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Global Operating Room Equipment Market to Reach 7.1% CAGR by 2017: Analysis, Opportunities, Challenges, & Forecast

Global operating room equipment market worth USD 38.86 Billion by 2022 and is growing at a CAGR of 7.1% through 2022.
Published 09 February 2018

Zion Market Research has published a new report titled “Operating Room Equipment Market by Product (Anesthesia Devices, Endoscopes, Operating room Lights, Operating Tables, Electrosurgical Devices, Surgical Imaging Devices and Patient Monitors), For Hospitals, Outpatient Facilities and Ambulatory Surgical Centers: Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 - 2022.” According to the report, the global operating room equipment market accounted for USD 25.75 Billion in 2016 and is expected to reach USD 38.86 Billion by 2022, growing at a CAGR of around 7.1% between 2017 and 2022. 

Operating rooms are specialized workspaces that equipped with highly functional equipment of the highest quality, which surgeons and other operating room personnel use to perform lifesaving procedures (Surgeries). Increasing preference for minimally invasive surgeries such as cardiac, gastrointestinal, ENT and etc. which require operating room equipment are further expected to foster the market demand for operating room equipment in coming five years. These minimally invasive are not only also cost-effective but also reduce the patient stay duration during pre and post procedures/operations. In addition, aging population coupled with the increasing incidences of chronic diseases is also expected to propel the growth in this market in coming five years. For example, according to the U.S. Census Bureau, cardiovascular disease, lung disease, cancer, and stroke are the leading killers of the population aged 60 and over. 

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Major growth drivers for the operating room equipment market are increasing geriatric population coupled with growing incidences of chronic disease, increasing awareness about the effectiveness of minimally invasive procedures. In addition, increasing number of ambulatory surgical centers and a large patient pool for surgeries, improving healthcare infrastructure and affordability of the patients are also anticipated to fuel the growth in this market within the forecast period. Furthermore, increasing investments for technological advancements in this field are also supplemented the market growth within the forecast period. However, the high cost of the devices is expected as the major barrier to the growth of this market. However, emerging markets in developing countries can be an opportunity in this market.  

Operating room equipment market is segmented on the basis of product, end-user, and region. On the basis of product, global operating equipment market can be categorized into; anesthesia devices, endoscopes, operating room lights, operating tables, electrosurgical devices, surgical imaging devices and patient monitors. This segment was dominated by anesthesia devices by accounting for the largest share in this market in 2016 owing to its utilization in almost all types of surgeries. Anesthesia provides the ability to eliminate pain during surgery hence the advanced surgery is possible due to the safe and effective Anesthesia. During surgery, it helps to control the patient’s breathing, blood pressure, blood flow, and heart rate and rhythm. Increasing number of surgical procedures is one of the major drivers for anesthesia devices. For example, according to U.S. Department of Health and Human Services, in 2025, the national supply of surgeons is projected to fall short of demand by 20,340 full-time equivalents, with nine of the ten surgical specialties analyzed predicted to have national-level physician shortages.

On the basis of end-user, the operating room equipment market is segmented into hospitals, outpatient facilities, and ambulatory surgical centers. Hospitals have accounted for the more than 70% market share of this segment in 2016 owing to the high expenditure in the up gradation of operation theaters in the hospitals to generate the high revenue. In addition, increasing investments in healthcare infrastructure & use of advanced technologies are also expected to fuel the growth.

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On the bases of the region, the global market for operating room equipment is categorized into; North America, Europe, Asia Pacific, Latin America and the Middle East and Africa with its further bifurcation into major countries including China, Japan, India, U.S. Germany, France, UK, and Brazil. In 2016, North America dominated the market by accounting for the more than 35.9% share of this market owing to the increasing incidences of chronic diseases and increasing geriatric population in this region. For example, U.S. Census Bureau, 2013, in North America, population aged 65 and over is projected to reach 20.7% by 2030 and 21.4% by 2050 of the total world population. In addition, high investment on research and development in this field is also anticipated to propel the growth of this market in this region within the forecast period. Europe is expected to capture the second largest of this market within the forecast period owing to focusing on rapid technological innovations.

Asia Pacific is expected to witness the fastest growth with the highest CAGR in the coming five years. Major driving factors in this region are increasing medical expenditure and raising awareness about minimally invasive surgeries. In addition, increasing geriatric population with increasing prevalence of chronic diseases is also expected to fuel the growth in this market in this region within the forecast period.

Furthermore, improving healthcare infrastructure, affordability of treatment and emergence of new medical tourism destinations are also anticipated to propel the growth of this market in this region in coming five years.

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Latin America and Middle East & Africa are expected to show a healthy market growth for operating room equipment within the forecast period. Especially in Brazil due to the high growth rate in the over-60 population over the next 15 years and increasing prevalence of chronic diseases.

Some of the key players in operating room equipment market such as Stryker Corporation, STERIS Corporation, GE Healthcare, Getinge Group, Hill-Rom Holdings, Inc., Drägerwerk AG & Co. KGaA, Mizuho OSI, Philips Healthcare, Medtronic, Inc. and KARL STORZ GmbH & Co. KG among others. 

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