Operating Room Equipment Market Overview:
Global Operating Room Equipment Market accounted for $24,192 million in 2016, and is estimated to reach at $33,308 million by 2023, registering a CAGR of 4.5% from 2017 to 2023. Operating room (OR), also known as an operation theatre or operating suite, is a facility for performing surgical procedures to treat different physiological and pathological conditions in a sterile environment. An operating room equipped with technically advanced equipment empowers surgeons and interventionalists with greater flexibility and ease of handling. ORs equipped with precise instruments and equipment ensure better patient-care and enhanced operational efficiency.
Surge in number of hospitals, increased investment in OR equipment, and increase in global geriatric population drive the market. Growth in regulatory approvals for different OR equipment along with rise in patient preference for minimally invasive surgeries are anticipated to fuel the market growth
Global Operating Room Equipment Market Segmentation
The operating room equipment market is segmented based on type, end user, and geography. Based on type, it is classified into anesthesia machines, electrosurgical devices, multi-parameter patient monitors, surgical imaging devices, operating tables, operating room lights, and surgical navigation systems. The multiparameter patient monitors are further divided into high, medium, and low acuity multi-parameter patient monitors. Similarly, the surgical imaging devices are further categorized into mobile C-arm and mini C-arm. The operating tables are further segmented subdivided into general operating tables and specialty operating tables. The operating lights are segmented into traditional lights and LED lights. Based on end user, the market is classified into hospitals, outpatient facilities, and ambulatory surgical centers (ASCs). Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The impact of the driving factors is expected to overcome the effect of restraints. Moreover, the utilization of OR equipment and untapped potential of developing economies in Asia-Pacific and LAMEA are expected to present various opportunities for market expansion.
Drivers and Restrains
The market is expected to witness a moderate growth during the forecast period, owing to the rise in adoption of operating room equipment in medical settings & due to surge in OR equipment investments grants and funds by government bodies globally. However, high cost associated with operating room equipment is expected to hamper the market growth.
Operating Room Equipment Market, By Geography, 2016-2023 ($Million)
Asia-Pacific possesses high market potential for the growth of operating room equipment market, owing to increase in accessibility and availability of healthcare facilities and rise in healthcare and research expenditure. This region is anticipated to experience rapid market growth due to economic development.
The report provides extensive competitive analysis and profiles of key market players, such as Steris Corporation, Stryker Corporation, Koninklijke Philips N.V., Getinge Group, Hill-Rom Holdings, Inc., Drägerwerk AG & Co. KGaA, General Electric Company, Medtronic, plc., Mizuho SOI, and Karl Storz GmbH & Co. Kg. The other players in the value chain include Olympus, Fujifilm Holdings Corporation, CONMED Corporation, Arthrex, Inc., Siemens AG, and Smith & Nephew plc.
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the market and the current trends and future estimations to elucidate the imminent investment pockets.
- It presents a quantitative analysis of the market from 2016 to 2023 to enable stakeholders to capitalize on the prevailing market opportunities.
- Extensive analysis of the market based on application assists to understand the trends in the industry.
- Key market players and their strategies are thoroughly analyzed to understand the competitive outlook of the market.
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