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The operating room equipment market studied was projected to grow with a CAGR of nearly 6.4% over the forecast period. The major factors attributing to the growth of the market are the growing incidence of chronic diseases that require surgeries, rising number of hospitals and increasing government fundings. As per the data published by the Ministry of Health & Family Welfare, Government of India, under the PMSSY scheme six AIIMS like institutions received Rs. 620 crores towards the cost of construction and Rs. 200 crores for procurement of Medical Equipment and modular operation theaters. Such type of investments is expected to create new opportunities for market players. The operating room equipment market has been increasing substantially over the last two years, and the market has been considered by technological innovation and rise in the inclination for technologically sensible and accurate medical and surgical equipment. However, the major restraint to the growth of the market is the high cost of the equipment.
Scope of the Report
As per the scope of the report operating room equipment is designed for surgeons and surgical staff to perform surgical procedures that require time, patience, focus, and safety. This report is segmented by Product, by End User, and by Geography.
Key Market Trends
Endoscopes Segment is Expected to Witness the Fastest Growth over the Forecast Period
- An endoscope is an illumined optical, usually slender and tubular instrument used to look deep into the body. It is used to examine the internal organs like the throat or esophagus.
- The growing patient inclination for endoscopic procedures, increasing awareness about minimally invasive procedures, and growing embracing of technological innovations in surgical procedures are some of the driving forces accountable for the growth of the segment in the forthcoming years. The rise in the incidence of cancer, gastrointestinal disorders, and lifestyle-related diseases are expected to further expand the market.
- According to the National Institutes of Health (NIH), in 2018, an estimated 1,735,350 new cases of cancer will be detected in the United States and 609,640 people will die from the disease.
- As the incidence of diseases like cancer increases, the use of endoscope equipment increases.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall operating room equipment market, throughout the forecast period. The market growth is due to the factors such as the presence of key players, high prevalence of chronic diseases in the region, established healthcare infrastructure are some of the key factors accountable for its large share in the market. Furthermore, beneficial government initiatives and a rising number of ambulatory surgical centers are some of the drivers expected to increase the market growth. In the North America region, the United States holds the largest market share due to factors such as an increasing number of geriatric populations, along with a growing number of diseases in the country, which is anticipated to stimulate the demand in this region.
The operating room equipment market is moderately competitive and consists of several major players. Some of the companies which are currently dominating the market are Koninklijke Philips N.V.; STERIS plc, Stryker; Karl Storz SE & Co. KG; Siemens Healthineers; Hill-Rom Services Inc; Getinge AB; Medtronic Plc; and GE Healthcare. Massive funding for R&D combined with new product launches are vital strategies implemented by leading companies to secure a larger share of the global market.
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