This report provides strategists, marketers and senior management with the critical information they need to assess the increasing demand for operating room equipment which play a critical role in the treatment of patients with Covid 19.
This report describes and evaluates the global operating room equipment market. It covers two five-year periods, one three-year period and one six-year period including, 2015 to 2019, termed the historic period, and 2019 to 2023 forecast period, 2023-2025 forecast period and 2025 -2030 the forecast period.
The global operating room equipment reached a value of nearly $27,937.0 million in 2019, having grown at a CAGR of 3.98% since 2015, and is expected to grow at a CAGR of 3.95% to nearly $32,625.7 million by 2023. Also, the market is expected to grow to $35,196.9 million in 2025 at a CAGR of 3.87 % and to $42,660.1 million in 2030 at a CAGR of 3.92%.
Growth in the historic period resulted from rapid growth in the elderly population, favorable government decisions and increased healthcare spending and by rapid growth in emerging markets. Factors that negatively affected growth in the historic period were high prices of advanced anesthesia devices, lack of trained workers and technical resources and stringent regulatory approval processes for medical devices.
Going forward, faster economic growth, growing demand for minimally invasive surgery, increasing demand for critical care equipment, increasing prevalence of chronic diseases and government initiatives and efforts towards insurance reforms are expected to drive the market. Factors that could hinder the growth of the operating room equipment market in the future include challenges due to regulatory changes, geopolitical tensions, high cost of investment.
The COVID-19 pandemic has impacted all industries directly or indirectly. Patients diagnosed with COVID-19 have a high chance of developing respiratory illness, distress, and insufficiency. So, there has been a surge in demand for life-saving equipment such as respiratory devices including ventilators, anesthesia gas masks, and other devices are required to support their treatment. With the number of cases across the globe increasing daily, most countries have gone into lockdowns, which disrupted the global supply chains and international trade. Healthcare providers and governments are looking for faster and newer solutions to monitor the spread.
North America was the largest region in the operating room equipment market, accounting for 38.9 % of the global market in 2019. It was followed by Western Europe and Asia Pacific, and the other regions. Going forward, the fastest growing regions in the operating room equipment market will be Eastern Europe and Asia Pacific, where growth will be at CAGRs of 6.9 % and 5.2% % respectively from 2019-2023.
About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.