$3.69 Bn Operating Room Management Solutions Markets, 2029 - Push Toward Streamlining Workflows and Increasing Efficiency in Operating Rooms

DUBLIN, Sept. 19, 2019 /PRNewswire/ -- The "Global Operating Room Management Solutions Market: Focus on Solutions Type (Data Management, Communication, Anesthesia Information Solutions, OR Scheduling, and Inventory Management, among others), Mode of Deployment, End Users and Region - Analysis and Forecast, 2019-2029" report has been added to ResearchAndMarkets.com's offering.

The global operating room management solutions generated a revenue of $1.84 billion in 2018 and is estimated to grow over $3.69 billion by the end of 2029. The market is projected to grow at a CAGR of 6.4%, during the forecast period from 2019 to 2029.

There are multiple factors that drive the market such as the rising push toward streamlining of OR workflows and increasing the operational efficiency in order to meet consistently increasing surgical volume. The contribution of chronic diseases and the rapidly increasing geriatric population is also significantly facilitating the growth of the market.

Operating room management is the discipline of healthcare IT which majorly focuses on maximizing operational efficiency within a surgical suite. The increase in operational efficiency, in turn, helps in maximizing the number of surgical cases that can be performed in any given day while minimizing the resources required and other related costs. Typically, operating room management varies on the basis of the region it is being employed in. For example, in profit-oriented healthcare systems, OR management is employed to emphasize on strategic thinking in order to increase revenue generation, while countries wherein citizens are covered with a publicly funded healthcare system, OR management is a key step employed to emphasize on operational decisions.

Operating rooms comprise a significant fraction of hospital expenditure. The operations take typically $1000 per hour; however, they also generate revenue. Surgical operations and their associated hospitalizations generate about 70% of the hospital's revenue, hence keeping the patient safety a constant, healthcare stakeholders are consistently trying to modify the use of existing resources to increase financial gains.

According to a study published in the Journal of the American Medical Association, about $140 billion is lost every year in the U.S. healthcare system which is primarily due to inefficient management of internal operations. With the advent of digitization within OR environments (especially after the incentive-backed implementation of EHR), healthcare stakeholders are consistently employing software solutions that may cater to the diverse needs of the operating room such as OR scheduling and planning, image capture and analysis, inventory management and traceability, data management, and communication solutions.

Anaesthesia information management systems are expected to hold the largest share of the market (32.27%) with a souring CAGR of 4.7%. However, in terms of growth rate, operating room supply management solutions are expected to attain the highest CAGR of 7.9% during the forecast period. In terms of deployment model, web-based solutions (on-demand software) are expected to grow with the CAGR of 10.6% during the forecast period. This growth rate is primarily due to consumer preferences as these solutions free the user from application hosting, maintenance, and security aspects.

Research Highlights:

• Most of the hospitals use surgical scheduling systems designed by leading EMR vendors such as Epic Systems, and Cerner Corporation, among others. The surgery prediction approach used by most of the commercial vendors is currently based on a moving average of previous cases, procedure and surgeon codes.
• According to a study conducted by the Center for Innovation in Healthcare Logistics, an industry-university partnership, in 2013, in which three hospitals of the Mercy network (a US-based hospitals system) participated, it was noted that the usage of the inventory management can reduce the cost of the medical and surgical procedures up to 6-13.5%
• Though the on-premise model is the least preferred when it comes to data accessibility, the data privacy aspect of this model is hard to replicate hence companies are now developing software that works on this model as well as any other model like cloud or web for data sharing.
• The major reason for switching to or preferring cloud-based model is the cost-effectiveness. The usage of cloud-based software rather than on-premise and web-based results into 2%-10% times more cost-effectiveness as compared to its counterparts. Other reasons include low maintenance costs, speed of deployment and limited technical expertise and the staff requirement.
• Though it is known that the efficient utilization of the inventory can save a hospital a large part of its expenditure budget, operational efficiency could be further increased by using the cloud-based inventory management system. A cloud-based inventory management system will keep the stock of all the inventory and does not require any staff member to provide the input. One example of a cloud-based inventory management system is Smart Cabinet from LogiTag.

Companies Mentioned

• Allscripts Healthcare Solutions, Inc.
• BECTON, DICKINSON AND COMPANY
• Brainlab AG
• Cerner Corporation
• DXC Technology
• Getinge AB
• General Electric Company
• McKesson Corporation
• NEXUS AG
• OMNICELL, INC.
• Picis Clinical Solutions, Inc.
• Richard Wolf GmbH
• Surgical Information Systems,LLCs, LLC
• Steris Corporation
• Vocera Communications, Inc.

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