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Operating Room Equipment: Global Markets

  • July 2017
  • 220 pages
  • BCC Research
Report ID: 2212014

Summary

Table of Contents


REPORT HIGHLIGHTS
• The global operating room equipment market should reach $25 billion by 2021 from $15.4 billion in 2016 at a compound annual growth rate (CAGR) of 10.1%, from 2016 to 2021.
• The operating room equipment market for North America region is expected to grow from $6.3 billion in 2016 to $9.6 billion in 2021 at a CAGR of 8.8% for the period 2016-2021.
• The Asian operating room equipment market is expected to grow from $2.6 billion in 2016 to $5.2 billion in 2021 at a CAGR of 14.8% for the period 2016-2021.

Introduction
Study and Objective

Objectives of this study report include the following:
• Identifying key market structure and segments of the operating room (OR) market and assessment of the factors that impact the OR market growth.
• Identifying and analyzing the market trends, influencers, drivers, restraints and opportunities for each of the markets and estimating the market revenues (2015 to 2021) for the same.
• To assess various strategies adopted by the market to enhance their market positions in terms of product launch, mergers and acquisitions, and joint ventures.
• The report provides analysis for each of the market segments based on the devices (basic and digital), application areas and region.
• To study challenges that needs to be addressed in the OR market in order to achieve fiscal success.
• Identify key companies, product portfolios, strategies and recent developments.
• To present key conclusions from a study conducted through intensive primary and secondary research.

Study Background
Operating rooms (OR) are one of the most critical areas of a hospital. Significant amounts of money are spent across diagnostic and monitoring technologies, where operating rooms continue to have a very low degree of technological savvy.

The crucial components of an OR a decade ago were surgical lights, simple operating tables and critical surgical devices. However, there has been a significant transition with respect to technology adoption in modern hospitals. Increasing demand for operational efficiency, need for precision and technology innovation has led to adoption of automated and sophisticated technologies within operating rooms. Surgical robotics, high-resolution displays, advanced operating tables and well-integrated network infrastructure now define modern hybrid operating rooms.

Increasing need for same-day surgical care to address emergencies more effectively than before has led to the emergence of ambulatory surgery centers (ASCs). In turn, there is a need for smart operating room components that can enable surgeons to perform surgical procedures effectively and rapidly.

The biggest challenge for current market participants is dealing with product differentiation, as OR room devices provide much less scope for the same. Additionally, innovations and adoptions are happening at a quicker pace than before.

A simple data management tool when integrated well with the existing infrastructure provides extremely useful and intelligent data. These factors are compelling market participants to focus on innovations. The report attempts to capture such recent developments and innovations, technical issues and deployments at high-end hospitals and value derived through such deployments.

Scope of the Report
The report will throw light on conventional versus modern operating rooms and the role of high-end tech devices used in the OR. The report covers conventional or basic OR tools such as lights and operating tables but also includes high-definition (HD) displays, surgical microscopes, and picture archiving and communication systems (PACS). It will also discuss the areas of application such as in hospitals, surgical centers, ASCs and clinical centers. The report discusses in detail key issues influencing the growth of each market segment, key players, geographic trends and estimations.

Although the report intends to include all the components in the OR, it excludes surgical devices, ventilators and other emergency respiratory support devices at the micro level.

The discussion of surgical devices in the market overview intends to cover the transition phase from the conventional to the modern OR. This report aims to discuss the value of the modern OR and the importance of integrated systems, data management and communication tools. Therefore, the report excludes surgery-specific tools and consumables used in the OR such as anesthesia drugs, surgical clothing and oxygen.

Intended Audience
The intended audience for this report includes the following:
• OR device manufacturers and potential entrants.
• Key software companies involved in delivering storage, analytics and communication platforms for systems used in OR.
• Service providers.
• Systems integrators.
• Dealers, distributors and service providers of OR equipment and systems.
• Research institutes, associations and academicians.

Sources of Information and Methodology
A top-down approach was used to estimate the market size of the OR market and applications. The research methodology used to calculate market size also includes the following details.
• Market revenues of the key players were determined through primary and secondary research, including a study of the annual reports of top market players, and interviews with key opinion leaders, such as chief executive officers (CEOs) and directors.
• Secondary research included general search by keywords through paid sources, such as Factiva and One Source, and other publicly available websites and company websites.
• The penetration percentage and forecast of micromarkets were established through primary and secondary sources and were validated through primary sources.
• The forecast takes into account market trends such as pricing and volume analysis.

Geographic Breakdown
In this report, the geographic regions considered for market analysis include, and only include:

North America
• United States
• Mexico
• Canada

Europe
• France
• Germany
• Italy

Asia
• China
• India

Summary and Highlights
The growing trends toward new and innovative operating room equipment is shaping the market structure. Hybrid operating rooms are the new era that has changed the game of operating room equipment market.

The hybrid rooms are technologically advanced, which enhances the efficiency and also improves overall operating room experience of both patient and surgeons. Hybrid operating rooms are equipped with the latest and most innovative diagnostic imaging systems, such as cardiac catheterization and magnetic resonance imaging (MRI), along with other surgical instruments or equipment.

The continuous development in technology is opening up new avenues for hybrid operating room equipment. These systems are especially beneficial when surgeons are performing complicated and specialized neurological and cardiac procedures. There are a number of players that are active in the manufacture of operating room equipment and products.

Constant research and innovations to meet surgical needs have ensured that this area is constantly under focus. With technology making its presence felt in a big way, integration and compatibility are important considerations.

The continuous development in technology is opening up new avenues for hybrid operating room equipment. The rising demand for the minimally invasive surgeries is the key factor that is influencing the use of hybrid operating room equipment. Cost is one of the key reasons that the hybrid ORs are only used by cardiovascular disciplines. However, subdisciplines, such as orthopedics, traumatology and neurology, are future disciplines that will use hybrid ORs.

The U.S. Food and Drug Administration (FDA) regulations are the key factor that influences the growth of the operating room equipment. Unfavorable healthcare regulations in the U.S. are a major hindrance to the growth of the market. In the U.S. the Affordable Care Act has significantly reduced the price of the products and improving the affordability, accessibility and quality of healthcare. When the Affordable Care Act became law, it reduced the uninsured rates by 43% from 16% in 2010 to 9.1% in 2015.

Growing technological advancement is one of the key factors influencing the use of operating room equipment. Moreover, the enhanced technology results in better efficiency of the surgical equipment, which ultimately results in a shift in surgical procedural volume.

An innovative product would be the STERIS OT 1000 Series Orthopedic Surgical Table. STERIS Corp. introduced this into the market; it offers benefits like optimum imaging (provisions for a full range of images from midabdomen all the way down to the lower distal extremities) and enhanced patient positioning, as well as much improved staff and patient safety standards.

Economically backward nations with low per capita medical expenditure make up 70% of the world’s total population but only have 26% of surgeries performed. A major reason for lower surgical procedures in poor nations is attributed to lack of trained surgeons. For instance, developed economies have five orthopedic surgeons for every 100,000 people, as opposed to one for every 1 million in sub- Saharan countries.

These data are indicative of the disparity and also provide avenues for improvement if the inequities are balanced. An estimated 234 million major surgeries are performed each year globally. Of these surgeries, at least 50% are performed to treat some kind of cancer, while 25% are performed to address injuries sustained in traumatic accidents.

It has been found that those countries that spent more than $1,000 per person on surgeries reported 11,100 procedures every 100,000 persons, while those spending less than $100 reported a mere 295 procedures every 100,000 persons each year.

Lack of access to basic surgical care is one of the major reasons for seemingly minor pathologies developing into major ones requiring serious attention, especially in low-income countries. Such scenarios cause conditions that could have been corrected to develop into lifelong disabilities. For instance, fistula, an obstetric condition affecting over 2 million women in Africa, needs to be operated

upon immediately. An untreated fistula without access to basic emergency surgical care can worsen the woman’s physical condition and will result in requirement of more intensive surgery later. Moreover, the high cost of the operating room equipment is also restricting the growth of the operating room equipment market. The average healthcare provider who is looking to procure a general operating table will have to pay at least an average $30,000 to $35,000; if he or she wishes to purchase a specialty operating table, the cost can be as much as $120,000.

Increasing focus on healthcare also means that while quality improves, scrutiny of high costs also makes it important for hospitals to contain their prices. To help achieve a balance and cap the spiraling costs, many hospitals are depending on acquiring used and refurbished surgical equipment. This enables them to offer the best services and also control costs. Hospitals are opting for refurbished surgical equipment.

However, there are a few downsides when purchasing refurbished operating room equipment. These include: limited warranty, may not have a big selection as buying new one, etc. Moreover, the price effectiveness is one of the biggest factor that influences the buying of operating room equipment.

Another development resulting from cost-cutting efforts has been an increase in the use of hybrid operating rooms and ambulatory surgery centers. These in turn impact the need for sophisticated operating room equipment. Markets across the globe, however, are reeling under the high cost of specialized equipment. While return on investment is high, the expense makes this equipment affordable only for large and specialty hospitals.

Despite these challenges, operating rooms are constantly evolving to provide better facilities, and existing growth is expected to continue. Constant developments and innovations by companies make improvement in operating rooms a given. Smaller hospitals also resort to purchasing refurbished equipment to keep up with the latest in technology.

The growing demand for the refurbished operating room equipment is one of the key trends that is influencing the growth of the operating room equipment market. The major benefit from buying refurbished operating room equipment is cost effectiveness. Buying of refurbished operating room equipment results in low investment of funds that ultimately results in high profit generation. Various aspects, such as drivers and hindrances, related to the operating room equipment market vary across specific geographical regions and are discussed in detail in this report.

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