Newark, NJ, April 09, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global operating room equipment market is expected to grow from USD 28.19 billion in 2019 and to reach USD 41.01 billion by 2027, growing at a CAGR of 5.8% during the forecast period 2020-2027.
An operating room also called as a surgery centre, which requires highly functional equipment for the surgeons and other personnel use to perform lifesaving surgeries. Each equipment serves the specific purpose to perform the surgeries in an effortless manner in the operating room. It includes specialized equipment such as patient monitors, emergency resuscitative devices, respiratory and cardiac support, and diagnostic tools. In addition to this, other equipment includes disposable and consumables such as urinary (Foley) catheters to drain urine during surgery, chest and endotracheal tubes, and monitoring electrodes.
The operating room equipment market is witnessing the rapid growth from the past few years. The growth is mainly due to an increasing number of surgical procedures across the globe. In addition to this, the rising prevalence of chronic diseases, further driving the growth of the market. Demand for technologically advanced equipment in the operating room, also boosting the growth of the market. Moreover, the rising trend of minimally invasive surgeries and hybrid operating room is likely to provide the new growth opportunities for the vendors in the operating room equipment market. However, the high cost of operating room equipment is projected to hinder the growth of the market over the forecast period.
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Key players operating in the global operating room equipment market include Drägerwerk AG & Co. KGaA (Dräger), STERIS Corporation, Getinge Group, Medtronic, Inc., Stryker Corporation, GE Healthcare, Hillrom, Philips Healthcare, Mizuho OSI, and KARL STORZ GmbH & Co. KG, among others. High research and development activities to develop the new product and integration of advanced technologies in the operating room equipment are some of the key strategies adopted by the key vendors to gain the significant share in the market. Furthermore, with the outbreak of global pandemic Covid-19 at the end of the year 2019, has increased the demand for ventilators. Thus, many companies have ramped up the production of ventilators to fulfil the need of hospitals.
- For instance, in August 2016, Getinge Group and GE healthcare jointly developed a new, highly flexible angiography solution for surgery, interventional and Hybrid operating room (OR) procedures in the United States.
- In March 2020, Hillrom announced that the company had doubled the production of critical care products such as ventilators, vital monitoring devices, and hospital beds necessary to meet COVID-19 patient needs.
- In December 2019, GE Healthcare invested around USD 240 million in the CMR Surgical, the company developing, manufacturing and marketing the next-generation surgical robotic system, to bring the benefits of minimal access surgery to more patients around the world.
- In July 2018, Mizuho OSI announced the launch of speciality surgery, general surgery, and operating room technology solutions at the Florida International Medical Expo (FIME) 2018.
The anesthesia devices segment dominated the global operating room equipment market and held the dominant market share of 35.28% in the year 2019
Based on type, the market is segmented into anesthesia devices, endoscopes, operating room tables, operating room lights, electrosurgical devices, surgical imaging devices, patient monitors, and others. The anesthesia devices segment dominated the global operating room equipment market and held the major market share of 35.28% in the year 2019. Anesthesia devices are commonly used by healthcare professionals during the surgical procedures to prevent the patient from feeling the pain during the surgery. It makes the patient unconscious, and anesthesia devices monitor the patient’s vitals during the procedure. The increasing technology integration and growing usage of these devices, boosting the growth of the market.
Ambulatory surgery centers (ASCs) segment is projected to grow at the highest CAGR of 7.25% over the forecast period
Based on the end-use, the global operating room equipment market is classified into hospitals, outpatient facilities, and ambulatory surgery centres (ASCs). Ambulatory surgery centers (ASCs) segment is projected to grow at the highest CAGR of 7.25% over the forecast period. These are the modern surgical facility which provides the same-day surgical care for the patients. Increasing number of ambulatory surgery centers (ASCs) to perform the surgeries is one of the key factors driving the growth of the market.
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Regional Segment Analysis of the Operating Room Equipment Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global operating room equipment market classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region dominated the global operating room equipment market and accounted for the highest market share of 39.56% in the year 2019. Highly advanced healthcare sector and healthcare facilities is one of the key factors contributing to the growth of the market in this region. In addition to this, rising geriatric population and high prevalence of chronic disease across the region, further propelling the market growth. Furthermore, increasing trend to upgrade the existing hospital infrastructure, have led the demand for operating room equipment in the countries such as the U.S. and Canada. Moreover, the U.S. has the highest number of cases of Covid-19 in the world, which has further increased the demand for more ventilators, beds, and other disposables and consumables in the year 2020. On the other hand, the Asia Pacific region is anticipated to grow at the highest CAGR of 7.5% over the forecast period. Increasing investment in the healthcare sector for the development of advanced facilities in the hospitals, driving the growth of the market. In addition to this, rising awareness about the advanced operating room equipment in the region, further boosting the growth of the market in the Asia Pacific region.
About the report:
The global operating room equipment market is analysed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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