Wilmington, Delaware, United States, June 20, 2023 (GLOBE NEWSWIRE) -- The global operating room equipment market stood at US$ 35.2 billion in 2021, and the global market is projected to reach US$ 56.8 billion by 2031. The global industry is anticipated to record a CAGR of 4.6% between 2022 and 2031.
The value of the operating room equipment market is increasing, owing to the rapid advancements in technology, which are revolutionizing the field of operating room equipment. Innovations such as minimally invasive surgical techniques, robotic-assisted surgeries, and advanced imaging systems are enhancing the precision, efficiency, and safety of surgical procedures. The demand for cutting-edge operating room equipment will continue to grow, as healthcare providers increasingly adopt these advanced technologies.
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Increasing surgical procedures, is another significant factor contributing to the market growth. The rising prevalence of chronic diseases, an aging population, and the growing demand for elective surgeries are driving the number of surgical procedures worldwide. There is a corresponding need for advanced operating room equipment, with a greater number of surgeries being performed, to facilitate efficient and successful procedures. The growing demand for surgical interventions will fuel the expansion of the operating room equipment market.
The market prospects have been driven by factors such as growing demand for ambulatory surgical centers. Ambulatory surgical centers (ASCs) are gaining popularity as cost-effective alternatives to traditional hospitals for outpatient surgeries. ASCs provide a more convenient and comfortable environment for patients, leading to increased patient preference for these facilities. There will be a corresponding rise in the demand for operating room equipment specifically designed for these settings, as the number of ASCs continues to grow.
Key Findings of the Market Report
- On the basis of product type, patient monitoring segment is likely to be most preferred, expected to expand at a significant share of 34% in 2031, attributed to the increasing focus on patient safety, as well as technological advancements in monitoring devices.
- Rising number of surgical procedures, and growing demand for minimally invasive surgeries, are also expected to boost the market growth.
- By end-user, hospitals segment is expected to boost the market growth, and is anticipated to hold a share of 72% in 2031, attributed to the factors including emphasis on patient safety & comfort, as well as increasing number of surgical procedures. The segment is expected to witness a CAGR of 6.6% during the forecast period.
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Global Operating Room Equipment Market: Growth Drivers
- The global operating room equipment market is projected to expand at a steady pace from 2022 to 2031, owing to expansion of healthcare infrastructure, and rising demand for hybrid operating rooms.
- Other factors that are projected to augment the market growth include focus on cost-effectiveness & efficiency, and regulatory support & standards.
- Increasing medical tourism, and collaborations & partnerships between manufacturers, healthcare providers, & research institutions, are the major factors that are anticipated to fuel the market prospects in the near future.
Global Operating Room Equipment Market: Regional Landscape
- North America is expected to dominate the operating room equipment market, and is expected to hold a CAGR of 6.0% during the forecast period, attributed to technological advancements in surgeries, imaging techniques, among others, and rising prevalence of chronic diseases in the region.
- The regional market is witnessing an increase, due to the factors such as presence of key market players, as well as increasing surgical procedures & aging population.
- Favorable reimbursement policies, and emphasis on patient safety & infection control in the region, are also anticipated to escalate the growth of the regional market over the analysis period.
Global Operating Room Equipment Market: Key Players
Some of the key market players in the global operating room equipment market are:
- Stryker Corporation
- Hill-Rom Holdings, Inc.
- SKYTRON
- STERIS plc.
- Dragerwerk AG & Co. KGaA
- Getinge AB
- GE Healthcare
- Koninklijke Philips N.V.
- Smiths Medical
- Mizuho OSI
- STORZ MEDICAL AG
Competitive Landscape
Prominent players in the operating room equipment industry are taking advantage of the rapidly increasing demand for operating room equipment. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:
- In 2021, Medtronic introduced the Hugo™ Surgical System, an advanced robotic-assisted surgery platform designed to provide surgeons with enhanced capabilities and precision during minimally invasive procedures.
- Stryker launched several innovative products in 2021, including the 1688 AIM 4K Platform, a high-definition visualization system for minimally invasive surgeries, and the Mako SmartRobotics™ System, a robotic-assisted surgery platform for joint replacement procedures.
- In the same year, Philips launched the Azurion Lung Edition, a comprehensive solution for minimally invasive lung procedures. The system combines advanced imaging technologies, interventional tools, and real-time guidance to support precision and efficiency during lung interventions.
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Global Operating Room Equipment Market: Segmentation
Product Type
- Anesthesia and Respiratory Devices
- Anesthesia Systems
- Patient Warmers
- Ventilators
- Patient Monitoring
- Surgical Imaging Displays
- Movable Imaging Displays
- Vital Signs Monitoring Devices
- Surgical Equipment
- Electrical Surgical Units
- Handheld Surgical Instruments
- Operating Tables
- Operating Room Lights
- Surgical Booms
- Others
- Microscopes
- Endoscopes
- Operating Room Integration Systems
End-user
- Hospitals
- Ambulatory Surgical Centers
- Others
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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