The global Operating Room Equipment market was valued at USD 27.16 billion in 2021 and is expected to reach USD 35.96 billion by the year 2030, at a CAGR of 3.6%. A primary and crucial service assisted in the hospitals and clinics includes the operating rooms, which are highly facilitated rooms used for surgical procedures. These rooms are equipped with devices that are of significant use in hospitals and clinics. The market is primarily driven by the rising approvals of various innovative devices and growing technological advancements in the field of operating room devices.
The growth can also be attributed to the rising number of hospitals in developing nations such as India, China, and others, increasing patient preference for minimally invasive surgeries coupled with increasing patient pool is expected to provide traction to the market. Hybrid ORs allow surgeons to implement open, minimally invasive, image-guided and/or catheter-based hybrid procedures in the same OR in the same operating environment. It is expected that robotics will be less tedious and possess strengthened diagnostic capabilities in real time. Such attributes will encourage delicate accuracy and performance which would be better than human. It would also be possible to perform surgical procedures that are limited at such extreme distances between the surgeon and the patient by the available communication technologies.
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The emerging economies and rising number of ambulatory surgical centers and specialized hospitals are expected to be some major driving factors for the market. The growing prevalence of chronic diseases such as diabetes, cardiovascular diseases, and others would further propel the market in the near future. According to the International Diabetes Federation (IDF), around 463 million people were diagnosed with diabetes in 2019. Moreover, various cases of roadside accidents and household mishaps have significantly increased. For instance, according to the Association for Safe International Road Travel, nearly 1.25 million die in a road crash every year, and about 20 to 50 million are expected to be injured or disabled due to such accidents.
Developing nations such as India and China are growing at a high rate due to the introduction of various government initiatives and hospital setups for improvement in inpatient care. For instance, China’s 13th Five-Year Plan prioritizes health and innovation, which will improve prospects for foreign medical device manufacturers. Additionally, in 2016, the Wanda Group, a Chinese conglomerate, decided to invest CNY15 billion for the development of hospitals across the country. Furthermore, with the increasing healthcare expenditure, the healthcare industry is growing with the different pace which is significantly impacting the market. The rising number of new diseases and has also led to an increase in the number of surgeries taking place worldwide particularly in elderly population, as they are highly susceptible to diseases. However, the high cost of the operating room equipment, and underdeveloped infrastructure are some of the market restraints.
Type Outlook:
Based on type, the segment anesthesia machine is expected to have market share of 30.3% in the year 2021. Newer monitoring techniques include depth of anesthesia monitoring which will provide traction to the market.
End Use Outlook:
Based on end use, the hospital is expected to have significant market share and will grow with a CAGR of 3.4%. For the application in hospitals various factors are considered with the use of improved monitoring techniques. Safety concerned coupled with the advancements in technology have led to enhanced need for improved monitoring in the hospitals.
Regional Outlook:
North America dominated the market with a revenue of USD 10.11 billion in 2021 due to the increased demand in the region. Furthermore, the region is well developed with best in class healthcare infrastructure which will further propel the market.
The Asia Pacific region is expected to be the fastest growing segment owing to the rising government initiatives and funding. The accuracy of non-invasive procedures stems from evidence-based surgery concepts and increased medical tourism in the region is expected to drive the market. Regionally, the increasing medical tourism and introduction of affordable treatment options in countries such as Thailand, Malaysia, India and other such regions is expected to anticipate the growth of the market.
The market in Europe is expected to have second largest market share owing to ongoing migration from invasive to less invasive and even noninvasive procedures are expected to provide traction to the market. According to Eurostat, At least 1.4 million caesarean sections performed in the EU in 2022.
Market-O-Nomics
- The North America region held the share of 37.2% in the Operating Room Equipment market in the year 2019. The market is growing in the region owing to the rising technological advancements and improved healthcare infrastructure.
- The Anesthesia machines segment is expected to reach USD 11.32 billion by the year 2030, showing significant growth during the forecast period. The growing number of surgeries performed around the globe is the prime driver of the market.
- In 2022, Electrical units segment is expected to hold largest market share in the year 2019 and is expected to grow with substantial CAGR. It is mainly due to the technological advancements in operating room equipment market and the shift away from conventional practices to electrical units.
- The hospitals segment is expected to grow with a CAGR of 3.4% during the forecast period owing to high patient population driven in the hospitals in both developing and developed nations.
- The operating room equipment market in the Europe is expected to hold second largest share and is expected to grow significantly in the forecast period.
- Asia-Pacific regional segment of the market is expected to remain as the highest growing segment during 2021-2030, at a CAGR of 4.4%. This region is intensely driving the market because of emerging hospitals and huge geriatric population in the region.
Companies considered and profiled in this market study
The key players in the global Operating Room Equipment includes companies such as Koninklijke Philips N.V., STERIS plc, Stryker Corporation, Siemens Healthineers, Hill-Rom Holdings, Inc., Medtronic, Inc., Drägerwerk AG & Co. KGaA, Getinge Group, GE Healthcare and Mizuho OSI.
The players operating in the market have undertaken several strategies related to the market in the period 2022-2020. The key highlight is:
- In January 2020, Sony Electronics has received FDA clearance for NUCLeUS Operating Room, Imaging Management and Collaboration Control platform for the sales in U.S. It was already a proven product in Europe with more than 500 operating room installations at leading hospitals in the countries including, UK, Belgium, Sweden and other locations,
- The market is expected to propel owing to the product approvals during the forecast period. On February 2020, 7D Surgical received approvals for Cranial Biopsy Kit. Cranial Biopsy Kit enables neurosurgeons to employ image guidance to precisely focus on brain lesions during needle biopsy procedures.
Start-up Traction
The industry offers various growth opportunities for startup companies in operating room equipment market. New technologies show great promise for bringing ORs. The startup companies are incorporating advanced analytics platform. Furthermore, the advancements has optimized various equipment, supplies, staff and streamlined general work flow. For instance, Indago has its ArthroFree, world’s first fully wireless minimally-invasive camera that seamlessly integrates into existing OR workflows.
Deals Landscape
Mergers and Acquisitions are an integral part of the operating room equipment market. Along with the companies operating in the market, other key market players have also been entering the industry.
- The market is widely driven by the mergers and collaboration of private bodies with the government. For instance, Wanda Group from China got into a merger with a UK based international Hospitals group that would manage three hospitals built in Chengdu, Qingdao and Shanghai. Such mergers and acquisitions made to setup healthcare institutions is expected to drive the market intensely in future.
Expert Insights:
Reports and Data forecast promising developments of Operating room equipment. The companies are designing high end devices with the incorporation of automation and AI. Robotic systems will possess enhanced exponential growth potential in the coming years. Despite the challenges, innovations in this field is presenting new opportunities for the companies across the globe. Such approach therefore, is expected to shape the future of market.
Segments covered in the report
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2022 to 2030. The scope of the report can be defined as:
For the purpose of this study, have segmented the Operating Room Equipment market on the basis of type, end use and region:
By Type Outlook (Revenue in Million USD; 2022–2030)
- Anesthesia Machines
- Electrosurgical Units
- Diagnostic Imaging Devices
- Multi-parameter Patient Monitors
- High Acuity
- Medium Acuity
- Low Acuity
- Surgical Imaging Devices
- Mobile C-Arms
- Mini C-Arms
- Operating Tables
- Traditional Lights
- LED Lights
- Operating Room Lights
- Others
By End Use Outlook (Revenue in Million USD; 2022–2030)
- Hospitals
- Outpatient Facilities
- Ambulatory Surgery Centers (ASCs)
Regional Outlook (Revenue in Million USD; 2022–2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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