NEW YORK, Feb. 16, 2016 /PRNewswire/ -- The operating room equipment & supplies market is projected to reach USD 29.15 billion by 2020 from USD 24.31 billion in 2015, at a CAGR of 3.7% in the next five years (2015 to 2020).
Operating rooms around the globe are rapidly transforming from conventional to hybrid state-of-the-art operation theatres. These facilities use advanced equipment and supplies that enable surgeons to perform procedures with higher precision and ease. The increasing preference and demand for minimally invasive procedures across the globe have also transformed surgical procedures. In addition, the rise in aging population and the rising prevalence of cardiovascular diseases is driving the growth of the operating room equipment & supplies market.
Growing investments, funds, and grants by government bodies worldwide and rising number of hospitals, growing number of regulatory approvals for operating room equipment, and increasing number of surgeries globally are some of the factors that are expected to drive the growth of the global operating room equipment & supplies market in the coming years.
On the other hand, factors like high cost of operating room equipment and unfavorable healthcare reforms in the U.S. are likely to restrain the operating room equipment & supplies market to some extent. Moreover, the lack of trained professionals is posing as a major challenge for the market.
In 2015, the anesthesia machines segment is expected to account for the largest share of the operating room equipment market, by type, while the surgical instruments segment is expected to account for the largest share of operating room supplies market, by type.
In 2015, North America is expected to account for the largest share of the global operating room equipment & supplies market, followed by Europe, Asia-Pacific, and the Rest of the World (RoW). North America's large share is attributed to the investments by hospitals to upgrade operating rooms; rising number of surgical procedures; increasing number of ambulatory surgery centers; and increasing prevalence of cardiovascular disease in the U.S. In Canada, market growth is mainly driven by rising public and private investments, implementation of a new funding model for Canadian hospitals, and conferences on operating room equipment and supplies. In the coming years, the operating room equipment & supplies market is expected to witness the highest growth rate in the Asian region, with emphasis on India, China, and Japan. The high growth in India and China can be attributed to the growing number of hospitals, increasing number of German-Asian partnerships, government initiatives to increase the number of doctors in China, presence of global and local players in China, Japan's growing healthcare industry, and government funding in India, favorable healthcare system and conferences in Australia, increasing medical tourism, and rising government investments in the Philippines.
The market witnesses high competitive intensity, as there are several big and many small firms with similar product offerings. These companies adopt various strategies (agreements, partnerships, collaborations, geographic expansion, new product launches, and acquisitions) to increase their market shares and establish a strong foothold in the global market.
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