Operating Room Equipment Market Size, Share & Trends Analysis Report By Product (Anesthesia, Endoscopes, Electro Surgical Devices, Surgical Imaging), By End User, By Region, And Segment Forecast, 2023 - 2030

Report Overview

The global operating room equipment market size was valued at USD 43.2 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.4% from 2023 to 2030. The growth of the market is attributed to factors such as the rising number of hospitals & ambulatory surgery centers, the growing incidence of chronic diseases requiring surgeries, and technological innovations in medical devices. Additionally, healthcare infrastructure, rising healthcare expenditures, increase in the number of surgeries and rising demand for minimally invasive surgeries are contributing to the growth of operating room equipment market.

The increasing geriatric population who are prone to chronic diseases and require proper disease management, such as surgery, is expected to contribute to the market's growth over the forecast period. Worldwide, the population of people aged 65 and up is expanding faster than any other age group. According to estimates from World Population Prospects: the 2019 Review, by 2050, one in every six individuals will be over the age of 65, up from one in every eleven. Also, in North America and Europe, one in four people could be 65 or older by 2050. Thus, prevalence of chronic illnesses among the geriatric population is projected to drive increased hospitalization rates, thus boosting the demand for operating room equipment over the forecast period.

Furthermore, according to the American Cancer Society, in 2021, it was estimated that 1.9 million new cases of cancer would be diagnosed. In the U.S., breast cancer cases affect women at a rate of 264,000 each year, while cases in men stand at around 2,400 as per The Centers for Disease Control and Prevention (CDC). The number of surgeries being performed to treat these diseases is expected to result in high demand for operating room equipment.

The COVID-19 pandemic has significantly impacted the market. The declined surgeries volume in the initial phase of the COVID-19 pandemic, restriction of lockdown, and suspension of surgeries had adversely affected the market growth. Likewise, reduced demand for products for surgeries during the pandemic has certainly impacted the cash flows, financial condition, operational performance, and overall business of medical device companies. For instance, Medtronic's revenue decreased by 3.7% in 2020 compared to 2019. However, as hospital facilities and ambulatory surgical centers resumed their services after the relaxation of lockdown restrictions, backlogged surgical procedures are anticipated to increase the demand for operating rooms over the forecast period.

Furthermore, rising investments in the development of operating room equipment are expected to drive market growth over the forecast period through the launch of innovative products. For instance, in May 2022, Zimmer Biomet, announced the launch of (AI) Artificial Intelligence capabilities for their Omni Suite, an intelligent operating room (OR). This suite has been designed to maximize operational efficiency, and with the AI features, it has the capability to accurately track workflow milestones, such as patient entry, door count, and anesthesia administration. Similarly, in June 2022, Getinge released an updated version of the ED-Flow automated endoscope preprocessor, featuring enhanced digital connectivity and data management to improve uptime and production. These developments are set to spur the growth of the market.

Product Insights

The anesthesia segment dominated the global market in 2022 and accounted for a maximum share of 29.9% of the overall revenue. Anesthesia machine consists of a ventilator, a patient monitoring device, and a suction unit. A large portion of the segment's growth can be attributed to the increasing number of surgeries, technological developments, and an increase in the use of anesthesia devices in surgical centers.

Additionally, the quick uptake of Anesthesia Information Management Systems (AIMS) is a contributor to the high revenue share. This equipment are widely used in hospitals and ambulatory service centers owing to the rising number of chronic diseases and surgical procedures. As surgery mostly requires anesthesia equipment for delivering the precise amount of anesthesia in surgical procedures.

On the other hand, the endoscopes segment is anticipated to grow at the fastest rate. Some of the factors propelling the segment growth are rising patient preference for endoscopic operations, awareness of minimally invasive procedures, and expanding use of technological improvements in surgical procedures. It is anticipated that the market would continue to grow because of the increase in gastrointestinal illnesses, cancer, and lifestyle-related diseases.

End-user Insights

In 2022, the hospital segment gained a major market share of more than 70%. Hospitals are putting an emphasis on upgrading operation theatres because they are one of the greatest revenue-generating sources. Growth is also anticipated to be fueled by the rising geriatric population, increase in the burden of diseases, increase in healthcare expenditures, demand for hybrid operating rooms, and rising investments in infrastructure and cutting-edge technologies for effective results.

For instance, in January 2023, The Galilee Medical Center announced the opening of a smart room for the management of inventory in OR through a partnership between Autonomi Company and Israeli group purchasing organization Sarel. Also, in February 2022, Canada’s Alberta province government invested USD63.5 million for 11 new operating rooms at Calgary's Foothills hospital. The 11 new operating rooms are in addition to the 32 existing operating rooms at the northwest Calgary hospital. They will allow up to 7,000 more surgeries each year.

Ambulatory surgical centers are anticipated to expand as the fastest-growing segment during the forecast period. The number of ambulatory surgical centers has expanded as a result of an increase in demand from key stakeholders in surgical care, including patients, physicians, and insurance. The market is anticipated to grow as a result of an increase in ambulatory surgery centers, rising demand, patient satisfaction, successful physician practices, and superior, affordable therapies.

Regional Insights

North America dominated the operating room equipment market in 2022 with a revenue share of around 35%. The region increasing chronic illness prevalence, huge geriatric population base, sophisticated healthcare infrastructure, a growing number of ambulatory surgery centers, and development of new operating rooms are all major market growth drivers. For instance, according to Definitive Healthcare, LLC, as of May 2023, there are 35,870 total operating rooms across U.S. hospitals, with an average of six ORs per hospital. Besides, growth in the area is also being fueled by increased adoption of technical breakthroughs and rising demand for minimally invasive surgeries.

Asia Pacific is expected to register the fastest growth over the coming years. A high prevalence of chronic diseases, big patient pools, and an increasing number of hospitals and healthcare facilities in the region with expanding infrastructure are factors responsible for faster development. Numerous foreign investors are drawn to the region's enormous population base and high level of unmet demands in order to grow their businesses in growing markets like China, India, and Singapore.

In addition, the region is anticipated to rise as a result of the expanding trend of medical tourism in Asian nations. The development of the medical tourism industry in the Asia Pacific region is projected to be aided by factors including accessibility, government assistance, and the affordability of medical care. A rise in medical tourism is anticipated to drive the market in the Asia Pacific countries of Thailand, Malaysia, South Korea, Singapore, India, and China in the coming years.

Key Companies & Market Share Insights

The market is fairly competitive owing to presence of a large number of multinational as well as local market players. The market players are adopting various strategies, such as partnerships & collaborations, regional expansion, and service launches, to gain higher market shares. For instance, in August 2022, Affera, Inc. was acquired by Medtronic, an international leader in healthcare technology. Similarly, in December 2023, Baxter International Inc. announced it has completed its acquisition of Hillrom. Some of the prominent players in the operating room equipment market include:

• Koninklijke Philips N.V

• Medtronic

• Getinge AB

• Stryker Corporation

• Siemens Healthineers AG

• GE HealthCare

• Steris

• Skytron, LLC

• Drägerwerk AG & Co. KGaA,

• Baxter International Inc.

Operating Room Equipment Market Report Scope

Global Operating Room Equipment Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global operating room equipment market report based on product, end user, and region:

• Product Outlook (Revenue, USD Billion, 2018 - 2030)

  • Anesthesia

  • Endoscopes

  • Electro Surgical Devices

  • Surgical Imaging

  • OR Tables

  • OR Lights

  • Patient Monitoring

  • Others

• End-user Outlook (Revenue, USD Billion, 2018 - 2030)

  • Hospitals & Clinics

  • Ambulatory Surgical Centers

• Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Sweden

    • Norway

    • Denmark

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • Thailand

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • MEA

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait