According to a new report published by Allied Market Research, titled, "Operating Room Equipment Market by Treatment Type and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, " the global operating room equipment market was valued at $24,192 million in 2016, and is projected to reach $33,308 million by 2023, growing at a CAGR of 4.5% from 2017 to 2023. North America is anticipated to be the highest revenue contributor throughout the forecast period.
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Operating rooms (OR) or operating theatres are designed for surgeons and surgical staff to perform surgical procedures that require time, patience, focus, and safety. The equipment used in OR consists of surgical imaging devices, anesthesia machines, electrosurgical devices, operating room lights, operating room tables, and others. Quality OR equipment plays a pivotal role in surgical settings as they streamline the workflow in the OR.
Increase in global elderly population & rise in number of hospitals boost the market growth. In addition, rise in preference for minimally invasive surgeries and growth in regulatory approvals with respect to OR equipment is expected to drive the operating room equipment market. However, high cost associated with OR equipment and unfavorable healthcare reforms, especially in the U.S., are projected to impede the market growth.
Electrosurgical devices is anticipated to be the fastest growing segment throughout the analysis period owing to increase in the number of surgical procedures. Furthermore, the ambulatory surgical centers segment is projected to be the fastest growing end user segment with a CAGR of 6.2% from 2017 to 2023, owing to cost effective yet critically appropriate settings offered by these centers.
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.
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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 is 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.
The major companies profiled in the report include Steris Corporation, Stryker Corporation, Koninklijke Philips N.V., Getinge Group, Hill-Rom Holdings, Inc., Drgerwerk AG & Co. KGaA, General Electric Company, Medtronic, plc, Mizuho SOI, and Karl Storz GmbH & Co. Kg.