Factors such as the increasing adoption of minimally invasive
surgical procedures, redevelopment projects & funding for improving
OR infrastructure, and rising need to curtail healthcare costs are
driving the growth of the operating room integration market during the forecast period.
Market Size-
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.
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Key Market Players-
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%.
Leading Segments –
General surgery segment accounted for the largest share of the operating room integration applications market in 2018
The
general surgery segment accounted for the largest share of the
operating room integration market, by application, in 2018. Factors such
as the increasing incidence of breast cancer, colorectal cancer, liver
cancer, GI disorders, and endocrine disorders as well as the rising
number of general surgical procedures performed worldwide are driving
the growth of this segment.
Hospitals are the largest end users of the operating room integration market
In
2018, the hospitals segment accounted for the largest share of the
operating room integration market. The large share of this segment can
be attributed to the rising patient emphasis on timely and effective
disease management, rising number of diagnostic and surgical procedures
carried out at hospitals, and the increasing number of hospitals being
set up in developing countries.
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Geographic Overview –
In 2018, North America accounted for the largest share of the operating
room integration market, followed by Europe. In the US, the operating
room integration market is driven by the need to curtail soaring
healthcare costs, increasing patient preference for minimally invasive
surgeries (owing to their procedural benefits such as lower risk of
surgical-site infections, decreased patient injuries, and shorter
hospitalization times), rising adoption rate of integrated operating
rooms among healthcare providers, and increasing number of ambulatory
surgery centers. According to the CMS, in 2016, healthcare spending in
the US was estimated at USD 3.4 trillion, and this figure is estimated
to reach USD 5.7 trillion by 2026. During 2017–2026, healthcare spending
in the US is expected to rise by 5.5% annually.