Data-driven protocols to find significant growth opportunities in modern ORs, finds Frost & Sullivan
SANTA CLARA, Calif., June 27, 2019 /PRNewswire/ -- The operating room (OR) is transforming from a seemingly simple box into a technology-powered, infection-free, and sleek surgical environment. The new-age OR will be able to utilize intelligent and efficient delivery options to improve the precision and predictability of the services offered. This can be made possible through robotic-assisted surgery devices (RASDs), which will greatly help drive the $4.50 billion US and EU5 hospital OR products and solutions market toward $7.04 billion by 2022.
"By 2022, 35% to 45% of ORs across the world will become integrated ORs. After 2030, with the availability of multiple home care devices, ORs will shift toward a hub-and-spoke model, with the OR being the hub," said Bejoy Daniel, Senior Industry Analyst, Transformational Health. "Approximately $30 billion worth of integration opportunities are likely to become available to healthcare and non-healthcare companies by this period when ORs make the transition from regular rooms to an integrated environment."
Frost & Sullivan's recent analysis, Analysis of the US and EU5 Hospital Operating Room (OR) Products and Solutions Market, Forecast to 2022, analyzes the impact of robotics and workflow solutions on the quality and quantitative measures in the ORs. The study covers workflow solutions, surgical components in the workplace, and OR room services.
For further information on this analysis, please visit: http://frost.ly/3k1.
"Currently, the priority for vendors is to analyze the available data and facilitate connectivity for device integration. The aim is to interpret, synchronize, and coordinate data to achieve optimal OR results," noted Daniel. "Data interoperability will help analyze past and present data to predict future health outcomes and patient wellness index for optimum use of resources. The shift in favor of data and algorithms will fuel the algorithmic business and endow businesses with a competitive edge."
The OR services segment is highly fragmented and has more potential in Europe than the United States; however, approximately 70% to 75% of the major hospitals have adopted OR management solutions across both countries. For more growth opportunities, market participants could:
- Foster partnerships with medical device and technology companies to deliver products and services across a larger customer base.
- Adopt virtual reality (VR) in medicine to increase volumes of well-planned and cost-effective precision surgeries.
- Employ Artificial Intelligence (AI) algorithms. For instance, Google is investigating predictive analytics to reduce readmission and identify potential patient risks.
- Provide patient-centric services that are not necessarily aligned to clinical outcomes.
Analysis of the US and EU5 Hospital Operating Room (OR) Products and Solutions Market, Forecast to 2022 is part of Frost & Sullivan's global Advanced Medical Technologies Growth Partnership Service program.
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Analysis of the US and EU5 Hospital Operating Room (OR) Products and Solutions Market, Forecast to 2022
SOURCE Frost & Sullivan