Operating Room Equipment Market to Reach $27.4 Bn, Globally, by 2030 at 5.3% CAGR: Allied Market Research
Rise in number of hospitals, surge in investments in OR equipment, and increase in patient preference for minimally invasive surgeries drive the growth of the global operating room equipment market.
PORTLAND, Ore., May 25, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Operating Room Equipment Market By Type (Anesthesia Machines, Electrosurgical Devices, Multi-parameter Patient Monitors, Surgical Imaging Devices, Operating Tables, Operating Room Lights, Surgical Navigation Systems), By End User (Hospitals, Outpatient Facilities, Ambulatory Surgical Centers (ASCs)): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global operating room equipment industry generated $16.4 billion in 2020, and is expected to reach $27.4 billion by 2030, witnessing a CAGR of 5.3% from 2021 to 2030.
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Drivers, Restraints, and Opportunities
Rise in number of hospitals, surge in investments in operating room (OR) equipment, and increase in patient preference for minimally invasive surgeries drive the growth of the global operating room equipment market. However, high costs associated with OR equipment and unfavorable healthcare reforms in some countries hinder the market growth. On the other hand, regulatory approvals for different OR equipment and untapped potential in emerging countries create new opportunities in the coming years.
Covid-19 Scenario
- The demand for operating room equipment increased considerably during the Covid-19 pandemic, due to rise in Covid-infected patients requiring ventilator support and anesthesia.
- In addition, operations performed in operating rooms increased during the pandemic, which, in turn, raised the demand for operating room equipment in hospitals and clinics.
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The operating tables segment to maintain its leadership status during the forecast period
Based on type, the operating tables segment accounted for the highest market share in 2020, contributing to nearly one-third of the global operating room equipment market, and is expected to maintain its leadership status during the forecast period. This is due to surge in number of surgical procedures and surge in patient preference for minimally invasive surgeries. However, the multi-parameter patient monitors segment is estimated to witness the largest CAGR of 6.9% from 2021 to 2030, owing to rise in incidence of chronic diseases and increase in number of surgical procedures.
The hospitals segment to maintain its lead position throughout the forecast period
Based on end user, the hospitals segment contributed the highest market share in 2020, accounting for more than two-fifths of the global operating room equipment market, and is expected to maintain its lead position throughout the forecast period. This is attributed to large number of patients visiting hospitals for treatments regarding neurological, cardiovascular, and orthopedic disorders. However, the ambulatory surgical centers (ASCs) segment is expected to manifest the fastest CAGR of 6.5% from 2021 to 2030, owing to untapped potential of emerging countries and technological advancements in OR equipment.
North America to maintain its dominance in terms of revenue by 2030
Based on region, North America held the highest market share in terms of revenue in 2020, accounting for more than two-fifths of the global operating room equipment market, and is expected to maintain its dominance in terms of revenue by 2030. This is due to significant rise in investments and increase in number of partnerships and acquisitions. However, Asia-Pacific is estimated to register the fastest CAGR of 6.1% during the forecast period, owing to Increase in demand for OR equipment and surge in awareness about minimally invasive procedures in the region.
Leading Market Players
- Steris Corporation
- Stryker Corporation
- Koninklijke Philips N.V.
- Getinge Group
- Hill-Rom Holdings, Inc.
- Drägerwerk AG & Co. KGaA
- General Electric Company
- Medtronic, Plc.
- Mizuho SOI
- Karl Storz GmbH & Co. Kg.
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