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Operating Room Equipment Market - Increase in Global Elderly Population & Rise in Number of Hospitals Boost the Market Growth

02-21-2019 09:59 AM CET | Health & Medicine

Press release from: Allied Market Research

Operating Room Equipment Market

Operating Room Equipment Market

The operating room equipment market is expected to reach $ 33.38 billion by 2023 and is expected to grow at a CAGR of 4.5% from 2017 to 2023. North America is expected to have the highest revenue contribution over the forecast period.

The operating room (OR) or operating theater is designed to allow surgeons and surgeons to perform surgeries that require time, patience, concentration and safety. The equipment used in the operating room consists of a surgical imaging device, an anesthesia machine, an electrosurgical device, operating room lights, and an operating room table. Quality control equipment plays a pivotal role in setting up the surgery because it simplifies the work flow in the operating room.

The increase in the world's elderly population and the increase in the number of hospitals promote market growth. It is also expected to drive the operating room equipment market with increased preference for minimally invasive surgery and increased regulatory approvals for OR equipment. However, the high costs associated with OR equipment and inadequate healthcare reforms, especially in the United States, are expected to hamper market growth.

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Electrosurgical devices is anticipated to be the fastest growing segment throughout the analysis period owing to increase in the number of surgical procedures. Furthermore, the ambulatory surgical centers segment is projected to be the fastest growing end user segment with a CAGR of 6.2% from 2017 to 2023, owing to cost effective yet critically appropriate settings offered by these centers.
The major companies profiled in the report include
• Steris Corporation
• Stryker Corporation
• Koninklijke Philips N.V.
• Getinge Group
• Hill-Rom Holdings Inc.
• Drgerwerk AG & Co. KGaA
• General Electric Company
• Medtronic plc
• Mizuho SOI
• Karl Storz GmbH & Co. Kg.

By geography, the market was dominated by North America in 2016, and is expected to maintain its lead throughout the forecast period. North America and Asia-Pacific collectively accounted for ~63% of the overall operating room equipment market in 2016. The growth of these regions is attributed to the availability of affordable medical treatments for several disease conditions, in countries such as Mexico, Thailand, Malaysia, India, and Singapore. However, Asia-Pacific is the fastest growing region followed by LAMEA, owing to the increase in treatment success rates and the affordable price range with respect to surgical procedures.

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Key Findings of the Operating Room Equipment Market:
• In 2016, surgical imaging devices generated the highest revenue, accounting about two-fifths of the overall market revenue and is projected to grow at a CAGR of 2.4% during the forecast period.
• Electrosurgical devices is expected to grow at an above-average CAGR of 7.8%, owing to increased number of skilled medical personnel in the field.
• North America accounted for more than 40% of the market share in 2016.
• Asia-Pacific is anticipated to be the fastest growing market during the analysis period, followed by LAMEA.

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About Us:

Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

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