Operating Room Equipment Market Report

Operating Room Equipment Market Analysis By Product (Anesthesia Devices, Endoscopes, OR Tables, OR Lights, Electrosurgical Devices, Surgical Imaging Devices, Patient Monitors), By End-use, And Segment Forecasts, 2014 - 2025

Published: July 2017  |  133 Pages  |  Format: PDF  |  Report ID: GVR-1-68038-503-8

Industry Insights

The global operating room equipment market size was valued at USD 26.24 billion in 2016 and is projected to grow with CAGR of 7.2% during the forecast period. The surging volume of surgeries globally and technological innovations in medical devices are some of the driving forces responsible for the growth of the market. Aging of the population is also one of the key factors contributing to growth.

Operating room equipment market, by product, 2014 - 2025 (USD Billion)

Operating room equipment market

Growing popularity of minimally invasive procedures owing to associated benefits such as lesser trauma, reduced hospital stays, and cost-effective procedures is one of the contributing factors responsible for the expansion of the market. Increasing investment by government bodies across the globe is also driving the market. For instance, the Indian government, under its Pradhan Mantri Swasthya Suraksha Yojana approved INR 620 crores for cost of construction and INR 200 crores for the procurement of medical equipment & modular operation theaters. In 2014, the Government of Mexico released a National Infrastructure Program that indicates major projects to be executed through 2018. The program covers telecommunication, transportation, energy, water, tourism, and health sectors. For the health sector, the government has undertaken 87 projects with an investment of USD 6.1 billion to upgrade several hospitals & clinics and construct new specialized ones.

Furthermore, rising investments for the upgradation of hospitals, development of new operating rooms, and an increase in the number of new hospitals & ambulatory surgery centers are expected to propel growth in future. In 2016, KIMS hospital in Kent, UK, opened its fifth operating theater to cope up with growing demand for orthopedic surgeries and invested GBP 250,000 in new technologies for its newly opened operating room. In 2016, the Wanda Group, a Chinese conglomerate, decided to invest CNY15 billion for the development of hospitals across the country. The investment is intended for building three hospitals in Chengdu, Qingdao, and Shanghai. Under this initiative, Wanda Group has partnered with UK-based International Hospitals Group (IHG) that would be managing the new hospitals constructed.

Improving healthcare infrastructure in emerging economies, rising interest of foreign hospital chains in expanding their networks in these economies, and growing collaborations between hospitals & foreign investors are anticipated to drive the market. In 2015, the Brazilian government enacted a new amendment that allows foreign investments in healthcare companies, hospitals, and specialized clinics.

Product Insights

In 2016, the anesthesia devices segment held the largest chunk of the market. Technological advancements and growing usage of anesthesia machines in the surgery centers contribute to a large share of the segment. Anesthesia machines are commonly used in almost all types of surgeries. In addition, rapid adoption of the Anesthesia Information Management Systems (AIMS) contributes to the large share of the revenue share.

Increasing prevalence of chronic diseases and illnesses has led to a rise in surgical procedures. Anesthesia plays a crucial role in a surgery, and anesthesia equipment play a vital role in providing sufficient & accurate delivery of anesthesia necessary for surgical procedures. Increasing geriatric population who are highly susceptible to various disorders and degenerative diseases is one of the key factors responsible for the rising demand for surgeries.

However, the endoscopes segment is expected to witness the fastest growth over the forecast period. Increasing patient preference for endoscopic procedures, rising awareness about minimally invasive procedures, and growing adoption of technological innovations in surgical procedures are some of the driving forces responsible for the growth of the segment in the coming years. Rise in incidence of cancer, gastrointestinal disorders, and lifestyle-related diseases are expected to further expand the market.

End-use Insights

In 2016, the hospitals segment held majority of the share accounting for about 75%.

Hospitals are focusing on investing in the upgradation of operation theaters as they are one of the highest revenue generating sources. Furthermore, growing demand for hybrid operating rooms and increasing investments in infrastructure & advanced technologies for efficient outcomes are also expected to drive growth.

For instance, in March 2017, Saint Michael’s Medical Center, New Jersey, U.S. invested around more than USD 21 million in its systems and medical equipment to improve and modernize the hospital and make it technologically advanced. The new equipment being installed in the OR include high resolution monitors, operating towers, endoscopic towers, C-arms, and other equipment.

Ambulatory surgical centers are projected to emerge as the fastest growing segment during the forecast period. The number of ambulatory surgical centers has grown owing to rising demand from key participants in surgical care that includes patients, physicians, and insurers. Surging number of ambulatory surgical centers and growing demand driven by patient satisfaction, high quality, cost-effective procedures, and efficient practices by physicians are anticipated to propel growth of the market.

Operating room equipment market, by end use, 2016 (%)

Operating room equipment market

Regional Insights

North America dominated the market in 2016 with a revenue share of around 37.3%. Increasing prevalence of chronic diseases in the region, large geriatric population base, sophisticated healthcare infrastructure, and rising number of ambulatory surgical centers are key market growth drivers. Rising demand for minimally invasive surgeries and higher adoption of technological advancements are also driving growth in the region.

Asia Pacific is expected to register fastest growth over the coming years. Factors responsible for faster emergence are high prevalence of chronic diseases, large patient pools, and growing number of hospitals & healthcare facilities with improving infrastructure in the region. The large population base with high unmet needs in the region attract many foreign investors to expand their business in the emerging markets such as India, China, and Singapore.

Furthermore, the growing trend of medical tourism in Asian countries is expected to contribute to growth in the region. Affordability of treatment, ease of access, government support, and emergence of new medical tourism destinations in the Asia Pacific region is anticipated to contribute to the growth of the market in the region. Thailand, Malaysia, South Korea, Singapore, India, and China are some of the popular medical tourist destinations in Asia Pacific and are expected to experience a boom in the coming years.

Competitive Insights

Some of the significant players include Koninklijke Philips N.V.; STERIS plc, Stryker; KARL STORZ GmbH & Co. KG; Siemens Healthineers; Hill-Rom (Trumpf Medical); Getinge AB; Medtronic; and GE Healthcare. Huge funding for R&D coupled with new product launches are crucial strategies deployed by leading companies to capture a larger share of the global market.

Report Scope

Attribute

Details

Base year for estimation

2016

Actual estimates/Historical data

2014 - 2015

Forecast period

2017 - 2025

Market representation

Revenue in USD Million & CAGR from 2017 to 2025

Regional scope

North America, Europe, Asia Pacific, Latin America, MEA

Country scope

U.S., Canada, Germany, UK, Japan, China, Brazil, Mexico, South Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors and trends

15% free customization scope (equivalent to 5 analyst working days)

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Segments Covered in the Report

This report forecasts revenue growth and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the operating room equipment market on the basis of product, end use and region:

  • Product Outlook (Revenue, USD Million; 2014 - 2025)

    • Anesthesia Devices

    • Endoscopes

    • Operating Room Tables

    • Operating Room Lights

    • Electrosurgical Devices

    • Surgical Imaging Devices

    • Patient Monitors

    • Others

  • End use Outlook (Revenue, USD Million; 2014 - 2025)

    • Hospitals

    • Ambulatory Surgical Centers

  • Regional Outlook (Revenue, USD Million; 2014 - 2025)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • UK

    • Asia Pacific

      • Japan

      • China

    • Latin America

      • Brazil

      • Mexico

    • MEA

      • South Africa

Key questions answered by the report
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