Operating Room Equipment Market is registering a healthy 6.7% CAGR between 2017 and 2023

The global operating room equipment market is anticipated to grow substantially in the forthcoming years, according to a report published by Transparency Market Research (TMR). The market is currently fragmented and features a large pool of regional as well as global players. A significant share of the overall market is held by the top three companies, namely GE Healthcare, Siemens Healthcare and Stryker Corporation.

Key market players are expected to invest into research and development of innovative equipment in order to gain traction in the market, according to analysts at TMR. Vendors are expected to focus on production of advanced equipment for hybrid operating rooms, to thrive the market competition. Other key players participating in the global operating room equipment market are TRUMPF GmbH + Co. KG., Olympus Corporation, Skytron, LLC, Maquet Holding B.V. & Co. KG (Getinge AB), Philips Healthcare, and Steris Corporation.

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According to TMR’s report, the global operating room equipment market is envisaged to reach a valuation of US$42,873.3 mn by 2023, rising from US$29,105.4 mn in 2017. The market is predicted to grow at a steady 6.7% CAGR over the forecast duration from 2017 to 2023.

In 2017, among the types of products, the movable imaging systems segment held the dominant position in the operating room equipment market, generating a revenue of US$8,384.9 million. Over the forecast period from 2017 to 2023, this segment is expected to witness rapid growth owing to increased funding by government bodies.

Geography-wise, North America and Europe are two of the largest markets for operating room equipment, on account of the larger affordability of countries in these regions for purchasing and installing advanced medical devices. There is a strong demand for constant upgrading of operating room equipment, giving these two regions a considerable boost in the global operating room equipment market.

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Rising Prevalence of Chronic Ailments to Boost Growth

Prominent factors driving the operating room equipment market are expanding geriatric populace combined with rising frequencies of chronic diseases, rising awareness about the viability of minimally obtrusive techniques. Additionally, the expanding number of changing inclinations and a vast patient pool for medical procedures, enhancing health care basics and moderateness of the patients are additionally foreseen to fuel the development in this market over the duration of forecast. Besides, expanding ventures for innovative headways in this field are likewise expected to supplement the market development in the coming years.

Increased Government Spending to Provide Lucrative Market Opportunity

Growing assets and investments by different government bodies and private investors are additionally fuelling the market to a large extent. For example, in its 2016-17 spending plan, the Hong Kong government devoted an arrangement of USD 200 billion for a ten-year hospital improvement system for that would encourage extend and update health care institutions. Under the arrangement, number of operating performance centers would increment by 40% and pro outpatient benefit limit would increment by 40% from 6.8 million to 10 million attendances for a year. The design likewise incorporates redevelopment and construction of different clinics in the the region. This could be a potentially significant factor leading to upsurge of the operating room equipment market in the coming years.

Hybrid Operating Rooms to Emerge as Key Market Trend

The increasing demand of hybrid operating rooms is expected to emerge as a leading trend and positively impact market growth as surgeons and clinicians as they have greater flexibility across surgical procedures, which ensures patient safety and expand their therapeutic options. Moreover, the rapid proliferation of multispecialty clinics in developing regions of Asia, particularly India, is expected to open exciting opportunities for market players.

This review is based TMR’s report titled, “Operating Room Equipment Market (Product Type – Movable Imaging Systems, Biomedical Systems, Endoscopes, Anesthesia Systems, Operating Tables, Operating Room Lights, Surgical Imaging Displays, Operating Room Integration Systems, Surgical Booms, and Microscopes) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2023.”

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