Global Operating Room Equipment Market: Snapshot
Considering the number and range of surgical procedures being conducted on a daily basis around the world, most operating rooms today are equipped with technologically advanced equipment and functions that can ensure better handling by surgeons and other staff, more flexibility, greater operational efficiency, and better results. The operating room equipment market has been witnessing steady growth over the years as surgeries become more complex.
A recent trend observed in this market is the creation of hybrid operating rooms, wherein surgical as well as non-surgical functions are being carried out. Some key nonsurgical functions include radiology, diagnostics, and patient monitoring.
With a highly fragmented vendor landscape, the operating room equipment market is characterized by the presence of a number of leading companies. Most of them are focused on innovation, pushing the market to expand at a strong 6.68% CAGR during the forecast period. The value of the operating room equipment market is poised to reach US$42 bn by 2023.
Complex Surgeries Warrant Need for Operating Tables with Varied Functions and Features
Movable imaging systems hold a strong position in the operating room equipment market, in terms of revenue. The segment is poised for rapid growth through 2023 owing to increased funding by government bodies, especially in North America, for the promotion of movable imaging systems. There are several ongoing efforts at regional scales as well, to modernize and upgrade hospitals supported by state or local organizations. This is likely to positively impact the sales and adoption of movable imaging systems.
Operating room integration systems are also slated to register impressive growth over the course of the forecast period thanks to increased demand for improved connectivity between medical devices and the hospitals they are being used in and the rising development of smart infrastructure at medical facilities.
Operating tables also form a key segment of the global operating room equipment market, thanks to the constant evolution of surgical procedures around the world. As surgeries become more and more complex, the need for technologically advanced, varied, and ergonomically designed operating tables has emerged.
Medical Tourism Boosts Opportunities in APAC and LATAM
Based on geography, the operating room equipment market is segmented into Europe, North America, Asia Pacific, and Rest of the World. North America and Europe are two of the largest markets for operating room equipment, considering the greater affordability of countries in these regions to purchase and install advanced medical devices. The scope of revenue generation has been consistently expanding in Europe and North America, with companies focusing on product innovation and improvement. There is also a strong demand for constant upgradation of operating room equipment, giving these two regional markets a significant boost.
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Asia Pacific and Latin America are highly lucrative markets for operating room equipment, driven primarily by improving healthcare infrastructure and greater population density. An increasing number of companies are finding countries in these two regions to be rather sustainable for the long run, enabling the regional markets to exhibit an optimistic outlook. Medical tourism has played a very important role in the Latin America and Asia Pacific operating room equipment markets, with an increasing presence of large global players in countries such as Brazil, Mexico, India, Malaysia, and Indonesia.
Steris Corporation, Philips Healthcare, Stryker Corporation, KARL STORZ GmbH & Co. KG, Olympus Corporation, GE Healthcare, Skytron, LLC, TRUMPF GmbH + Co. KG., Maquet Holding B.V. & Co. KG (Getinge AB), Siemens Healthcare, Mizuho OSI, and Allen Medical (Hill ROM) are some of the top companies operating in the operating room equipment market.
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