The size of the North America Operating Room Equipment market is estimated to grow USD 13.02 billion by 2028 from USD 11.02 billion in 2023, hiking at a CAGR of 3.4% from 2023 to 2028.
Increasing the number of hospitals, increasing patient preference for surgeries, increasing the number of regulatory approvals for operating room equipment, financial incentives provided by governments, and increasing the number of geriatric patients all contribute to an increase in the number of surgeries performed the region. One of the major contributors to growth is the aging of the population. Over the last two years, the operating room equipment market has grown significantly, owing to technological advancements and an increase in demand for technologically sensible and accurate medical and surgical equipment. Accurate and up-to-date patient management, improved patient safety, and time and long-term cost savings are advantages of effective operating room equipment.
Expanding treatment outcomes for endoscopic treatments and growing acceptance of technological innovations in surgical procedures are factors driving the market's growth in the future years. The market is anticipated to grow further as the prevalence of cancer, gastrointestinal disorders, and lifestyle-related diseases rise. As the frequency of illnesses such as cancer rises, so makes the demand for endoscopic equipment. Healthcare professionals and surgeons are increasingly demanding operating rooms with technologically sophisticated instruments that are easy to use and flexible, resulting in improved operational efficiency and patient care. As a result, the North America operating room equipment market is expected to be increasing significantly. In addition, the number of surgical operations has increased as the frequency of pathological and physiological illnesses has increased. Furthermore, minimally invasive operations are gaining popularity among patients due to their various advantages, including less trauma, more expensive treatments, and shorter hospital stays. These reasons are increasing the need for better and more efficient operating room equipment, which is likely to contribute to the North American development of the operating room equipment market.
Operating room equipment for surgical procedures is a one-time transaction, which may restrict overall market growth and make it difficult for operating room equipment producers to earn revenues and profits. In addition, the high prices of operating room equipment are restricting its use, particularly in the North American region, and limiting industry development. Understanding hospital expenses is crucial to understanding value-based care, and it's even more important when looking at expense interventions during surgery.
This research report on the North America Operating Room Equipment Market has been segmented and sub-segmented into the following categories:
By End User:
Geographically, the North American operating room equipment market is likely to lead the global market during the forecast period. Factors such as the existence of significant companies, the high incidence of chronic diseases in the area, and developed healthcare infrastructure are some of the key factors responsible for the market's large share. North America's dominance in the market may be attributed to hospital expenditures in operating room improvements, as well as the rising incidence of cardiovascular disease in the United States. Rising public and private investments, introducing a new funding model for Canadian hospitals, and conferences on operating room equipment and supplies are all driving market expansion in Canada. Some of the drivers expected to fuel market expansion include favorable government initiatives and an increase in ambulatory surgery facilities. Due to factors such as a rising number of senior populations and a growing number of diseases in the nation, the United States maintains the highest market share in the North American area, which is expected to drive demand.
KEY MARKET PLAYERS:
Some of the notable companies dominating the North American Operating Room Equipment Market profiled in this report are STERIS Corporation, Stryker Corporation, Drägerwerk AG & Co. KGaA, Getinge Group, Medtronic, Inc., Hill-Rom Holdings, Inc., Mizuho OSI, GE Healthcare, Philips Healthcare, and KARL STORZ GmbH & Co. KG.
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