According to the current analysis of Reports and Data, the Hospital Operating Room Equipment Market was valued at USD 27.16 billion in 2019 and is expected to reach USD 35.96 billion by the year 2027, at a CAGR of 3.6%. The equipment used in the various surgical procedures in the operating rooms present in hospitals and clinics is of crucial importance for patient compliance. The operating rooms equipment market is widely driven by the increasing favourable funding scenario by government and other bodies. Moreover, number of hospitals in various developing regions such as China, India, and others has expanded as a result of increased medical tourism. Hospital Operating Room Equipment market in regions such as Thailand, the Philippines, Malaysia, and Taiwan regions are growing at a faster pace as more hospitals and clinical setups are introduced in the region. The increasing technological advancements in the Hospital Operating Room Equipment for better outcomes in the surgical procedures are expected to fuel the market. For instance, hybrid operating room is designed with the latest interventional devices and medical imaging systems.
The technology has successfully reshaped the industrial dynamics of healthcare. Additionally, the rising geriatric population, which is considered to be highly prone to various diseases owing to surgical assistance, would also contribute to the market growth. For instance, the World Population Prospects by the United Nations estimate that the global geriatric population is expected to double by 2050, and is expected to be 2.1 billion in 2050 from 962 million in 2017. The risings cases of chronic diseases, roadside accidents, and household mishaps could also drive the market intensely in various regions. For instance, according to the American College of Cardiology, cardiovascular diseases remain the leading cause of death in chronic diseases. In 2019, there were around 1,055,000 cases of coronary events recorded in the United States. Advanced infrastructure of operating rooms equipped with technically advanced devices offers ease of handling and greater flexibility to ensure better operational efficiency and patient care. For instance, monitors used in operating room are now voice-controlled surgical technology which is a safety improvement trend. This, in turn, is expected to have a significant impact on the global demand for equipment for the operating rooms. Furthermore, huge investments are provided to multiple specialty hospitals to improve their facilities and infrastructure for patient health. However, the price and unaffordability in emerging economy could be a restraining factor that may hinder the market growth during the forecast period.
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Further key findings from the report suggest
- Various technological innovations in devices and systems along with mergers and acquisitions, are increasing the market growth. For instance, KT Corporation, which is Korea’s largest telecommunication company and Samsung Medical Center have jointly introduced world’s first 5-G powered medical service which is the first step to introduce a 5G smart hospital.
- In addition, rapid adoption of the Anesthesia Information Management Systems (AIMS) in the hospitals contributes to the large share of the revenue share during the forecast period. Hospitals all over the world are focusing on investing in the upgradation of operation theaters owing to the growing demand for hybrid operating rooms and increasing investments in infrastructure & advanced technologies for efficient outcomes.
- Furthermore, the advanced and innovative technology includes various innovative features such as autonomous robot for operating rooms, digital diagnostic pathology, and artificial intelligence enabled care for in-patients and many other features.
- Many institutes have invested to build highly equipped and other important facilities in the operating rooms for efficient results. For instance, Jupiter Medical Center has introduced a project representing a surgical institute worth USD 80 million. The institute is a 90,000 square feet area and includes 16 smart operating rooms with two other hybrid operating rooms.
- Furthermore, the smart operating rooms are designed to accommodate the facilities required for cardiovascular, orthopedic and general operations. The hybrid operating rooms would include minimally invasive surgeries and other open surgical procedures. The institute is expected to be open by the year 2023.
- The rise in the prevalence of pathological and physiological diseases has led to a surge in the number of surgical procedures. Moreover, minimally invasive surgeries are gaining pace among patients for their numerous benefits, including minimal trauma, cost-effective procedures, and reduced hospital stays. All these factors increase the demand to upgrade operating rooms with reliable and efficient equipment, which eventually is expected to contribute to the global expansion of the Hospital Operating Room Equipment market.
- Hospital Operating Room Equipment manufacturers are offering next generation ultrasonic surgical devices to simplify complex surgical procedures. For instance, Modern ultrasonic surgical devices are multifunctional instruments that is capable of performing tissue plane dissection, coagulation, and transection during laparoscopic or open surgical procedures. Such products are expected to provide traction to the market during the forecast period.
Competitive Outlook of the Global Hospital Operating Room Equipment Market
The globla Hospital Operating Room Equipment market study focuses on the revenue growth trajectories of the leading companies in this market. This section of the report throws light on the highly competitive landscape of the Hospital Operating Room Equipment market, pointing out the major players. The report further discusses the strategic initiatives undertaken by each of these market players, including mergers & acquisitions, collaborations, joint ventures, new product launches, new business deals, and technological innovations.
Top Companies Profiled in the Report:
Koninklijke Philips N.V., STERIS plc, Stryker Corporation, Siemens Healthineers, Hill-Rom Holdings, Inc., Medtronic, Inc., Drägerwerk AG & Co. KGaA, Getinge Group, GE Healthcare, and Mizuho OSI.
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The report is inclusive of product type outlook, application spectrum, end-use outlook, technology landscape, regional market analysis, and competitive overview.
Hospital Operating Room Equipment Market Segmentation:
By Type Outlook (Revenue in Million USD; 2017–2027)
- Anesthesia Machines
- Electrosurgical Units
- Diagnostic Imaging Devices
- Multi-parameter Patient Monitors
- High Acuity
- Medium Acuity
- Low Acuity
- Surgical Imaging Devices
- Mobile C-Arms
- Mini C-Arms
- Operating Tables
- Traditional Lights
- LED Lights
- Operating Room Lights
- Others
By End Use Outlook (Revenue in Million USD; 2017–2027)
- Hospitals
- Outpatient Facilities
- Ambulatory Surgery Centers (ASCs)
Geographic Segment Covered in the Report:
The Hospital Operating Room Equipment report provides information about the market area, which is further subdivided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.
- North America (USA and Canada)
- Europe (UK, Germany, France and the rest of Europe)
- Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
- Latin America (Brazil, Mexico, and the rest of Latin America)
- Middle East and Africa (GCC and rest of the Middle East and Africa)
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