New York, March 23, 2020 (GLOBE NEWSWIRE) -- According to the current analysis of Reports and Data, the Operating Room Equipment market was valued at USD 27.16 billion in 2018 and is expected to reach USD 35.96 billion by the year 2026, 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 government funds and rising number of hospitals in various developing regions such as China, India, and others. In regions such as Thailand, the Philippines, Malaysia, and other regions are growing at a faster pace as more hospitals and clinical setups are introduced in the region. The increasing technological advancements in the operating room equipment for better outcomes in the surgical procedures are expected to fuel the market.
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.
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In 2019, there were around 1,055,000 cases of coronary events recorded in the United States. Healthcare professionals and surgeons are increasingly demanding operating rooms equipped with technically advanced devices that offer ease of handling and greater flexibility to ensure better operational efficiency and patient care. It, in turn, is expected to have a significant impact on the global demand for equipment for the operating rooms.
Various emerging economies and growing healthcare expenditure by the government are expected to be the market drivers. Furthermore, huge investments are provided to multiple specialty hospitals to improve their facilities and infrastructure for patient health. However, the high cost of the operating room equipment could be a restraining factor that may hinder the market growth during the forecast period.
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.
- Furthermore, the advanced and innovative technology includes various innovative features such as autonomous robot for operating rooms, digital diagnostic pathology, 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 operating room equipment market.
- Key participants in the market include 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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For the purpose of this report, Reports and Data has segmented the Operating Room Equipment market on the basis of type, end use and region:
By Type Outlook (Revenue in Million USD; 2016–2026)
- 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; 2016–2026)
- Hospitals
- Outpatient Facilities
- Ambulatory Surgery Centers (ASCs)
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Regional Outlook (Revenue in Million USD; 2016–2026)
- North America
- U.S
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
About Reports and Data
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