According to a new market research report Operating Room Integration Market is projected to grow at a CAGR of 12.4% during the forecast period, to reach USD 1.7 billion by 2024 from USD 1.0 billion in 2019.
The growth in this market is driven by the increasing adoption of minimally invasive surgical procedures, redevelopment projects & funding for improving OR infrastructure, and rising need to curtail healthcare costs. Also, emerging economies (such as China, India, Brazil, and Mexico) are expected to offer lucrative growth opportunities for market players during the forecast period.
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The RoW region is expected to witness the highest growth in the operating room integration market during the forecast period. The major factors driving the growth of this market include the procedural benefits of integrated ORs, growing prevalence of chronic diseases, and rising adoption of advanced surgical treatment methodologies in the region. Other factors augmenting market growth in this region are the ongoing expansion of the healthcare infrastructure as well as growing market availability of advanced surgical technologies in Brazil and other Latin American countries, ongoing initiatives of governments to enhance their respective healthcare systems and growing public-private investments for purchasing medical equipment.
Stryker Corporation (US), STERIS (US), KARL STORZ (Germany), and Olympus (Japan) are the key players operating in this market. Other prominent players in the market include Getinge (Sweden), Alvo Medical (Poland), Skytron (US), Merivaara (Finland), Brainlab (Germany), TRILUX Medical (Germany), caresyntax (US), Sony (Japan), Barco (Belgium), Arthrex (US), and Richard Wolf (Germany).
Stryker dominated the global operating room integration market in 2018. The company offers OR integration solutions through its Endoscopy division. Stryker holds a noteworthy position in the OR integration market, owing to its strong product portfolio. The company offers a full range of operating room products under the brand name—iSuite. In 2018, Stryker’s Endoscopy division recorded sales growth of 11.7%.
KARL STORZ held the second position in the operating room integration market. The company offers a wide range of endoscopic equipment for human, veterinary medicine, and industrial endoscopy. The company undertakes sales of operating room integration products through its Human Medicine business division. The company’s products are marketed through a network of 50 subsidiaries in over 40 countries across Europe, the Americas, Africa, and the Asia Pacific. With over 65 years of experience in this market, the company focuses on strengthening its sales activities and distribution network by working with an efficient network of dealers. The company also provides local-level services to its customers through its subsidiaries.
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Olympus is a prominent and well-established player in the operating room integration market. The Medical Business of the company showed an increase in year-over-year net sales of 2.9% in 2018 over 2017. The company invests a significant amount of its revenue in research and development, which helps it launch technologically advanced products in the market. From 2017 to 2018, Olympus increased its Medical Business R&D expenditure by 10.7%.