Operating Room Equipment Market: Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019
Albany, New York (PRWEB) September 01, 2014
An operating theatre or operating room is a specially-fitted room in a hospital for performing surgical operations. An operating room comprises a myriad of specially-designed equipment such as operating tables, surgical booms, operating room lights, imaging displays as well as integration systems for operating rooms. According to a report by Transparency Market Research, a U.S.-based market research firm, the operating room equipment market is expected to reach USD 4.5 billion by 2019.
According to this report, the largest segment within the operating room equipment market in 2012 was the operating tables segment. In 2012, the total revenue share of the segment was valued at 30.6% of the total market, amounting to USD 815.5 million. The other segments within this market that are poised to show promising growth are: surgical booms followed by operating room integration systems, largely due to the growing emergence of hybrid operating rooms. Aspects such as equipment integration and space management are integral to the concept of a hybrid operating room.
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Here are some key factors attributed to the growth of the Operating Room Equipment market over the forecast period of 2013 to 2019:
- A growing number of Ambulatory surgical centers globally
- A rising demand for hybrid operating rooms that are based on cutting-edge technology (especially in the developed American and European markets)
- Technological advances and product innovation
- A spike in the aged population worldwide that is expected to provide an indirect boost to operation theatre equipment (as this age group is susceptible to health disorders as compared to the younger population)
While there are several factors likely to give the market a push, this market is certainly not devoid of restraints. These include factors such as high equipment cost that is likely to act as a deterrent to healthcare institutions in replacing old equipment with advanced one. This restraint is especially pronounced for those healthcare providers that operate on a restricted budget.
- The regional market share for Operating Room Equipment
According to the report published by Transparency Market Research, North America and Europe constituted the largest markets (by region) for operating room equipment. In these regions, healthcare centers and hospitals already comprise all the essential equipment required in an operating room, hence the growth of this market will largely be propelled by replacement/upgrading to introduce modern technologies and machines in the operating room.
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On the other hand, various emerging countries in the Asia Pacific region will show a greater inclination towards the purchase of new operating room equipment as healthcare awareness rises here, along with disposable income. Another factor of significance in the Asia-Pacific region is the growth of medical tourism. Patients from all over the globe are flying into countries such as South Korea, Thailand, India and Malaysia to undergo various surgical procedures and treatments primarily attracted by the low cost of treatments here. Thus, it is evident that a number of healthcare providers are investing in new operating room equipment in order to make the most of this medical tourism boom and to offer the best services to their clientele.
The leading players in the operating room equipment market account for nearly 60% of the total revenue generated in 2012. These key players include names such as Stryker Corporation, Getinge Group, TRUMPF GmbH + Co, and Steris Corporation. Thus, as the number of surgical procedures rises worldwide, the operating room equipment market can expect steady growth. However, this market will continue to face a concern in the form of the high costs associated with operating room equipment, and healthcare providers that run on a tight budget may instead look at alternatives such as purchasing used or refurbished operating room equipment.
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