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

Research Methodology

A three-pronged approach was followed for deducing the operating room equipment market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for operating room equipment market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of operating room equipment market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Operating Room Equipment Market Categorization:

The operating room equipment market was categorized into three segments, namely product (Anesthesia, Endoscopes, Electro Surgical Devices, Surgical Imaging, OR Tables, OR Lights, Patient Monitoring), end-user (Hospitals & Clinics, Ambulatory Surgical Centers), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The operating room equipment market was segmented into product, end-user and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The operating room equipment market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-five countries, namely, the U.S.; Canada; the UK; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Brazil; Mexico; Argentina; Saudi Arabia; UAE; Egypt; South Africa; and Nigeria.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Operating room equipment market companies & financials:

The operating room equipment market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Koninklijke Philips N.V. - Koninklijke Philips N.V., is a diversified health and well-being company. The company operates across three main business areas including Healthcare, Lighting, and Consumer Lifestyle. The Healthcare business is organized around four business groups, namely, Imaging Systems, Customer Services, Patient Care, and Clinical Informatics and Home Healthcare Solutions. The company has core competencies in sleep apnea management, oxygen therapy, respiratory drug delivery, and non-invasive ventilation.

• Medtronic - Medtronic is an organization based in Ireland and has its operational headquarters in the U.S. Medtronic is a global leader in medical devices technology. The company develops, designs, manufactures, and markets medical devices in over 120 countries. The company applies biomedical engineering in research, design, manufacture, and sale of products for alleviating pain, restoring health, and extending life. The company serves patients, clinicians, physicians, and hospitals in approximately 160 countries worldwide. Medtronic’s medical therapies help in the treatment of cardiovascular diseases, diabetes, and neurological and musculoskeletal conditions. It functions in four operating segments, cardiac and vascular group, restorative therapies group, diabetes group and minimally invasive therapies group.

• Getinge AB - Getinge AB provides products and systems that help enhance the quality and cost efficiency of the healthcare industry. It provides products for surgery, intensive-care, infection-control, long-term care, and sterilization. The company operates in three business segments namely, Acute Care Therapies, Surgical Workflows and Patient & Post -Acute Care. The company has its operations in 44 countries and has its production facilities located at France, Dominican Republic, Brazil, Canada, China, Poland, Germany, UK, Turkey, Sweden, and the U.S.

• Stryker - Stryker is one of the leaders in medical technology. Stryker operates in three business segments namely: Orthopaedics, Medical Surgeries (MedSurg) and Neurotechnology & Spine. The product offering includes joint replacement implants; trauma-related products; surgical navigation systems, surgical equipment, endoscopic& communication systems, neurosurgical devices, spinal devices, patient handling equipment and other products used in various medical specialties. It sells its products in over 100 countries through its sales subsidiaries, branches, third-party dealers and distributors.

• Siemens Healthineers - Siemens Healthineers is a provider of various technology-based solutions to the healthcare industry. The company also operates in the areas of medical imaging and laboratory diagnostics. The company’s portfolio of products and professional services ranges across laboratory diagnostics, clinical & administrative IT solutions, hearing instruments, and diagnostic imaging systems. It is organized into six different business areas such as: Diagnostic Imaging, Laboratory Diagnostics, Ultrasound, Advanced Therapies, Point of Care Diagnostics and Services. The company operates in 200 countries worldwide. Europe and the Middle East and Africa (EMEA) region is the company’s most significant operating zone. The other major markets of Siemens Healthineers are the Americas, Asia, and Australia.

• KARL STORZ GmbH & Co. KG - KARL STORZ GmbH & Co. KG is a privately held global healthcare company engaged in the development, manufacture, and distribution of endoscopes, medical instruments and devices. The company offers medical instruments used in various applications such as neuro-endoscopy, emergency medicine and anesthesia, thoracic surgery, photodynamic diagnosis, gastroenterology, urology, gynecology, sports medicine and arthroscopy, proctology, microscopy, pediatrics, hygienic, and many more. The company operates globally to support and consult the customers. The company owns about 50 subsidiaries in around 40 countries. The company is active in the Americas, Europe, Asia, Africa, Middle East and Oceania.

• GE Healthcare – GE Healthcare is a unit of General Electric Company engaged in providing medical technologies and services with expertise in medical imaging, medical diagnostics, information technologies, drug discovery, patient monitoring systems, and biopharmaceutical manufacturing technologies. GE Healthcare caters with its products and services to hospitals, medical facilities, biotechnology companies, pharmaceutical companies and to life science companies. The company is serving around more than140 countries globally with its products and services.

• J&M Urinary Catheters LLC - J&M Urinary Catheters LLC is an innovation driven medical device company. The company has 20 years of experience in developing solutions that cater to the drawbacks and complications associated with the urinary catheters. Its innovatively designed indwelling and intermittent catheters focus on improving the patient experience and comfort. The company has its core focus on developing products that benefit the patients, hospitals and insurance companies as well, that would contribute to the reduction in claims related to Catheter- associated urinary tract infections (CAUTIs). The company offers indwelling as well as intermittent catheters that are designed and manufactured in the U.S.

• Hill Rom (Trumpf Medical) – Hill Rom is a medical technology company with a focus on patient care solutions in the areas of Advancing Mobility, Patient Monitoring & Diagnostics Surgical Safety & Efficiency, Wound Care & Prevention and Respiratory Health. Hill Rom’s surgical portfolio consists of products of surgical safety & efficiency, scalpels, patient positioners, surgical supplies and surgical fluid management systems. The acquisition adds Trumpf Medical’s portfolio of operating room solutions and strengthens the company’s presence in Asia/Pacific, Europe, Latin America and Middle East.

• STERIS plc - STERIS plc. is a medical technologies company and one of the leading providers of infection control and procedural products and services. The company caters its products to the healthcare, pharmaceutical and medical devices industry. The product offerings of the company include sterilizers, washers, surgical tables, surgical lights, operating room connectivity solutions & equipment management systems, consumable products like detergents and services that include equipment installations, maintenance, instruments & scope repair solutions, laboratory services and others. The company operates in four business segments namely Healthcare Products, Healthcare Specialty Services, Life Sciences and Applied Sterilization Technologies segment The company operates in more than 100 countries worldwide.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Operating Room Equipment Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Operating Room Equipment Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.