Market Size of Operating Room Equipment Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 6.40 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Operating Room Equipment Market Analysis
The operating room equipment market studied was projected to grow with a CAGR of nearly 6.4% over the forecast period.
COVID-19 had a significant impact on the operating room management market. The volume of surgeries has significantly declined during the pandemic, owing to the stringent guidelines by the regulatory authorities to avoid all non-emergent surgeries. According to the article published in the National Institute of Health in October 2021, there has been a 42.8% decline in general surgery admission across the globe. However, the increase in surgeries in the current situation is due to the relaxation of lockdown restrictions. As per the JKNS article published in July 2022, the annual number of spine surgeries increased. Thus, an increase in surgeries is expected to contribute to the market's growth and is likely to do the same over the coming five years.
The major factors attributing to the market growth are the growing incidence of chronic diseases requiring surgeries, a rising number of hospitals, and increasing government funding. For instance, as per the article published by NCBI in September 2020, an estimated 5,000 surgeries are required to meet the surgical burden of diseases of 100,000 people in low- and middle-income countries (LMICs). Thus, this growth in the number of surgical procedures is likely to propel the market's growth. Also, as per the data published by the National Investment Promotion and Facilitation Agency in August 2021, Production Linked Incentives (PLI) Scheme for medical devices approved a committed investment of USD 12.90 million for 21 applications. Thus, increasing investments are expected to contribute to the market's growth. The operating room equipment market has been growing substantially over the last two years, and the market has been considered by technological innovation and a rise in the inclination for technologically sensible and accurate medical, contributing to the market's growth.
Also, the number of hospitals is expected to contribute to the market's growth. As per the data published in the Asia Healthcare Management in April 2020, there are about 26,000 hospitals in China, 60% are public, and 40% are private hospitals. Such a high number of hospitals is expected to drive the demand for operating room equipment, contributing to the market's growth.
Thus the above-mentioned factors are expected to drive the growth of the market during the forecast period.
