The global operating room equipment market is expected to reach $48.50 billion by 2025, according to a new report by Grand View Research, Inc. The market is primarily driven by increasing investments for improved hospital care facilities, the rising number of new hospitals and ambulatory care centers, increasing patient preference for minimally invasive procedures, and an increase in the number of surgeries performed globally.
Growing funds and investments by various government bodies and private investors are also contributing to market growth. For example, in its 2016-17 budget, the Hong Kong government dedicated a provision of $200 billion for a 10-year hospital development plan that would help expand and upgrade healthcare facilities.
Under the plan, the number of operating theaters would increase by 40% and specialist outpatient service capacity would increase by 40% from 6.8 million to 10 million attendances for a year. The development plan also includes redevelopment and expansion of various hospitals in the region.
In addition, a rapid increase in the number of elderly people and rising prevalence of chronic diseases are increasing the demand for surgical interventions and contributing to the expansion of the market. Technological innovations in medical devices are driving the adoption of advanced medical equipment in surgical procedures. Key players are focusing on product innovations and new launches to cope with growing needs.
Furthermore, improving healthcare infrastructure in emerging economies, a large patient pool, and untapped opportunities in developing nations are attracting foreign investors to hospitals and the healthcare sector. As a result, growing investments in emerging economies and establishment of new hospitals and healthcare centers are expected to boost growth in the next few years.
The report found that North America dominated the global market, owing to a rapid increase in its geriatric population and rising prevalence of various diseases.