Operating Room Equipment Market Size

Operating Room Equipment Market Analysis

The Operating Room Equipment Market size is estimated at USD 46.40 billion in 2024, and is expected to reach USD 59.18 billion by 2029, growing at a CAGR of 4.99% during the forecast period (2024-2029).

The major factors attributing to the market’s growth are the rising incidence of chronic diseases requiring surgeries, a growing number of hospitals, and increasing government funding.

The growing burden of chronic diseases that require surgical treatments fuels the demand for equipment used in operating rooms, which is expected to propel the market’s growth over the forecast period. For instance, as per an article published in the International Journal of Surgery in December 2023, an estimated 10 million robotic surgeries were performed worldwide in 2023. The same resource reported that around 7,733 robotic surgical systems were installed worldwide. Thus, this growth in the number of surgical procedures further boosts the adoption of advanced operating room equipment.

Additionally, government initiatives to boost the development of advanced equipment used in operating rooms are expected to fuel market growth. For instance, in June 2023, the Government of Newfoundland and Labrador, Canada, provided USD 32 million in funding to purchase healthcare equipment to address the needs of clinical and non-clinical operational settings, comprising advanced medical equipment such as magnetic resonance imaging (MRI), computed tomography (CT) scanners, and other equipment. Thus, increasing investments are expected to contribute to the market's growth.

The number of hospitals equipped with advanced equipment in the operating rooms and the launch of new operating rooms across hospitals are expected to drive the market's growth. For instance, in December 2023, the Australian Institute of Health and Welfare stated that, during 2022-2023, there were around 8.8 million admissions to emergency departments in 293 public hospitals offering emergency care to patients comprising medical and surgical services. In June 2023, Winnipeg's Concordia Hospital opened a new operating room to maximize joint replacement surgeries. The hospital is expected to incorporate advanced equipment in the operating room to improve surgical procedures. Thus, the development of advanced operating rooms in hospitals is expected to drive the demand for operating room equipment, contributing to the market's growth.

Technological advancements in operating room equipment boost the adoption of such equipment, thus driving the market’s growth. For instance, in October 2023, Joimax launched the portal interlaminar endoscopic surgical system iLESSYS to treat spinal disorders. It is designed with a unique triangulation tool and portal-specific working tubes to ease surgical procedures. Additionally, in September 2022, Olympus Corporation introduced a new surgical visualization platform, Viscera Elite-III, which meets the needs of surgical teams during endoscopic procedures in various medical areas. It integrates 3D infrared and 4K imaging functions, facilitating minimally invasive therapy such as laparoscopic colectomy and cholecystectomy. Thus, technological advancements may favor the adoption of such equipment and boost market growth over the forecast period.

Thus, the growing number of surgeries, investments in product development, and the development of operating rooms are expected to drive the market's growth during the forecast period. However, the high cost of operating room equipment is expected to impede this growth over the forecast period.