Operating Room Integration Market worth $3.7 billion

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01 Jun, 2023, 13:00 ET

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CHICAGO, June 1, 2023 /PRNewswire/ -- The operating room integration industry is poised for remarkable growth and transformation in the near future. With advancements in technology and increasing demands for enhanced surgical procedures, operating room integration systems are set to revolutionize the way surgeries are conducted. The integration of various devices, equipment, and information systems into a cohesive platform allows for seamless communication, data sharing, and collaboration among surgical teams. This integration streamlines workflow, improves efficiency, and ultimately leads to better patient outcomes. In the near future, we can expect to see further innovations such as advanced visualization technologies, robotic-assisted surgeries, and real-time data analytics. These advancements will enable surgeons to perform complex procedures with greater precision, accuracy, and safety. Moreover, the integration of artificial intelligence and machine learning algorithms will empower operating room integration systems to analyze data, make predictions, and assist surgeons in real-time decision-making. With the continuous evolution of technology and the increasing demand for advanced surgical capabilities, the operating room integration industry is poised for remarkable growth and innovation in the near future.

Operating Room Integration Market in terms of revenue was estimated to be worth $2.1 billion in 2023 and is poised to reach $3.7 billion by 2028, growing at a CAGR of 12.1% from 2023 to 2028 according to a new report by MarketsandMarkets™. Factors such as growing demand for technologically advanced solutions, rising funding initiatives for improving HCIT infrastructure increase in the number of surgical procedures, , rise on emphasis on cost control and improvement in hospitals operations are aiding to the positive growth of this market. However, interoperability issues the high setup and operational costs, and shortage of skilled surgeons in OR integration are expected to restrain market growth to a certain extent.

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Browse in-depth TOC on "Operating Room Integration Market" 133 - Tables 33 - Figures 192 - Pages

Operating Room Integration Market Scope:

Report Coverage

Details

Market Revenue in 2023

$2.1 billion

Estimated Value by 2028

$3.7 billion

Growth Rate

Poised to grow at a CAGR of 12.1%

Market Size Available for

2021–2028

Forecast Period

2023–2028

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Component, Device Type, Application, End user

Geographies Covered

North America, Europe, Asia Pacific, Latin America and Middle East and Africa

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Technological advancements in hospitals

Key Market Drivers

Rising demand for technologically advanced solutions

Software segment accounted for the largest share of the operating room integration market, By Technology

The software segment accounted for the largest share, by component in the operating room integration market in 2022. The large share of OR integration software is attributed to reduced surgical times, improved patient safety and improved coordination between healthcare providers. The software helps in optimizing the workflow within the operating room by automating routine tasks and coordinating activities. Additnally it provides centralized control and management of equipment, lighting, video routing, and documentation. This streamlines processes, reduces manual intervention, and enhances overall efficiency. It is designed to be expandable and adaptable to evolving technology and workflow needs. It can integrate with new devices and systems as they are introduced in the operating room, ensuring long-term usability and future-proofing the investment.

The orthopedic surgery segment is expected to witness the highest growth rate in the operating room integration market, by application

Based on application, the orthopedic surgery segment is expected to register the highest CAGR during the forecast period. Orthopedic surgery aims to attenuate the pain caused by musculoskeletal conditions such as joint arthritis, fractures, torn ligaments, or herniated discs. By addressing the underlying issue, surgery can provide significant pain relief and improve the patient's quality of life.Moreoever, advent of technological advancements in robot-assisted orthopedic surgeries, increasing inclination towards minimally invasive surgeries due to benefits in orthopedic applications (such as decreased procedural trauma, faster patient recovery, and decreased hospital stay) are fators driving the growth of this segment.

North America dominated the operating room integration market in 2022

North America held the largest share of the operating room integration market in 2022, followed by Europe and Asia Pacific. This region has been at the forefront of implementing advanced technologies and integrated systems within operating room, factors such as increasing need to curtail healthcare costs, rise in inclination towards minimally invasive surgeries, growing adoption rate of integrated operating rooms among healthcare providers, growth in the number of ambulatory surgery centers ,in addition to that significant adoption and advancements in OR integration, with healthcare facilities leveraging integrated systems, audio-visual capabilities, data integration, and collaboration tools to improve surgical processes and patient care have also supported the growth of this market in North America.

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Operating Room Integration Market Dynamics:

Drivers:

Restraints:

Opportunities:

Challenges:

Key Market Players:

Stryker Corporation (US), STERIS Plc (US), Karl Storz SE & Co. KG (Germany), Olympus Corporation (Japan), and Getinge AB (Sweden) are the major players in this market. These companies are majorly focusing on the strategies such as agreements, collaborations, partnerships, and service launches in order to remain competitive and further increase their share in the market.

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Recent Developments:

Operating Room Integration Market Advantages:

Overall, the operating room integration market offers significant advantages in terms of improved efficiency, enhanced patient safety, advanced surgical capabilities, seamless information management, and cost efficiency. These advantages drive the adoption of operating room integration systems in healthcare facilities and contribute to improved surgical outcomes and patient care.

Operating Room Integration market - Report Highlights:

The global operating room integration in healthcare market is projected to reach USD 3,673.2 million by 2028 from USD 2,071.7 million in 2023, at a high CAGR of 12.1% during the forecast period. Growth in this market is driven by the growing demand for technologically advanced solutions, the growing number of surgical procedures, rising funding initiatives for improving HCIT infrastructure, and increasing emphasis on cost control and efficiency improvement in hospitals. However, the high setup and operational costs, interoperability issues, and shortage of skilled surgeons in OR integration are expected to restrain market growth to a certain extent.

The North American region offers potential growth opportunities for most product manufacturers, owing to its high per-capita healthcare expenditure and ongoing technological advancements in integrated ORs. Easy accessibility to advanced healthcare, increased adoption of advanced medical imaging technologies (used in integrated OR settings) among healthcare professionals, and rising patient preference for minimally invasive surgeries in the US and Canada are significant factors supporting the market growth.

In the latest edition, market sizing and forecasting has been done at a more granular level, also changes in trends and forecasts have been incorporated as per the market scenario.

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SOURCE MarketsandMarkets