Operating Room Equipment Market Insights on Market Challenges and New Trends
Operating room equipment has been developed and adopted in various medical environments around the world, with government investments, grants, and increased funding. In addition, operating room equipment is poised to grow at a moderate pace throughout the forecast period due to increased patient preference for minimally invasive surgery and the growing global elderly population.
The operating room (OR) or operating room is designed for surgeons and surgical staff to perform surgery that requires time, patience, concentration, and safety. The equipment used in OR consists of surgical imaging equipment, anesthesia machines, electrosurgical equipment, operating room lighting, operating room tables, etc. In the operating room, quality surgical instruments play a vital role in streamlining the operating room workflow.
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An increase in the world's elderly population and an increase in the number of hospitals will drive market growth. In addition, the surgical instrument market is expected to increase the priority of minimally invasive surgery and increase regulatory approvals for operating room equipment. However, the high costs associated with OR devices and unfavorable health care reform, particularly in the United States, are expected to hinder market growth.
The electrosurgical device is expected to be the fastest growing segment throughout the analysis period due to the increasing number of surgical procedures. In addition, the Outpatient Surgery Center segment will be the fastest growing end-user segment with a CAGR of 6.2% from 2017 to 2023 due to the cost-effective but highly appropriate settings offered by these centers. It is predicted.
By geography, the market was dominated by North America in 2016, and is expected to maintain its lead throughout the forecast period. North America and Asia-Pacific collectively accounted for ~63% of the overall operating room equipment market in 2016. The growth of these regions is attributed to the availability of affordable medical treatments for several disease conditions, in countries such as Mexico, Thailand, Malaysia, India, and Singapore. However, Asia-Pacific is the fastest growing region followed by LAMEA, owing to the increase in treatment success rates and the affordable price range with respect to surgical procedures.
Key Findings of the Operating Room Equipment Market:
- In 2016, surgical imaging devices generated the highest revenue, accounting about two-fifths of the overall market revenue and is projected to grow at a CAGR of 2.4% during the forecast period.
- Electrosurgical devices are expected to grow at an above-average CAGR of 7.8%, owing to increased number of skilled medical personnel in the field.
- North America accounted for more than 40% of the market share in 2016.
- Asia-Pacific is anticipated to be the fastest growing market during the analysis period, followed by LAMEA.