Technology has revolutionized healthcare in more ways than one. In particular, technology has been exceptionally beneficial for improving surgeries. The emergence of research platforms and operating room laboratories has been instrumental in developing new prototypes for operating room environments. The improvement in the design of operating rooms and paraphernalia is being carried out in close collaboration with clinicians, scientists, technologists, and clinicians. On account of these factors, the global operating room equipment market has remained dynamic and is expected to display a CAGR of 6.68% from 2015 to 2023, says Transparency Market Research.
Movable Imaging Systems to Remain Top Operating Room Equipment Product Segment
In 2014, movable imaging systems as a market segment had garnered over US$6 bn or around 28% of the total revenue. This segment is currently expected to be the fastest growing in terms of revenue. A major reason for this segment’s rapid growth is the high amount of funding provided by government bodies to promote the use of movable imaging systems, especially in North America. Even on a regional level, there are major efforts being taken to modernize hospitals that are supported by state or local organizations.
The segment of operating room integration systems, however, is expected to be the fastest growing segment between 2015 and 2023, owing to a high demand for smart infrastructure and improved connectivity within hospital and medical devices. Key providers of operating room equipment in the world include Stryker Corporation, Steris Corporation, Olympus Corporation, GE Healthcare and Allen Medical.
Global Operating Room Equipment Market: Snapshot
Operating rooms usually form the bulk of a hospital’s expenses. As such, the companies that provide operating room equipment can gain major revenues by providing for leading names in the healthcare industry. The operating room equipment companies are also becoming rapidly aware of the current market need for reducing costs of equipment to make the market more approachable, while consumers are showing a decline in healthcare expenditure, owing to rising costs and unfavorable healthcare policies and reimbursement schemes.
The advent of hybrid operating rooms is also beneficial to the providers of operating room equipment. Hybrid operating rooms can lend more flexibility to the doctor and the patient as well. They also impart a better level of health safety to the patient and maintaining a high level of operational efficiency. As a result, the global operating room equipment market is progressing at a CAGR of 6.68% from 2015 to 2023. This market was valued at US$23 bn in 2014 and is expected to reach around US$42 bn before the end of 2023.
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- What are the major forces driving the growth of the global operating room equipment market?
In recent years, the advent of ambulatory surgical centers (ASCs) has augured well for the growth of the operating room equipment market. This new approach to provide surgical services for patients that do not require hospitalization has been exhibiting a substantially high demand for operating room equipment.
For instance, as revealed by the Centers of Medicare and Medicaid Services, in 2012, in the U.S., the number of Medicare-approved ASCs stood at 5,000. This establishes the growing importance of ASCs in developed economies for providing seamless medical services. This, in turn, will provide immense growth opportunities for vendors of operating room equipment.
The advent of hybrid operating rooms has also been beneficial for the growth of the operating room equipment market. Not only do hybrid operating rooms extend more flexibility to both doctors and patients, but they also ensure an improved level of patient health safety and high operational efficiency.
- How is the growth scenario of the global operating room equipment market in Asia Pacific?
It can be described as lucrative. Whilst the sales of operating room equipment have been low in Asia Pacific previously, the scenario is expected to change in the coming years. Manufacturers of operating room equipment are likely to receive ample opportunities to expand their portfolio due to certain favorable factors. First and foremost, the emergence of Asia Pacific as a center for medical tourism has been instrumental in the growth of the operating room equipment market. Patients from developed countries are increasingly traveling to Asia Pacific for medical treatment due to the affordable cost without compromising on the quality of care.
The modernization of medical services in Asia Pacific is also expected to bode well for the development of the global operating room equipment market. In particular, the growth of multispecialty hospitals in India is where global and regional players can look to for growth.
- Which product segment has been faring well in this market in recent years?
Movable imaging systems contributed a significant 28% of the overall revenue in 2014. In the coming years, this product segment is expected to display the fastest growth in terms of revenue due to the high amount of funding provided by state healthcare departments to promote the use of movable imaging systems.
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