Albany, NY, April 23, 2018 (GLOBE NEWSWIRE) -- The global operating room equipment market is fairly fragmented as a large number of regional players are eating into the shares of prominent players, finds a fresh business intelligence study Transparency Market Research (TMR). That being said, a major part of the total shares are reserved by the top three companies as of 2017, namely GE Healthcare, Stryker Corporation, and Siemens Healthcare, with GE Healthcare holding the flagship position.
In the operating room equipment market, the top players are making substantial investments for research and development of innovative equipment to consolidate their shares across regions, says the analyst of the TMR research report. Several players are focusing on developing advanced equipment for hybrid operating room in order to gain a competitive edge over others. The global market for operating room equipment is projected to expand at a CAGR of 6.7% from 2017 to 2023. The market was valued at US$29,105.4 million in 2017 and is estimated to reach over US$42,873.3 million by the end of the forecast period.
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Movable Imaging Systems Gaining Traction for Intricate Surgeries
North America and Europe are two of the leading regional markets for operating room equipment. The growth of these regional markets is fueled by the accelerating uptake of advanced medical devices to boost surgical outcomes and constant upgrade of various equipment. A large number of companies are focusing on developing innovative products, thereby boosting the market.
Based on product, the operating room equipment market is segmented into movable imaging systems, endoscopes, biomedical systems, anesthesia systems, operating room lights, operating tables, surgical imaging displays, surgical booms, microscopes, and operating room integration systems. Of these, currently, the movable imaging product segment holds a robust revenue share and is projected to expand at a CAGR of 8.2% during 2017–2023. The growth in this segment is driven by rapid modernization of hospitals supported by various regional governments.
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Modernization of Healthcare Infrastructure in Developing and Developed Regions to Bolster Uptake
The operating room equipment market is mainly driven by the constantly improving healthcare infrastructure in various developing and developed regions and constant advancements in imaging technologies. The burgeoning medical tourism in several countries of Asia Pacific and Latin America is positively impacting the growth of the operating room equipment market. The growing popularity of minimally invasive surgical procedures and soaring demand for new therapeutic and diagnostic options are the factors boosting the market. In addition, various modernization initiatives of healthcare institutions in advanced nations is expected to accentuate the operating room equipment market.
The increasing demand of hybrid operating room is fuelled by the competitive benefits offered to surgeons and clinicians as they have greater flexibility across surgical procedures, which ensures patient safety and expand their therapeutic options. In addition, the proliferation of multispecialty hospitals in emerging nations of Asia, particularly India, is expected to open exciting opportunities for market players.
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ASCs Driving Demand for Miniaturized and Modernized Operating Room Equipment
Several modernization initiatives of surgical solutions that cater to outpatients have led to the demand for ambulatory surgical centers (ASCs), especially in the U.S. This is expected to bolster the uptake of operating room equipment in ASCs. However, the high investment required for advanced operating room equipment in ASCs, paucity of trained clinicians, and modernization initiatives in hospitals done without progressive planning are crucial factors may hinder the market to an extent.
Nevertheless, the growing popularity of intraoperative imaging to streamline workflow and the preference of minimally invasive surgeries are expected to open up exciting opportunities for market players. Furthermore, the presence of high unmet needs in Mexico, Brazil, and several countries of Latin America is expected to bolster the demand for operating room equipment in these countries, thereby creating lucrative growth avenues for players.
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Key Takeaways:
- Global operating room equipment market to be worth US$42,873.3 million by 2023
- Competitive landscape is fairly fragmented, although top three players do hold a position of strength on back of their band name and widespread geographical reach
- Product innovation is foreseen to be a sure-shot mode of gaining ground over the competitors
About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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