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.