Operating Room Equipment Market - Key Players such as Stryker Corporation, Getinge AB and Hill-Rom Holdings, Inc. to Lead the Market

An operating room (OR) is a facility within a hospital or a clinic where surgeries are performed on patients in order to treat different physiological and pathological conditions. Technological advancements have brought a lot of change in the way surgical procedures are carried out today. Operating rooms are becoming more spacious with new and advanced operating tables, operating room lights, and high resolution and high definition surgical imaging displays and movable imaging systems that have become an indispensable part of modern hybrid operating rooms. The global operating room equipment market has been expanding significantly over the last two decades, and the market has been characterized by technological innovation and increase in preference for technologically sound and accurate medical and surgical equipment. Rapid rise in the geriatric population, increase in incidence of chronic disease, rise in number of surgeries, and rise in the number of ambulatory surgical centers (ASCs) are major factors that drive the operating room equipment market.

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The global operating room equipment market was valued at around US$ 29,912.3 Mn in 2017 and is anticipated to reach US$ 51,858.7 Mn by 2026, expanding at a CAGR of 6.4% from 2018 to 2026. High demand for hybrid operating room coupled with developing healthcare infrastructure in developing countries is anticipated to drive the market during the forecast period. Hybrid operating rooms are an advanced form of operation theatres that involve integration of surgical functions with imaging modalities and ensure enhanced operational efficiency. Hybrid operating rooms offer surgeons and other health care professionals greater operational flexibility by enabling easy access to various surgical as well as imaging equipment such as CT and MRI scanners.

The global operating room equipment market has been segmented based on product type, end-user, and region. In terms of product type, the operating room equipment market has been divided into anesthesia and respiratory devices, patient monitoring, surgical equipment, and others. The anesthesia and respiratory devices segment has been further divided into anesthesia systems, patient warmers, and ventilators. The patient monitoring segment has been further sub-segmented into surgical imaging displays, movable imaging displays, and vital signs monitoring devices. The surgical equipment segment has been further categorized into electrical surgical units, handheld surgical instruments, operating tables, operating room lights, and surgical boom. The others segment has been divided into microscopes, endoscopes, and operating room integration systems. The patient monitoring segment accounted for a prominent share of the market, in terms of revenue, in 2017. The segment is also expected to expand at a CAGR of 8.1% during the forecast period.

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In terms of region, North America, which is a cumulative market for the U.S. and Canada, held a major share of the global market in 2017, primarily due to the replacement of conventional equipment with new and technically advanced versions with innovative features. Consistent rise in the number of ambulatory surgical centers (ASCs) is also expected to fuel the demand for operating room equipment such as operating tables, operating room lights, and surgical booms. Furthermore, high prevalence of chronic diseases coupled with the presence of sophisticated healthcare infrastructure and rising per capita healthcare expenditure are boosting the market in the region. Moreover, strong research and development activities in the region, promoting the development of new medical devices, have contributed to the significant share held by the region in the global operating room equipment market. The contribution of revenue from developed Western European economies, such as the U.K., Germany, France, and Italy, is responsible for the prominent share held by Europe in the global market. Rise in base of the target patient population, i.e., geriatric people (over the age of 65 years) is anticipated to drive the operating room equipment market in Europe during the forecast period.

The operating room equipment market in Asia Pacific is expected to expand at a significant pace due to developing healthcare infrastructure and increasing healthcare government support for people. Other regions, such as Middle East & Africa and Latin America, are expected to be lucrative markets for operating room equipment in the near future, due to the high rate of adoption of advanced medical devices coupled with the rapid expansion of the health care industry in these regions.

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Prominent players operating in the global operating room equipment market include Stryker Corporation, Hill-Rom Holdings, Inc., SKYTRON, STERIS plc., Dragerwerk AG & Co. KGaA, Getinge AB, GE Healthcare, Koninklijke Philips N.V., Smiths Medical, Mizuho OSI, and STORZ MEDICAL AG.

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