(I-BusinessNews.Com, November 21, 2020 ) According to a new market research report Operating Room Integration Market is projected to grow at a CAGR of 12.4% during the forecast period, to reach USD 1.7 billion by 2024 from USD 1.0 billion in 2019.
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The growth in this market is driven by the increasing adoption of minimally invasive surgical procedures, redevelopment projects & funding for improving OR infrastructure, and rising need to curtail healthcare costs. Also, emerging economies (such as China, India, Brazil, and Mexico) are expected to offer lucrative growth opportunities for market players during the forecast period.
North America to dominate the OR integration market during the forecast period
In 2018, North America accounted for the largest share of the operating room integration market, followed by Europe. In the US, the OR integration systems market is driven by the need to curtail soaring healthcare costs, increasing patient preference for minimally invasive surgeries (owing to their procedural benefits such as lower risk of surgical-site infections, decreased patient injuries, and shorter hospitalization times), rising adoption rate of integrated operating rooms among healthcare providers, and increasing number of ambulatory surgery centers. According to the CMS, in 2016, healthcare spending in the US was estimated at USD 3.4 trillion, and this figure is estimated to reach USD 5.7 trillion by 2026. During 2017Â2026, healthcare spending in the US is expected to rise by 5.5% annually.
Hospitals are the largest end users of the operating room integration market
In 2018, the hospitals segment accounted for the largest share of the operating room integration market. The large share of this segment can be attributed to the rising patient emphasis on timely and effective disease management, rising number of diagnostic and surgical procedures carried out at hospitals, and the increasing number of hospitals being set up in developing countries.
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General surgery segment accounted for the largest share of the operating room integration applications market in 2018
The general surgery segment accounted for the largest share of the OR integration systems market, by application, in 2018. Factors such as the increasing incidence of breast cancer, colorectal cancer, liver cancer, GI disorders, and endocrine disorders as well as the rising number of general surgical procedures performed worldwide are driving the growth of this segment.
The software segment accounted for the largest share of the OR integration systems market, by component, in 2018
The software segment accounted for the largest share of the operating room integration market in 2018. OR integration software helps streamline surgical workflows by enabling seamless communication between different systems as well as ensuring the effective and easier operation of these systems, preferably from a single source. Moreover, operating room integration software helps reduce surgical times, improves coordination between healthcare providers, and improves patient safety.
Prominent players in the Operating Room Integration Market are Stryker Corporation (US), STERIS (US), KARL STORZ (Germany), Olympus (Japan), Getinge (Sweden), Alvo Medical (Poland), Skytron (US), Merivaara (Finland), Brainlab (Germany), TRILUX Medical (Germany), caresyntax (US), Sony (Japan), Barco (Belgium), Arthrex (US), and Richard Wolf (Germany).
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Mr. Aashish Mehra
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Mr. Aashish Mehra