Operating Room Equipment Market to Benefit from Increasing Number of Ambulatory Centers Globally
Published On : May 12, 2016 | Category : Healthcare
An operating room, also known as an operating suite or operation theatre, is a facility wherein all kinds of surgical procedures take place on patients for the treatment of different pathological or physiological conditions within a sterile environment. The operating room, comprising technically advanced equipment, enables better operational efficiency and enhanced patient care by empowering healthcare professionals and surgeons with the ease of handling surgeries and greater flexibility. Technological advancements have brought in a lot of improvements in surgical procedures.
Hybrid operating rooms are a case in point. These are a sophisticated form of operation theaters that feature the integration of imaging modalities with surgical functions and thus ensure improved operational efficiency. Operating rooms have become more commodious with advanced and new operating equipment becoming an integral part of the latest hybrid operating rooms. The global operating room equipment market stood at US$ 23.95 bn in 2014 and is anticipated to touch US$42.87 bn by 2023, rising at a 6.90% CAGR between 2015 and 2023.
Increasing Count of Surgical Procedures to Boost Operating Room Equipment Market
The rising number of ambulatory centers and increasing product innovations owing to technological advancements are amongst the top factors stimulating the growth of the market for operating room equipment. In addition¸ the increasing count of surgical procedures globally and the rising aging population also propel the development of the market. Furthermore, the growing occurrence of a number of chronic diseases also impacts the market positively. The increased affordability of C-arms further aids the market’s growth. On the other hand, the soaring cost of operating room equipment is a key factor impeding the growth of the market.
Movable Imaging Systems Led Market in 2014
In terms of product type, the market for operating room equipment is segmented into biomedical systems, movable imaging systems, anesthesia systems, endoscopes, operating room lights, operating tables, operating room integration systems, surgical imaging displays, microscopes, and surgical booms. Amongst these, in 2014, movable imaging systems held the largest share in the market owing to the availability of public and private funding for purchasing these systems. In addition, a number of initiatives being taken by governments globally for the modernization of hospitals is also increasing demand for movable imaging systems.
Europe Operating Room Equipment Market to Expand at Fastest Growth Rate
In terms of geography, the operating room equipment market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, in 2014, North America held the largest share in the market owing to the introduction of technologically advanced equipment in place of traditionally utilized equipment in the region of North America. On the other hand, Europe is predicted to be the most swiftly growing market for operating room equipment and will be trailed by the Asia Pacific region. This is due to the ongoing development of the overall market for operating room equipment, the increasing aging population in Europe, the rising demand for minimally invasive surgical techniques, and the increasing count of surgical procedures within Europe.
The key players operating in the market for operating room equipment are GE Healthcare, Allen Medical (Hill ROM), KARL STORZ GmbH & Co. KG, Olympus Corporation, Mizuho OSI, Maquet Holding B.V. & Co. KG (Getinge AB), Philips Healthcare, Skytron, LLC, Siemens Healthcare, Steris Corporation, TRUMPF GmbH + Co. KG, and Stryker Corporation, among others.
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