Global Operating Room Equipment Market worth is expected to rise at a rate of 4.3% per year to USD 52.3 Billion by 2032, supported by:
| Attributes | Details |
|---|---|
| Estimated Base Year Value (2022) | USD 33.8 Billion |
| Expected Market Value (2032) | USD 52.3 Billion |
| Projected Growth Rate (2022 to 2032) | 4.5% |
The COVID-19 epidemic and the spike in demand for hospital goods during this period, such as beds, sterilizing equipment, personal protective gear, and surgical supplies, are the major causes of the rise of the global operating room equipment market in recent years. From 2020 to 2022, the market was observed to increase at a CAGR of 4.5%, reaching USD 33.8 billion in the year 2022.
An operating room (OR) is a must for all ASCs in order to perform operations. Hence the expanding global ASC industry is a major driver of the operating room or OR equipment market share. Numerous surgeons, nurses, anaesthesiologists, and technicians collaborate in this complicated setting seamlessly, which is the major reason for the proliferation of the operating room equipment market size in the last few years.
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A recent development in the operating room equipment is the hybrid operating room which is also turning out to be a remarkable opportunity for market participants to provide a complete system of the operating room to their clients. An alternative to traditional operating rooms, hybrid operating rooms feature cutting-edge medical imaging technology and tools that facilitate high-quality interventional radiography and non-invasive procedures.
Globally, the number of hybrid operating rooms in medical facilities has grown with the support of government spending in an effort to upgrade the existing healthcare infrastructure of their countries. Along with this, private hospitals are also promptly adopting hybrid ORs as they enable surgeons to execute operations with ease because they provide a sterile operating room setting.
Another significant development was bought by Mazor Robotics in December 2018, which is Medtronic's subsidiary, Restorative Therapies Group. Through the integration of Mazor's robotic-assisted surgery systems for spine implants, navigation, and intra-operative imaging technologies, the company provides a completely integrated procedural solution for surgical planning, execution, and confirmation. Such advancements have changed the business orientation for operating room equipment market key players from simple general procedure equipment to high-end specific purpose equipment.
However, due to the high cost of the accompanying equipment, the overall sales of the operation room equipment have remained limited to completely established healthcare institutions. Also, depending on the nation, the surgical technique, and the equipment utilized for the surgical process, the standard parameters and expenses vary, posing a major challenge for market participants to expand their business in new regions.
Understanding hospital costs is essential to understanding value-based care, and they become even more significant for operating room equipment manufacturers when examining cost-saving surgical treatments. So over the projected period, the major market players are expected to expand their business through collaboration with the local players to get a better reach in regional markets.
Sales of operating room equipment are expected to rise along with the increase in regulatory approvals for the operating room equipment market. In addition to this, demand for operating room equipment is rising on account of an increase in government investments, funds, and grants worldwide and due to the growing number of hospitals.
Increasing patient preference for minimally invasive surgeries and an increase in the number of geriatric patients combined with an increase in the number of surgeries globally are also projected to contribute to the growth of the operating room equipment market share.
Some of the critical operating room equipment market trends promoting the demand for operating room equipment include a boom in OR equipment investments grants and money by government agencies around the world. There has been an increase in the adoption of operating room equipment in medical settings. The expensive cost of operating room equipment, on the other hand, is projected to stifle market expansion.
Healthcare professionals and surgeons are increasingly demanding operating rooms with technologically advanced technologies that are easy to use and flexible, resulting in improved operational efficiency and patient care. As a result, the worldwide operating room equipment market is significantly impacted.
Presently, sales of operating room equipment are driven by technological advancement in the healthcare sector, increase in the number of surgery procedures around the globe, increase in the number of ambulatory surgical centers, rise in the aging population and increase in the prevalence of chronic disease.
However, high costs associated with the latest technological devices are a significant barrier to the global demand for operating room equipment.
An operating room equipped with technically advanced equipment ensures better patient care and enhanced operational efficiency by empowering surgeons and other healthcare professionals with greater flexibility and ease of handling.
Rapid technological advancement has brought a lot of changes in the way of surgical procedures are carried out today around the globe.
Operating rooms are becoming more spacious with new and advanced operating equipment that have become an essential part of modern hybrid operating rooms, leading to growing sales of operating room equipment.
The sales of operating room equipment are primarily characterized by growing demand for operating room equipment that is technically advanced as healthcare providers across the globe are increasingly adopting the concept of hybrid operating rooms.
A hybrid operating room combines the surgical and non-surgical functions such as diagnostics, radiology, patient monitoring, etc., in one place and provides surgeons with greater operational flexibility by enabling access to advanced imaging modalities such as C-arm, CT scanners, MRI scanners, and others.
With rapid technological advancement, increase in the number of ambulatory surgical centers, rise in the aging population, increasing demand for operational efficiency, increase in the prevalence of chronic disease, and increase in the number of surgery procedures around the globe, the operating room equipment global market is expected to have a healthy growth rate in the sales of operating room equipment during the forecast period.
Depending on geographic regions, the global operating room equipment market is segmented into seven key regions following the rising demand: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa. The demand for operating room equipment is rising steadily on a global level.
North America is the leading market for sales of operating room equipment due to rapid technological innovations and massive investment in research and development in this region.
Whereas Europe and Asia-Pacific are projected to grow the sales of operating room equipment at a substantial growth due to large consumer base, rising government initiatives for enhancing healthcare infrastructure, and high disposable income will contribute to the global demand for operating room equipment exhibiting a robust CAGR during the forecast period.
Some of the key participating global players in the operating room equipment market are Getinge AB, Creative Health Tech Pvt. Ltd., Stryker Corporation, Siemens Healthcare GmbH, STERIS Corporation, Trumpf Medical, BERCHTOLD Corporation, and others.
Operation theatres are one of the most significant revenue-generating sources for hospitals, with a high share in the sales of operating room equipment. Hence, they are a priority for them to upgrade. In addition, the growing need for hybrid operating rooms and increased expenditures in infrastructure and innovative technology to achieve more efficient outcomes are likely to fuel the demand for operating room equipment.
Getinge AB released an improved version of its mechanical ventilator, the Servo-u 4.0, in March 2019 with tailored lung protection and transpulmonary pressure monitoring functions to make difficult treatments easier for physicians while also making it safer for patients to combat the growing demand for operating room equipment.
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| Report Attributes | Details |
|---|---|
| Growth rate | CAGR of 4.5% from 2022 to 2032 |
| Base year for estimation | 2021 |
| Historical data | 2015 to 2020 |
| Forecast period | 2022 to 2032 |
| Quantitative units | Revenue in USD million, volume in kilotons, and CAGR from 2022 to 2032 |
| Report coverage | Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis, |
| Regional scope | North America; Western Europe; Eastern Europe; Middle East; Africa; ASEAN; South Asia; Rest of Asia; Australia and New Zealand |
| Country scope | USA, Canada, Mexico, Germany, UK, France, Italy, Spain, Russia, Belgium, Poland, Czech Republic, China, India, Japan, Australia, Brazil, Argentina, Colombia, Saudi Arabia, UAE, Iran, South Africa |
| Key companies profiled | STERIS Corporation; Getinge AB; Stryker Corporation; Trumpf Medical; Creative Health Tech Pvt. Ltd.; iemens Healthcare GmbH; and others. |
| Customization scope | Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. |
The operating room equipment market is likely to register a CAGR of 4.5% during the forecast period.
Key players holding substantial operating room equipment market share include STERIS Corporation, Getinge AB, Stryker Corporation, Trumpf Medical, Creative Health Tech Pvt. Ltd., Siemens Healthcare GmbH, and others.
As per the analysis, the operating room equipment market share is likely to be US$ 42 Bn by2027
| Market Size - 2023 | USD 293.5 million |
|---|---|
| Market Size - 2033 | USD 945.9 million |
| CAGR (2023 to 2033) | 12.4% |
| Projected Forecast Value (2023) | USD 889.9 million |
|---|---|
| Projected Forecast Value (2033) | USD 1301.8 million |
| Growth rate (2023 to 2033) | 3.9% CAGR |
| Market Value (2022) | USD 2,453.72 Million |
|---|---|
| Market Forecast Value (2032) | USD 5,297.39 Million |
| Market CAGR (2022 to 2032) | 8% |
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