The global operating room (OR) equipment market was valued at around USD 30 billion in 2020 and is projected to register a CAGR of 4.2% over the forecast period to surpass USD 40 billion by 2027. The market growth is expected to be driven by a rise in the number of hospitals and investments in OR equipment, growing patient preference for minimal invasive surgeries, and increasing regulatory approvals for OR equipment.
These are the latest findings of Brandessence Market Research (Maharashtra, India), a publisher of market research reports.
The special equipment used in ORs such as respiratory and cardiac support, emergency resuscitative devices, patient monitors, and diagnostic tools are called as OR equipment. It is important for ORs to be equipped with the best equipment as it can make the difference between life and death for patients. OR equipment is used to improve patient care and operational efficiency by providing surgeons and other healthcare professionals with greater flexibility and ease of handling. The different types of OR equipment depend upon the type of medical services that need to be provided. The types of equipment required in the OR includes surgical lights, operating tables, surgical booms, surgical displays, operating room integration systems, blanket warmers, scrub sinks and nurse documentation stations.
The major factors driving the growth of global OR equipment market are the increasing number of hospitals and higher OR equipment investments. Higher investments for the up-gradation of emergency clinics, improvement of new ORs, and a rise in the number of new clinics and ambulatory surgery centers are also propelling the growth of the OR equipment market. In addition, the increasing number of surgeries is also fueling market growth. Furthermore, increasing regulatory approvals for OR equipment is also contributing to the growth of the global OR equipment market. However, the high costs associated with the latest medical device technologies could hamper market growth. Nevertheless, increasing technological advancements leading to the development of more innovative OR equipment is likely to provide further growth opportunities for the global OR equipment market.
COVID-19 had negatively impacted the global OR equipment market as a large number of medical surgeries were either postponed or cancelled due to rising COVID-19 patients and doctors assuming the role of front-line warriors in the battle against the pandemic. Following widespread vaccination, declining COVID-19 cases and hospitals opening up across the world, OR activities resumed towards the end of 2020. The resumption of OR activities and the need for performing medical surgeries that had been either postponed or cancelled due to the COVID-19 pandemic are likely to aid the growth of the global OR equipment market.
Geographically, North America is expected to dominate the global OR equipment market due to the increasing surgeries, growing technological advancements, the presence of key players and rising number of product launches in the region. Advancements in technology leading to improved OR equipment are expected to continue driving the growth of the North American OR equipment market. On the other hand, the Asia-Pacific OR equipment market is expected to witness the fastest growth due to the rising prevalence of chronic disorders, growing number of hospitals & healthcare facilities, and large patient pool in the region.
Brandessence Market Research