Technology has revolutionized healthcare in more ways than one. In particular, technology has been exceptionally beneficial for improving surgeries. The emergence of research platforms and operating room laboratories has been instrumental in developing new prototypes for operating room environments. The improvement in the design of operating rooms and paraphernalia is being carried out in close collaboration with clinicians, scientists, technologists, and clinicians. On account of these factors, the global operating room equipment market has remained dynamic and is expected to display a CAGR of 6.68% from 2015 to 2023, says Transparency Market Research.
Q. What are the major forces driving the growth of the global operating room equipment market?
A. In recent years, the advent of ambulatory surgical centers (ASCs) has augured well for the growth of the operating room equipment market. This new approach to provide surgical services for patients that do not require hospitalization has been exhibiting a substantially high demand for operating room equipment.
For instance, as revealed by the Centers of Medicare and Medicaid Services, in 2012, in the U.S., the number of Medicare-approved ASCs stood at 5,000. This establishes the growing importance of ASCs in developed economies for providing seamless medical services. This, in turn, will provide immense growth opportunities for vendors of operating room equipment.
The advent of hybrid operating rooms has also been beneficial for the growth of the operating room equipment market. Not only do hybrid operating rooms extend more flexibility to both doctors and patients, but they also ensure an improved level of patient health safety and high operational efficiency.
Q. How is the growth scenario of the global operating room equipment market in Asia Pacific?
A. It can be described as lucrative. Whilst the sales of operating room equipment have been low in Asia Pacific previously, the scenario is expected to change in the coming years. Manufacturers of operating room equipment are likely to receive ample opportunities to expand their portfolio due to certain favorable factors. First and foremost, the emergence of Asia Pacific as a center for medical tourism has been instrumental in the growth of the operating room equipment market. Patients from developed countries are increasingly traveling to Asia Pacific for medical treatment due to the affordable cost without compromising on the quality of care.
The modernization of medical services in Asia Pacific is also expected to bode well for the development of the global operating room equipment market. In particular, the growth of multispecialty hospitals in India is where global and regional players can look to for growth.
Q. Which product segment has been faring well in this market in recent years?
A. Movable imaging systems contributed a significant 28% of the overall revenue in 2014. In the coming years, this product segment is expected to display the fastest growth in terms of revenue due to the high amount of funding provided by state healthcare departments to promote the use of movable imaging systems.