Operating Room Equipment Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Operating Room Equipment Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The operating room equipment market studied was projected to grow with a CAGR of nearly 6.4% over the forecast period.

COVID-19 had a significant impact on the operating room management market. The volume of surgeries has significantly declined during the pandemic, owing to the stringent guidelines by the regulatory authorities to avoid all non-emergent surgeries. According to the article published in the National Institute of Health in October 2021, there has been a 42.8% decline in general surgery admission across the globe. However, the increase in surgeries in the current situation is due to the relaxation of lockdown restrictions. As per the JKNS article published in July 2022, the annual number of spine surgeries increased. Thus, an increase in surgeries is expected to contribute to the market's growth and is likely to do the same over the coming five years.

The major factors attributing to the market growth are the growing incidence of chronic diseases requiring surgeries, a rising number of hospitals, and increasing government funding. For instance, as per the article published by NCBI in September 2020, an estimated 5,000 surgeries are required to meet the surgical burden of diseases of 100,000 people in low- and middle-income countries (LMICs). Thus, this growth in the number of surgical procedures is likely to propel the market's growth. Also, as per the data published by the National Investment Promotion and Facilitation Agency in August 2021, Production Linked Incentives (PLI) Scheme for medical devices approved a committed investment of USD 12.90 million for 21 applications. Thus, increasing investments are expected to contribute to the market's growth. The operating room equipment market has been growing substantially over the last two years, and the market has been considered by technological innovation and a rise in the inclination for technologically sensible and accurate medical, contributing to the market's growth.

Also, the number of hospitals is expected to contribute to the market's growth. As per the data published in the Asia Healthcare Management in April 2020, there are about 26,000 hospitals in China, 60% are public, and 40% are private hospitals. Such a high number of hospitals is expected to drive the demand for operating room equipment, contributing to the market's growth.

Thus the above-mentioned factors are expected to drive the growth of the market during the forecast period.

An endoscope is an illumined optical, usually slender, and tubular instrument that looks deep into the body. It is used to examine internal organs, like the throat or esophagus. The growing patient inclination for endoscopic procedures, increasing awareness about minimally invasive procedures, and growing embracing of technological innovations in surgical procedures are some driving factors accountable for the segment's growth over the forecast period.

The rise in cancer, gastrointestinal disorders, and lifestyle-related diseases is expected to expand the market further. As per the American Cancer Society (ACS), in 2022, about 106,180 new cases of colon cancer and 44,850 new cases of rectal cancer in United States were estimated. According to the ACS, the overall lifetime risk of developing colorectal cancer is about one in 23 (4.3%) for men and one in 25 (4.0%) for women. As per the World Health Organization (WHO) data published in May 2021, in 2020, there were around 1.93 million cases of colon and rectum cancer. Therefore, the incidence of chronic diseases like cancer is likely to increase the demand for endoscope equipment, contributing to the segment's growth over the forecast period.

North America is expected to dominate the overall operating room equipment market throughout the forecast period. The market growth is due to factors such as the presence of key players, the region's high prevalence of chronic diseases, and the established healthcare infrastructure.

In the North American region, United States holds the largest market share due to factors such as an increasing number of geriatric populations, along with a growing number of diseases in the country, which is anticipated to stimulate the demand in this region. Furthermore, government initiatives and a rising number of ambulatory surgical centers are some of the drivers that are expected to increase market growth. According to the data published in 2022 by the American Cancer Society, the country is estimated to have around 106,180 and 44,850 new colon and rectal cancer cases, respectively. Thus, the high incidence of colorectal cancer is projected to drive its diagnosis and treatment, driving the operating room equipment market.

Moreover, rising investments by the market players for the development of operating room equipment are likely to lead to the launch of innovative products in the market, driving market growth over the forecast period in this region. For instance, in June 2021, Getinge launched the Torin AI-based OR management system in United States. Such advancements are likely to lead to a rise in the adoption of this software, driving market growth in this region.

Also, the increasing geriatric population in Canada who are prone to chronic diseases and require proper disease management, such as surgery, is expected to contribute to the market's growth over the forecast period. For instance, as per data updated by the government of Canada in July 2021, about 6.3 million population of age 65 or more were estimated to be living with chronic conditions in Canada in 2021. Thus, chronic diseases among geriatrics are expected to increase hospitalization, contributing to the growing demand for operating room equipment during the forecast period.

Similarly, the rising chronic diseases in Mexico are expected to contribute to the market's growth. According to the Globocan report 2020, there were 195,499 cases of cancer in Mexico in 2020. Such incidence of cancer leads to advanced operational procedures and optimal care, contributing to the growth of the studied market over the forecast period.

Thus, the above-mentioned factors are expected to contribute to the market's growth over the forecast period in this region.

The operating room equipment market is consolidated and consists of a few major players. Some of the companies which are currently dominating the market are Koninklijke Philips NV, STERIS PLC, Stryker, Karl Storz SE & Co. KG, Siemens Healthineers, Hill-Rom Services Inc., Getinge AB, Medtronic PLC, and GE Healthcare.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support