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Operating Room Market Report
Operating Room Market, By Devices (Audio Video Management Systems, Display Systems, Documentation Management Systems), By Application (General Surgery, Orthopedic Surgery, Neurosurgery, Others), By End-Use (Hospitals, ASCs) and Region
Impact of COVID-19 on Operating Room Market
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The Operating Room Market is estimated to grow from USD 2.3 billion in 2020 to USD 4.5 billion by 2026 at a healthy CAGR of 12.1% during the forecast period.
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An operating room is a facility within a hospital where surgical operations are carried out in an aseptic environment. These rooms are supplied with oxygen, wall suction, and possibly other anesthetic gases. Key equipment comprises the operating table and the anesthesia cart. Also, there are tables to set up instruments. There is a storage space for common surgical supplies. There are containers for disposables.
Key players operating in the operating room market are-
Rising demand for technologically advanced applications, congestion in Operating Rooms (OR), a growing number of surgical procedures, patient safety concerns in OR along the rise in preference of Minimally Invasive Surgeries (MIS) is some of the key factors propelling the market growth. However, the lack of skilled surgeons in developing economies as well as the high cost of initial investment is expected to hamper the industry growth. This high cost can be due to the high-priced integrated advanced technology which is being adopted in the operating room.
Based on end-use, the market has been bifurcated into hospitals and ASCs. The hospital's segment accounted for a substantial market share in 2020. This is mainly attributed to the high penetration of operating room integration. With the large patient pool being exposed to chronic diseases, there is a growing need for operating room integration to lessen the burden on physicians and complexity so that they can effectively manage their surgical workflow. Moreover, ongoing technology innovations in medical devices are contributing to the rising adoption of operating room integration over the review period.
The market in North America accounted for the largest share in 2020 and is projected to continue its dominance during the review period. This is mainly ascribed to surging demand for surgical automation. Also, the surge in demand for efficient healthcare services, a rise in the need to reduce healthcare expenditure, and effective EHR implementation by healthcare organizations further augment the regional market growth. Moreover, the presence of established players in the market, technologically advanced HCIT, and funding to improve OR infrastructure is another factor bolstering the growth of the market for operating room integration, which further proliferates regional growth.
The COVID-19 outbreak positively influenced the growth of the operating room market. The COVID-19 has been designated a public health emergency of international concern, which has generated a need to manage workforce, space, and provisions in hospitals to offer optimum care to patients. Also, several measures have been implemented to prevent in-hospital transmission. To cope with the rising influx of COVID-19, government and medical authorities are focusing on setting up new hospitals and facilities with a standard OR designated for the surgery of COVID patients.
Here is the list of the group of customers that the operating room market hopes to have the greatest opportunity to convert-
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The operating room market is expected to witness an impressive growth of 12.1% CAGR in the coming years.
Stryker Corporation (US), KARL STORZ GmbH & Co. KG (Germany), STERIS plc (US), Skytron LLC (US), Getinge AB (Sweden), Merivaara Oy (Finland), Canon Inc. (Japan), BrainLab AG (Germany), Doricon Medical Systems (US), and Olympus Corporation (Japan) are among the key players in the operating room market.
The operating room market size is expected to reach USD 4.5 billion in the foreseeable future.
The hospital's segment accounted for a substantial share in the operating room market in 2020.
North America is expected to remain dominant in the operating room market in the next five years.
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