The presence of a large number of regional and international vendors has made the vendor landscape of the global market for operating room equipment largely fragmented, observes Transparency Market Research in a recent report. The highly diversified and competitive market calls for technological innovations for companies to stay ahead of their peers. A thriving medical tourism industry in Latin America and Asia Pacific is providing immense growth opportunities and companies are focusing their resources towards these regions to gain profitable growth avenues. Focus on the development of innovative products for hybrid operating rooms is also a popular strategy adopted by companies to stay ahead of the competition in the global operating room equipment market.
Presently, a notable share of the market is held by three companies, namely Siemens Healthcare, GE Healthcare, and Stryker Corporation. Other leading companies in the market are Maquet Holding B.V. & Co. KG (Getinge AB), Philips Healthcare, TRUMPF GmbH + Co. KG., Skytron, LLC, Olympus Corporation, and Steris Corporation.
According to the report, the market is likely to rise to a revenue opportunity of US$42,873.3 mn by 2023 from US$29,105.4 mn in 2017, registering a promising CAGR of 6.7% over the period between 2017 and 2023.
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North America and Europe Remain Largest Markets on Account of Larger Affordability
Of the key varieties of products that come under the purview of the global operating room equipment market, the segment of movable imaging systems accounted for the dominant share in the overall market in 2017 when the segment generated a revenue of US$8,384.9 mn. The segment is also expected to account for the dominant share in the overall market over the report’s forecast period. Geographically, the markets in Europe and North America re presently the leading regional markets for operating room equipment, thanks to the technologically well-established healthcare industry and the larger affordability of advanced healthcare equipment in these regions. Timely upgradation of operating room equipment in these regions is also a key factor driving the market.
Increased Global Prevalence of Chronic Diseases to Boost Market Growth
Some of the leading factors working favorably for the global operating room equipment market are the exponential rise in the prevalence of a number of chronic diseases, rapidly rising global geriatric population, and the increased awareness regarding the larger set of benefits minimally obtrusive surgical treatments offer. Moreover, the rising patient pool that can afford complex surgeries that involve the use of technologically advanced surgical equipment, and promising development of basic healthcare facilities and rising funds being poured into the adoption of modern medical devices in emerging as well as developed economies are also driving the market.
A recent instance is the decision of the Hong Kong government to devote a sum of US$200 bn towards a ten-year hospital improvement programme in its 2016-17 spending plan. The spending was sought to encourage updation of healthcare institutions and establish more numbers of advanced healthcare facilities in Hong Kong. The funds would also help increase the number of operating performance centers in Hong Kong by 40% while also striving to increase pro outpatient benefit limit by 40%, serving nearly 10 mn people a year.
This analysis of the global operating room equipment market is based on a recent market research report by Transparency Market Research, 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.”