A recent report by Allied Market Research showed that the operating room equipment industry is expected to reach $27.4 billion by 2030, which is a 5.3% compound annual growth rate (CAGR); a release from Allied Market Research (AMR) said this week.
The published report is called "Operating Room Equipment Market By Type (Anesthesia Machines, Electrosurgical Devices, Multi-parameter Patient Monitors, Surgical Imaging Devices, Operating Tables, Operating Room Lights, Surgical Navigation Systems), By End User (Hospitals, Outpatient Facilities, Ambulatory Surgical Centers (ASCs)): Global Opportunity Analysis and Industry Forecast, 2020-2030.” It showed that the global operating room equipment industry generated $16.4 billion in 2020, which reveals the amount of growth that is expected in the next decade.
“Rise in number of hospitals, surge in investments in operating room (OR) equipment, and increase in patient preference for minimally invasive surgeries drive the growth of the global operating room equipment market,” the release said. “However, high costs associated with OR equipment and unfavorable healthcare reforms in some countries hinder the market growth. On the other hand, regulatory approvals for different OR equipment and untapped potential in emerging countries create new opportunities in the coming years.”
Another driver is the COVID-19 pandemic. The demand for OR equipment increased during the pandemic due to the rise in infected patients who needed ventilators and anesthesia. The demand for OR equipment in hospitals and clinics also increased due to the increase of operations performed in operating rooms.
Operating tables accounted for the highest market share in 2020, which was approximately one-third of the global OR equipment market, the report said. This was due to a surge in surgical procedures and patient preference to have minimally invasive surgeries. Due to the rise of chronic diseases and increase of surgical procedures, the multi-parameter patient monitors segment is expected to have a CAGR of 6.9% from 2021 to 2030.
Ambulatory surgical centers (ASCs) are expected to have a CAGR of 6.5% from 2021 to 2030. Hospitals segment contributed to the highest market share in 2020, which amounted to two-fifths of the global operating room equipment market. This was due to patients going to hospitals for treatment for neurological, cardiovascular and orthopedic disorders.
Regionally, North America had the highest market share in revenue in 2020, amounting to two-fifths of the OR equipment market worldwide. This was due to the rise in investments and increase in numbers of partnerships and acquisitions. Asia-Pacific, however, is expected to have the fastest CAGR at 6.1%.
Portland, Ore.-based Allied Market Research is a market research and business consulting wing of Allied Analytics LLP.