U.S. Integrated Operating Rooms Market Growth & Trends
The U.S. integrated operating rooms market size is anticipated to reach USD 3.72 billion by 2028, registering a CAGR of 10.1% over the forecast period, according to a new report by Grand View Research, Inc. The key factors driving the market growth include the rising number of Ambulatory Surgery Centers (ASCs), technologically advanced healthcare IT infrastructure, the growing popularity of integrated ORs, and increasing demand for minimally invasive & image-guided procedures.
For nearly 18 months during the pandemic, both physicians and patients made decisions to defer many forms of surgery, whenever possible. As more patients feel confident regarding considering surgery, demand to schedule procedures at all types of hospitals and surgery centers has increased over the recent months. Thus, impacting the market growth. In 2020, the COVID-19 pandemic had a substantial impact on the hospitals across the U.S. In total, the country saw a 35% reduction in surgical volume from March to July 2020, contributing to a loss of over USD 200 billion.
The U.S. medical industry depends heavily upon revenue generated by surgical procedures. Investments in the most up-to-date equipment and technology are a priority for hospitals to remain competitive. Presently, these ORs comprise fully integrated systems that are fixed. Traditional ORs help deal with video signals created by the imaging system. An integrated OR needs several other modalities, which are used with the imaging system and consequently require more advanced integration machinery. Moreover, various strategic initiatives being undertaken and the presence of well-established players, such as Stryker, STERIS, Olympus, and Skytron, are expected to fuel the growth of the market during the forecast period.
Market players are investing in many strategic initiatives, such as acquisitions, mergers, partnerships, and product launches, to maintain a competitive edge. For instance, in March 2021, Brainlab announced acquiring Mint Medical GmbH. This move provides evidence to the company’s focus on digital health and to advance in the fields of structured diagnosis, analysis, and treatment of cancer and other illnesses to address the demand for modern medication and personalized treatments.
U.S. Integrated Operating Rooms Market Report Highlights
- The market was valued at USD 1.67 billion in 2020 and is expected to witness a growth rate of 10.1% during the forecast period
- Increasing demand for minimally invasive & image-guided procedures and the growing popularity of integrated ORs is expected to boost the market growth
- The hospital-based outpatient department segment led the market in 2020 owing to its increasing demand by these end-users
- On the other hand, high costs associated with integrated ORs is estimated to hinder the market growth