Market Outlook: Operating Room Equipment

Market Outlook: Operating Room Equipment

Operating rooms (ORs) require high-quality equipment to protect the safety of patients and to enable professionals to perform successful procedures.1 Every piece of equipment, including objects from autoclaves to waste receptacles to garment racks, serves a unique and essential purpose for OR professionals.2 The rapid development of new technologies, as well as the importance of equipment for proper health care, allows for a quickly growing market for operating room equipment.3

In fact, the value of the global operating room equipment market was already large—at $28.9 billion—in 2017. The operating room equipment market can be segmented by region, product type, end users and key players. Currently, North America dominates the market over Europe, Asia Pacific, Latin America and the Middle East and Africa (MEA), at a value of $10.5 billion.4 Researchers relate North America’s large share of the market to factors such as increasing awareness and prevalence of chronic diseases, well-developed healthcare infrastructure, accessibility of modern operating room equipment and an increasing number of ambulatory surgical centers.3 Product types include anesthesia and respiratory devices, such as anesthesia systems, patient warmers and ventilators; patient monitoring systems, including surgical imaging displays, movable imaging displays and vital signs monitoring devices; surgical equipment, such as electrical surgical units, handheld surgical instruments, operating tables and surgical booms (which provide support for other OR equipment)5; and other products, including biomedical devices, microscopes, endoscopes and operating room integration systems.3 Currently, movable imaging displays account for a large part of the market, with a revenue of more than $7.9 billion in 2017.4 End users include hospitals, which dominated the market at over 80 percent in 2017, as well as ambulatory surgical centers and clinics.3 Key market players are Philips Healthcare, Medtronic, Getinge AB, Stryker Corporation, Siemens Healthineers, Karl Storz SE & Co. KG, GE Healthcare, Hill Rom (Trumpf Medical), STERIS Corporation and Skytron, among others.3 These players compete to produce equipment that is technologically advanced, portable, cost efficient and multi-tasking.3 With the numerous types of operating room equipment, production regions and key players, there is ample room for competition and market growth.

The global operating room equipment market is expected to expand at a compound annual growth rate (CAGR) of 5.9 percent, reaching $48.2 billion by 2026.3 North America’s share in the market is predicted to grow, given rising prevalence of chronic diseases, popularization of ambulatory surgical centers and high healthcare spending.4 The market in the Asia Pacific region is also expected to grow, due to the government’s support of healthcare infrastructure and an increasing amount of hospitals and health professionals.4 In terms of product type, the market share for biomedical devices is expected to grow, with revenue growth second only to movable imaging displays.4 Additionally, sterile and single-use accessories may become more commonplace and show an increased market share given the rising prevalence of hospital-acquired infections.3 Hospitals are expected to remain the largest end users of operating room equipment, especially given the increasing numbers of hospitals in developing economies and upgrades in OR technology.4 Overall, Asia Pacific, biomedical devices and hospitals are expected to show large growth in market shares compared to past prediction periods.

The global operating room equipment market is expected to expand rapidly over the next seven years, with an increased value of almost $20 billion.3 This expected rise is due to an increase in chronic diseases and surgeries, improved healthcare infrastructure and better-quality technologies.3 The integral role of operating room equipment across the world will contribute to market growth in various regions and across several product types.

1.         Meditek. Overview of Necessary Operating Room Equipment and Its Uses. 2019; https://www.meditek.ca/necessary-or-equipment-list/.

2.         Terra Universal. Surgical Suite & Operating Room Equipment. 2019; https://www.terrauniversal.com/operating-room-equipment-and-furnishings.php.

3.         Wood L. Operating Room Equipment Market Outlook to 2026–Analysis on Anesthesia & Respiratory Devices, Patient Monitoring, Surgical Equipment, and Other Products. Dublin: Research and Markets; August 30, 2019.

4.         Bhisey R. Operating Room Equipment Demand Upheld by Increasing Investments to Upgrade Surgical Rooms in Hospitals. Rockville, MD: Fact.MR; April 04, 2019.

5.         STERIS Healthcare. What is a Surgical Boom? 2019; https://www.steris.com/healthcare/knowledge-center/surgical-equipment/what-is-a-surgical-boom.