Administration for Community Living (U.S. Department of Health and Human Services), the U.S. had 44.7 million people aged 65 years and above in 2013, representing 14.1% of the total population of the country. Hybrid operating rooms are an advanced form of operation theatres that involve integration of surgical functions with imaging modalities and ensure enhanced operational efficiency. Hybrid operating rooms offer surgeons and other health care professional greater operational flexibility by enabling easy access to various surgical as well as imaging equipment such as CT and MRI scanners.
The movables imaging systems segment accounted for the lion’s share of the global operating room equipment market in 2014. Dominance of this segment was due to availability of private and public funding for the purchase of movable imaging systems in North America. Moreover, initiatives from regional governments to modernize hospitals in their respective regions boosts market growth. Furthermore, increasing geriatric population and availability of competitively priced mobile C-arms also support market growth. These factors collectively fuel the growth of the operating room equipment market.
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Geographically, North America, which is a cumulative market for the U.S. and Canada, held a major share of the market in 2014 primarily due to replacement of conventional equipment with new and technically advanced versions with innovative features. Continuous rise in the number of ambulatory surgical centers (ASCs) is also expected to create demand for operating room equipment such as operating tables, operating room lights, and surgical booms.
Europe followed by Asia Pacific are likely to be the fastest emerging markets in the next few years. This is attributed to consistent growth of the operating room equipment market, continued technical advances in operating room equipment, large geriatric population, rising number of surgical procedures, and increasing demand for minimally invasive surgical techniques.
Key players profiled in the operating room equipment market report include Allen Medical (Hill ROM), GE Healthcare, KARL STORZ GmbH & Co. KG, Mizuho OSI, Maquet Holding B.V. & Co. KG (Getinge AB), Olympus Corporation, Philips Healthcare, Siemens Healthcare, Skytron, LLC, Steris Corporation, Stryker Corporation, and TRUMPF GmbH + Co. KG.
Table of Content
2. Executive Summary
3. Global Operating Room Equipment Market – Industry Analysis
4. Market Segmentation – By Product Type
5. Market Segmentation – By Geography
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