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.
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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.
Medical Tourism Creates High Demand for Operating Room Equipment in APAC
The Asia Pacific sales of operating room equipment have been relatively lower than those in North America and Europe, but this is expected to change over the coming years. This regions is showing a high and optimistic scope for players to expand their portfolio, and one of the key reasons for this is the growth of medical tourism. Patients from developed economies preferring the cheaper medical practices in Asia Pacific have significantly improved the revenue stream of this region, providing a highly attractive market space for global and regional operating room equipment players alike.
The current scope of providing operating room equipment lies in healthcare organizations in the Asia Pacific that offer surgical practices for joint replacement, cosmetics, dental procedures, and cardiac issues. The influx of revenue through medical tourism has also prompted the national governments to invest in this sector, improving the chances of operating room equipment players gaining a solid revenue stream.
North America was the dominant region for operating room equipment revenue generation in 2014, followed by Europe. Both regions have consistently been at the top in terms of using modern medical concepts in advanced healthcare infrastructures. This has allowed key players from the region to put a greater focus on innovation and product improvements, further expanding the scope of revenue generation in these regions.
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.
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