Global Operating Room Equipment Market - 2023-2030

Global Operating Room Equipment Market - 2023-2030

The Global Operating Room Equipment Market reached US$ 30.1 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 42.7 billion by 2030. The Global Operating Room Equipment Market is expected to exhibit a CAGR of 4.6% during the forecast period 2023-2030.

Operating room equipment ensures patient safety, facilitates surgical precision, optimizes workflow efficiency, supports diagnostic and imaging needs, prepares for emergencies, and provides training opportunities. These tools and devices contribute to the success of surgical procedures, enabling healthcare professionals to deliver effective and high-quality care to patients.

Additionally, the Operating Room Equipment market size is proliferating because of the following factors, the rise of surgeries and new products developed by key players. Due to the massive healthcare expenditure in countries like the U.S. and Canada, the market is seeing an increase in demand from North American regions, with significant competitors like Philips Healthcare, GE, Stryker Corp and others actively operating in the market.

Market Dynamics

Increasing healthcare expenditures will drive the market growth

Increasing healthcare expenditures will drive market growth. For instance, according to American Medical Association 2023, stated that, in 2021, the United States spent 2.7% more on health care, amounting to $4.3 trillion or $12,914 per person. This growth rate is considerably less than the 2020 growth forecast (10.3%).

This significant slowdown in spending can be linked to a drop in government spending on pandemic-related expenses, countering an increase in medical supplies and services that recovered from 2020 owing to delayed care and pent-up demand. Compared to 2020, when health spending made up 19.7% of GDP, it was 18.3% in 2021. Thus, the increase in healthcare costs will fuel market expansion.

An increasing number of surgeries will drive the market growth

The rising number of surgeries will drive the market. For instance, according to the American Cancer Society, in 2021, it was estimated that 1.9 million new cancer cases would be diagnosed. In the U.S., breast cancer cases affect women at a rate of 264,000 each year, while patients in men stand at around 2,400, as per The Centers for Disease Control and Prevention (CDC).

The primary goal of surgery is to remove the tumor or the entire breast (mastectomy) to eliminate the cancerous cells. Surgery allows for direct and complete tumor removal, reducing the risk of local recurrence. The number of surgeries to treat these diseases is expected to result in high demand for operating room equipment.

The high cost of equipment will hamper the market growth.

Operating room equipment requires regular maintenance, calibration, and servicing to ensure optimal performance and safety. Manufacturers invest in service networks and trained technicians to provide technical support, repairs, and replacements when needed. These ongoing maintenance and support services contribute to the overall cost of the equipment. Thus , the equipment cost will restrict the market growth due to the above factors.

COVID-19 Impact Analysis

During the pandemic, many elective surgical procedures were postponed or canceled to prioritize resources for COVID-19 patients and reduce the risk of viral transmission. This led to a decrease in the utilization of operating room equipment and a decline in revenue for healthcare facilities and equipment manufacturers.

Moreover, the American College of Surgeons (ACS) and other major surgical specialty societies suggested minimizing, postponing, or canceling elective surgical procedures in mid-March and published guidelines for triaging elective courses by surgical specialty.

As the number of surgery decreased, the demand for operating room equipment decreased during the pandemic. But as of now, the situation is recovering from the pandemic the growth of the market is recovering worldwide.

Russia-Ukraine War Impact Analysis

The Russia-Ukraine conflict is estimated to have a moderate impact on the global Operating Room Equipment market, owing to the low number of key market players in this region. However, the impact of the import and export of raw materials is expected to have little influence over the global Operating Room equipment market growth over the forecast period.

Artificial Intelligence Impact Analysis

AI algorithms can analyze medical images, such as X-rays, CT scans, and MRIs, to aid in detecting and diagnosing conditions. AI can help identify anatomical structures, highlight abnormal areas, and assist in real-time image-guided procedures in the operating room.

AI-based image analysis can improve efficiency, accuracy, and decision-making during surgeries. AI can help streamline and optimize the workflow in the operating room. Intelligent scheduling systems can allocate operating room resources efficiently, optimize surgical team coordination, and minimize wait times.

Segment Analysis

The Global Operating Room Equipment Market is segmented based on product type, end user and region.

The hospitals Type Segment accounts for55.1% of the Market Share.

Hospital surgeries are essential for diagnosis, treatment, and disease management. They save lives, improve quality of life, contribute to medical research, foster collaboration among healthcare professionals, and provide training opportunities for future surgeons.

Hospitals emphasize upgrading operation theatres because they are one of the greatest revenue-generating sources. Growth is also anticipated to be fueled by the rising geriatric population, increased disease burden, healthcare expenditures, demand for hybrid operating rooms, and rising investments in infrastructure and cutting-edge technologies for effective results.

For instance, in January 2023, The Galilee Medical Center announced the opening of a smart room for inventory management in OR through a partnership between Autonomy Company and Israeli group purchasing organization Sarel. Thus the hospital segment will dominate the market growth.

Geographical Analysis

Asia Pacific accounted for Approximately 25.4% of the Market Share Owing to the prevalence of diseases and Increasing Technological Advancements.

Major market growth factors in the region include rising chronic illness incidence, an aging population base, sophisticated healthcare infrastructure, increasing ambulatory surgical centers, and the development of new operating rooms.

For instance, according to Census Bureau, by 2020, Asia's population will have reached 4.5 billion (including China and India, each of which has over one billion people), accounting for more than half of the world's total.

There were an estimated 414 million Asians aged 65 and over, roughly 20% more than the total U.S. population (331.4 million). As a result of the expanding senior population, the region's growth is also dominated.

Furthermore, many foreign investors are lured to the region's massive population base and a high degree of unmet demand to expand their operations in developing markets such as China, India, and Singapore. As a result, the rise of population will help to boost the region.

Competitive Landscape

The major global players in the Operating Room Equipment market include Philips Healthcare, Maquet Holding, General Electric Company, Medtronic, Getinge AB, Stryker Corporation, Karl Storz, STERIS pl, Dragerwerk AG & Co. KGaA, MIZUHO Corporation and among others.

Why Purchase the Report?
• To visualize the Global Operating Room Equipment Market segmentation based on product type, end user and region to understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous Operating Room Equipment market-level data points with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available asexcelconsisting of key products of all the major players.

The Global Operating Room Equipment Market Report Would Provide Approximately 53 Tables, 54 Figures And 195 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies