Published: Nov, 2016
The global operating room equipment market in 2014 was a fragmented one in terms of competition. GE Healthcare, Philips Healthcare, and Siemens Healthcare, the leading players in this market at the time, held close to 47% of the market’s revenue generation capacity. More than 40% of the global operating room equipment market was in the hands of the numerous regional entities looking to broaden their shares in the market.
According to Transparency Market Research, the global operating room equipment market is expanding at a CAGR of 6.68% in terms of revenue, within a forecast period from 2015 to 2023. It is calculated to be at US$27.27 bn by the end of 2016 and is likely to reach US$42.87 bn by the end of 2023. In terms of product types, the global operating room equipment market is expected to remain under the lead of movable imaging systems, which is expected to generate US$13.43 bn in revenue by 2023. At the same time, the current forecast period titles operating room integration systems as the leading product type in growth rate across the market.
APAC Shows Positive Scope of Opportunities in Operating Room Equipment Adoption
North America has by far been the leading region as far as consumption rate of operating room equipment is concerned. By the end of 2023, North America is expected to generate more than US$18 bn in revenue within the global operating room equipment market, after continuing to grow at a pace favorable for all players settled here. However, Asia Pacific is known to be the land of opportunities in the global operating room equipment market for all players looking to form a sustainable and high demand for themselves. Asia Pacific is showing a whopping 8.28% CAGR from 2015 to 2023 in terms of revenue generation. While it will only be close to half of what players may generate in 2023, the sheer rate at which this region is growing shows its readiness to adopt modern equipment from top class players as well as new entrants.
ASCs and Hybrid Operating Room Numbers on the Rise, Make Room for Higher Consumption of Operating Room Equipment
Ambulatory surgical centers are becoming a very popular trend, especially in developed countries, due to the reduction in time and cost per patient. Their essentially out-patient method of treatment makes it sure that each patient gets treated with the minimal possible expenditure. “For any ASC to function properly, they not only need an operating room, but one with equipped with modern devices and tools, including operating tables, operating booms, and operating lights. This will continue to provide manufacturers of operating room equipment a positive rate of growth,” states a TMR analyst.
A similarly high demand for advanced operating room equipment is being shown by hospitals undertaking the creation of hybrid operating rooms, where surgical and non-surgical functions can take place within a single room.
High Costs Still a Barrier for Many Operating Room Equipment Manufacturers
The average cost of operating room equipment for a healthcare provider will range anywhere between US$30,000 to as much as US$150,000, for common and necessary equipment such as patient warmers and other biomedical systems, surgical imaging display, movable imaging system, and electrical surgical units. This is far too expensive to small and even medium-sized healthcare providers and therefore severely restricts the total volume of consumption of operating room equipment. With large healthcare providers being the key clients, the players in the global operating room equipment market need to battle it out to gain long-terms contracts to ensure sustainability. “The situation will likely improve for manufacturers,” adds the TMR analyst, “As a lot of opportunities are bound to pop up in emergent economies. Asia Pacific is a prime region for healthcare activities due to a growing patient pool and its booming medical tourism industry. Players in the global operating room equipment market could focus on APAC countries for a sustained growth rate in the coming years.”
The information presented in this review is based on a Transparency Market Research report, titled, “Operating Room Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023.”
Key segments of the Global Operating Room Equipment Market
Global Operating Room Equipment Market, by Product Type
- Movable Imaging Systems
- Biomedical Systems
- Anesthesia Systems
- Operating Tables
- Operating Room Lights
- Surgical Imaging Displays
- Operating Room Integration Systems
- Surgical Booms
Global Operating Room Equipment Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Rest of the World
- Latin America
- Middle East & Africa
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