Operating Room Equipment & Supplies Market
Number of pages: 100 | Report Format: PDF | Published date: April 24, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 28.39 billion |
|
Revenue Forecast in 2031 |
US$ 38.75 billion |
|
CAGR |
3.5% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Type, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global operating room equipment and supplies market was valued at US$ 28.39 billion in 2022 and is expected to register a revenue CAGR of 3.5% to reach US$ 38.75 billion by 2031.
Operating Room Equipment & Supplies Market Fundamentals
The operating room (OR) is a setting where patients are subjected to surgical treatments and procedures to address a variety of pathological and physiological disorders. Surgery can be conducted in a clean, sterile atmosphere that is safe and inert in the operating room. Therefore, it is essential to supply reliable equipment which results in successful surgical procedures. The supplies and equipment used in operating rooms have changed dramatically over the past ten years; newer technology, such as surgical navigation systems, has simplified OR operations. The technologically advanced operating room gives surgeons and interventionalists more freedom and control. Operating rooms with precise tools and equipment guarantee better patient care and increased operational efficiency. Stryker Corporation, Medtronic, Johnson & Johnson, GE Healthcare, and Karl Storz GmbH & Co. KG are just a few of the market's key competitors. These businesses compete based on pricing plans, product innovation, and quality. Developing sophisticated surgical technologies, such as robotic-assisted surgery and 3D-printed surgical equipment, has received increasing attention in recent years. These technologies are expected to help fuel even more growth in the global operating room equipment and supplies market during the forecast period.
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Operating Room Equipment & Supplies Market Dynamics
An increasing flow of patients to hospitals with various diseases is the primary driver for market revenue growth. The rise in the elderly population is increasing the demand for the operating room equipment market. Growing demand for minimally invasive surgeries is also propelling the growth of the operating room equipment market. The rise in the awareness of maintaining hygienic conditions in operating theaters accelerates the growth of the global operating room equipment and supplies market. The rapid growth of global technological innovation in medical equipment drives the development of the operating room equipment and supplies market revenue. The aging population is also a key factor contributing to revenue growth. The rise in the majority population, the rise in the demand for hybrid operating theatres in developed nations, and the use of sophisticated equipment in operations are some drivers driving the global market for operating room equipment. The market is expected to expand because of the development of medical infrastructure in developing nations, rising interest in the networks of foreign hospitals, and expanding partnerships between hospitals and overseas investors. An increase in outpatient surgical facilities further boosts the development of the global market for operating room equipment and supplies, the prevalence of chronic diseases, and medical costs. The need for operating room equipment is rising because of the growing acceptance of minimally invasive treatments and their associated advantages, including lesser trauma, quicker hospital stays, and profitable procedures. Government and non-government organizations are increasingly investing in healthcare facilities, which is profitable and creating growth prospects for the operating room equipment industry. The market for operating room equipment is likely to experience a decline in demand as surgical procedures become more important and require flexible and convenient equipment.
However, the high operating room equipment costs limit its use, particularly in low-income countries, and will impede global operating room equipment and supplies market growth. In some regions, healthcare infrastructure may be inadequate to support advanced operating room equipment and supplies. Lack of trained staff, inadequate facilities, or unreliable power supply may limit the market potential for these products.
Operating Room Equipment & Supplies Market Ecosystem
The global operating room equipment and supplies market is analyzed from three perspectives: type, end-user, and region.
Operating Room Equipment & Supplies Market by Type
Based on type, the global operating room equipment and supplies market is segmented into anesthesia machines, operating tables, electrosurgical units, operating room lights, surgical imaging devices, and supplies/ accessories.
The electrosurgical devices segment accounts for the largest revenue share in the global operating room equipment and supplies market and is expected to continue during the forecast period. The growth in surgical treatments is responsible for this dominance. However, the surgical imaging devices market is expected to develop quickly during the forecast period due to these devices' widespread use and accessibility in surgical settings.
Along with these factors, the market is expected to develop during the forecast period due to growing technological advancements in minimally invasive operations, shorter hospital stays following surgery, and an increase in ambulatory surgical centers. However, governmental initiatives and technical developments will drive the suture segment's growth during the forecast period. For instance, Ethicon, Inc. stated in June 2021 that the National Institute for Health and Excellence (NICE) had released new medical technology recommendations recommending the use of the companies plus sutures in surgeries within the National Health Service.
Operating Room Equipment & Supplies Market by End User
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Based on the end user, the global operating room equipment and supplies market is segmented into hospitals, ambulatory surgical centers, and others.
The hospital segment accounts for the largest revenue share in the global operating room equipment and supplies market. The demand for more effective and efficient surgical procedures, the increased emphasis on patient safety and care quality, and the requirement for improved communication and collaboration among surgical teams are all contributing factors to the segment's rise. Most surgical procedures are performed in hospitals; hence they are the main end users of surgical supplies and equipment. Additionally, the aging population and rising prevalence of chronic diseases fuel the demand for more complex surgical treatments, which promotes the expansion of the hospital sector.
The ambulatory surgical center's segment is expected to register a high revenue CAGR during the forecast period. This market is expected to develop rapidly because these facilities provide a secure, affordable, and patient-friendly environment for medical services like colonoscopy and colorectal cancer screening for patients of all age groups.
Operating Room Equipment & Supplies Market by Region
Based on region, the global operating room equipment and supplies market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest global operating room equipment and supplies market share. The advancement of operating rooms by hospitals, an increase in surgical operations, the growth of ambulatory surgery facilities, and the rising incidence of cardiovascular disease in the United States all contribute to North America's market dominance. Increased public and private investment, the installation of a new funding mechanism for Canadian hospitals, and conferences on operating room equipment are the key drivers of market expansion in Canada. Additionally, growing industry player investments in the creation of operating room equipment are expected to result in the introduction of innovative goods, fueling market expansion in this area during the forecast period. As an illustration, Getinge introduced the Torin AI-based OR management system in the United States in June 2021. These developments will increase the acceptance of this software, which will fuel market revenue expansion in this area.
Additionally, the growing elderly population in Canada, which is susceptible to chronic illnesses and needs appropriate disease management, such as surgery, is expected to support the market's expansion during the forecast period. For instance, 6.3 million Canadians aged sixty-five or older were estimated to be living with chronic diseases in 2021, according to data provided by the Canadian government in July 2021. Thus, it is expected that geriatrics with chronic conditions will visit the hospital more frequently, contributing to the rising demand for operating room equipment during the forecast period. Similarly, the market is expected to grow as chronic diseases become more prevalent in Mexico. In Mexico in 2020, there were 1,95,499 cancer cases, according to the Globocan Report 2020. Because of the high incidence of cancer, there has been an increase in operational efficiency and quality of care, which has helped the market revenue growth during the forecast period.
Operating Room Equipment & Supplies Market Competitive Landscape
The prominent players operating in the global operating room equipment & supplies market are:
The operating room equipment and supplies market is highly competitive, with many established players competing for market share. New entrants may struggle to gain a foothold, particularly if they lack the resources to invest in research and development or marketing.
Operating Room Equipment & Supplies Market Strategic Developments
The expected size of the global operating room equipment and supplies market in 2031 is US$ 38.75 Billion.
The expected revenue CAGR for the operating room equipment and supplies market is 3.5% during the forecast period.
Koninklijke Philips N.V., Karl Storz SE & Co. KG, Siemens Healthineers, Stryker Corporation, and STERIS plc are among the key players operating in the global operating room equipment and supplies market.
The Asia Pacific region is expected to grow at high revenue CAGR in the global operating room equipment and supplies market.
One of the main challenges the operating room equipment and supplies market faces is the high cost of these products. Many of these devices are expensive and can be out of reach for smaller healthcare facilities or those in developing countries. These are the factors restricting the global operating room equipment and supplies market revenue share to its full potential.
*Insights on financial performance are subject to the availability of information in the public domain