Ambulatory Surgical Centers Growing Popularity Stimulates Demand for Operating Room Equipment Market

About 42% of the global operating room equipment market was in the hands of a large number of regional players in 2014, finds Transparency Market Research (TMR) in a new study. This highly fragmented market witnesses a towering presence of about five key players – including Siemens Healthcare, Stryker Corporation, and GE Healthcare – that hold significant shares from the remainder. GE Healthcare, for instance, held close to 19% of the operating room equipment revenues in 2014, which was the single largest in that year.

According to Transparency Market Research, all key players are showing a common trait of heavy investments in research and development in operating room equipment innovations. Successful innovations have allowed these players to maintain major revenue shares for the time being.

The global operating room equipment market is expanding at a CAGR of 6.68% within a forecast period from 2015 to 2023. This market will be valued above US$42 bn in 2023, after being recorded around US$24 bn in 2014. A major contribution to this growth rate is made by the movable imaging products segment, which is progressing at a CAGR of 8.20% within the same forecast period.

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Push for Ambulatory Surgical Centers Expected to Propel Operating Room Equipment Demand

Ambulatory surgical centers (ASCs) are a relatively modern approach towards out-patient surgical solutions. They cater specifically to those surgical procedures that do not require a patient to stay overnight in a hospital.

“In the U.S., in 2012, there were more than 5,000 Medicare-approved ASCs, as the Centers of Medicare and Medicaid Services had revealed. There was a rise in 24% for the Medicare payments made to ASCs between 2007 and 2012,” explains a TMR analyst. “This establishes the already set importance of ASCs in developed economies, and the demand for ASCs is only expected to grow even further over the coming years,” she adds. As a result, vendors of operating room equipment are expected to find a high scope of growth in similar regions.

Players Can Look to APAC and LATAM for Bigger Opportunities

High population density and rapidly improving healthcare infrastructure are the two biggest reasons for globally present companies for operating room equipment to find sustainable options in the Asia Pacific and Latin America regions. “This applies especially to India, where the rapid growth of multispecialty hospitals is creating a high demand for hybrid operating rooms. Fortis Healthcare, Wockhardt Hospitals, and Apollo Hospitals, to name a few, are where entrants to Asia Pacific can look to,” says the analyst.

Additionally, the massive presence of an overseas patient pool due to the rise of medical tourism is creating an optimistic scope of growth for both hospitals and operating room equipment sales. In the case of Brazil, Mexico, and other Latin American countries hold a high percentage of unmet medical needs. This gap in supply and demand, coupled with the growing healthcare expenditure through improved disposable incomes of patients will be beneficial for the proliferation of operating room equipment providers in the region.

The above data is collated from a research report released by TMR, titled “Operating Room Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2015–2023.”

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Rising Global Economy Propels Global Operating Room Equipment Market

The advancing global economy has presented an opportunity-rich market for the medical and healthcare sector. The global operating room equipment market is one of the lucrative segments of the worldwide healthcare industry. It has been rising at an immense growth rate on account of the increased affordability of advanced treatments due to the increased purchasing power of consumers across the world.

According to Transparency Market Research (TMR), a market research and intelligence firm, the global operating room equipment market stood at US$2.67 bn in 2012. Supported by the worldwide increase in the number of ambulatory surgical centers (ASCs), the worldwide operating room equipment market is likely to expand at a CAGR of 6.20% during the period from 2013 to 2019 and reach a value of US$4.05 bn by 2019.

The key driving force behind the exceptional growth of this market across the globe is the rising demand for technically advanced operating room equipment from hospitals, nursing homes, and ASCs.

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Mayo Clinic Plans to Spend US$92.7 mn on Advanced Operating Room Equipment

Recently, Mayo Clinic, a U.S.-based healthcare chain, announced its plans to spend US$92.7 mn on advanced operating room equipment and facilities in order to provide a world-class experience to its patients. The plan gained approval in November 2015 from the board of directors of the healthcare giant.

According to this new strategy, Mayo will construct 2 hybrid operating rooms, fully equipped with state-of-art equipment, at St. Marys. These rooms will be specially designed for minimally invasive operations such as surgeries with radiology imaging. At its Methodist campus, the organization will be building 14 similar operating rooms.

Elkhart General Hospital Invests U$83 mn to Upgrade its Current Facility

In Jan 2016, one more prominent U.S. healthcare organization, Elkhart General Hospital, invested US$83 mn for upgradation of its operating rooms, setting up the stage for the hospital to rise using the present and upcoming technical advancement in the area of operating room equipment. 

Another major U.S.-based healthcare organization, Advocate Eureka Hospital, recently added a 28,000-square-foot facility. This new unit has private patient rooms and boasts an upgraded operating suite furnished with modern and highly advanced equipment. The project cost the organization a total of US$11.3 mn.

Mergers, Acquisitions, and Collaborations: Key Strategies for Growth

The global operating room equipment market is highly competitive in nature. Mergers, acquisitions, and collaborations are the key strategies adopted by market players to gain a competitive edge over each other. For instance, in mid-2015, Stryker Corp. acquired the Germany-based surgical room equipment manufacturer, Berchtold Corp for US$172 mn.

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Karl Storz GmbH & Co. KG, Getinge Group, Eschmann Equipment, NDS Surgical Imaging LLC, Steris Corp., Skytron LLC, TRUMPF GmbH + Co. KG, and Stryker Corp. are the key manufacturers of operating room equipment in the global arena.