Operating Room Equipment Market is Poised to Reach US$ 42,873.3 Million by 2023


Global Operating Room Equipment Market: Snapshot

The prevalence of chronic diseases is undeniable and lifestyle-inflicted disorders are on the rise too. Additionally, geriatrics are now constituting for a prominent percentage of the world’s population. All these factors have led to an escalation in the number of surgeries across the globe. Considering the number and range of surgical procedures being conducted on a daily basis around the world, most operating rooms today now have to be 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. Consequently, the operating room equipment market has been witnessing steady growth over the years.

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A recent trend observed in the operating room equipment 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 6.7% CAGR during the forecast period. The value of the operating room equipment market is poised to reach US$42,873.3 million by 2023.

Complex Surgeries Warrant Need for Operating Tables with Varied Functions and Features

Product-wise, this report segments the operating room equipment market into endoscopes, biomedical systems, movable imaging systems, surgical booms, operating room integration systems, microscopes, surgical imaging displays, operating room lights, operating tables, and anesthesia systems. As of 2017, the movable imaging systems segment held a strong position in the operating room equipment market, generating a revenue of US$8,384.9 million. Over the course of 2017 to 2023, this segment is poised for rapid growth 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.

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Biomedical systems, which comprises of patient warmers, electrical surgical units (ESUs), patient monitoring systems, suction systems, pumps surgical tourniquets, and others, is the second most lucrative product segment of the operating room devices market. In 2017, this segment generated a revenue of US$7,785.1 million and is projected to hold onto its second position in terms of demand potential.

Operating Room Integration Systems Primed for Robust Growth Rate

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. The global operating room integration systems market is estimated to be worth US$1,042.0 million by 2023, registering an above-average CAGR of 9.3% during 2017 to 2023.

The analyst of the report has also foreseen the segment of operating tables to expand profitably in the near future, which can be attributed 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.

North America and Europe Key Regional Market

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 upgrading of operating room equipment, giving these two regional markets a significant boost. By 2023, the North America operating room equipment market is estimated to be worth US$18,696.9 million, whereas the European region will generate a demand of valuation US$11,453.6 million by the same year.

Medical Tourism Boosts Opportunities in APAC and LATAM

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.