Operating Room Equipment Market Size, Share, Industry Trends and Forecast to 2030

Operating Room Equipment Market Size & CAGR in 2021

The global operating room equipment market size in 2021 was valued at USD 29.1 billion. It is expected to grow at a CAGR of 4.5% from 2021 to 2028, reaching USD 41.8 billion by the end of the forecast period. The increasing number of surgical procedures, advancements in technology, and the rising demand for minimally invasive surgeries are some of the key factors driving the growth of the operating room equipment market.

COVID-19 Impact on the Operating Room Equipment Market

The COVID-19 pandemic had a significant impact on the operating room equipment market. Due to the surge in COVID-19 cases, many elective surgeries were postponed or canceled, leading to a decline in the demand for operating room equipment. However, with the rollout of vaccination programs and the gradual resumption of elective surgeries, the market is expected to recover gradually.

Operating Room Equipment Dynamics

The operating room equipment market is driven by the increasing number of surgeries, growing prevalence of chronic diseases, advancements in technology, and the rise in healthcare expenditure. Moreover, the shift towards minimally invasive surgeries, the growing geriatric population, and the expanding healthcare infrastructure in emerging economies are some of the key factors fueling the growth of the market.

Segments and Related Analysis

The operating room equipment market is segmented based on product type, application, and end-user. The product type segment includes surgical instruments, operating room lights, operating tables, electrosurgical devices, anesthesia machines, and others. By application, the market is categorized into general surgery, orthopedic surgery, cardiovascular surgery, neurosurgery, and others. Hospitals, ambulatory surgery centers, and clinics are the key end-users of operating room equipment.

By Region Analysis

The operating room equipment market is analyzed across regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America dominates the market due to the presence of advanced healthcare infrastructure, technological advancements, and the high adoption rate of operating room equipment. Asia Pacific is expected to witness significant growth during the forecast period, driven by the increasing healthcare expenditure and the growing demand for surgical procedures in the region.

Key Market Players and Competitive Landscape

Some of the key players in the operating room equipment market include Stryker Corporation, Hill-Rom Holdings, Inc., Medtronic Plc, GE Healthcare, Koninklijke Philips N.V., and Steris PLC, among others. These companies are focusing on product innovations, strategic collaborations, and mergers and acquisitions to strengthen their market position and expand their product portfolio.

Recent Happenings in the Operating Room Equipment Market

In recent years, the operating room equipment market has witnessed several developments, such as the launch of advanced surgical devices, strategic partnerships between key players, and the adoption of robotic surgical systems. For example, Stryker Corporation introduced the Mako Robotic-Arm Assisted Surgery System for orthopedic surgeries, while Hill-Rom Holdings, Inc. launched the Centrella Smart+ Bed with advanced patient monitoring capabilities.