Market Trends of Operating Room Equipment Industry
This section covers the major market trends shaping the Operating Room Equipment Market according to our research experts:
Endoscopes Segment is Expected to Witness the Fastest Growth over the Forecast Period
An endoscope is an illumined optical, usually slender, and tubular instrument that looks deep into the body. It is used to examine internal organs, like the throat or esophagus. The growing patient inclination for endoscopic procedures, increasing awareness about minimally invasive procedures, and growing embracing of technological innovations in surgical procedures are some driving factors accountable for the segment's growth over the forecast period.
The rise in cancer, gastrointestinal disorders, and lifestyle-related diseases is expected to expand the market further. As per the American Cancer Society (ACS), in 2022, about 106,180 new cases of colon cancer and 44,850 new cases of rectal cancer in the United States were estimated. According to the ACS, the overall lifetime risk of developing colorectal cancer is about one in 23 (4.3%) for men and one in 25 (4.0%) for women. As per the World Health Organization (WHO) data published in May 2021, in 2020, there were around 1.93 million cases of colon and rectum cancer. Therefore, the incidence of chronic diseases like cancer is likely to increase the demand for endoscope equipment, contributing to the segment's growth over the forecast period.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall operating room equipment market throughout the forecast period. The market growth is due to factors such as the presence of key players, the region's high prevalence of chronic diseases, and the established healthcare infrastructure.
In the North American region, the United States holds the largest market share due to factors such as an increasing number of geriatric populations, along with a growing number of diseases in the country, which is anticipated to stimulate the demand in this region. Furthermore, government initiatives and a rising number of ambulatory surgical centers are some of the drivers that are expected to increase market growth. According to the data published in 2022 by the American Cancer Society, the country is estimated to have around 106,180 and 44,850 new colon and rectal cancer cases, respectively. Thus, the high incidence of colorectal cancer is projected to drive its diagnosis and treatment, driving the operating room equipment market.
Moreover, rising investments by the market players for the development of operating room equipment are likely to lead to the launch of innovative products in the market, driving market growth over the forecast period in this region. For instance, in June 2021, Getinge launched the Torin AI-based OR management system in the United States. Such advancements are likely to lead to a rise in the adoption of this software, driving market growth in this region.
Also, the increasing geriatric population in Canada who are prone to chronic diseases and require proper disease management, such as surgery, is expected to contribute to the market's growth over the forecast period. For instance, as per data updated by the government of Canada in July 2021, about 6.3 million population of age 65 or more were estimated to be living with chronic conditions in Canada in 2021. Thus, chronic diseases among geriatrics are expected to increase hospitalization, contributing to the growing demand for operating room equipment during the forecast period.
Similarly, the rising chronic diseases in Mexico are expected to contribute to the market's growth. According to the Globocan report 2020, there were 195,499 cases of cancer in Mexico in 2020. Such incidence of cancer leads to advanced operational procedures and optimal care, contributing to the growth of the studied market over the forecast period.
Thus, the above-mentioned factors are expected to contribute to the market's growth over the forecast period in this region.
