Operating Room Integration Market worth $1.7 billion by 2024
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.
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.
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The
software segment accounted for the largest share of the operating room
integration market, by component, in 2018
The software
segment accounted for the largest share of the operating room integration
market in 2018. OR integration software helps streamline surgical workflows by
enabling seamless communication between different systems as well as ensuring
the effective and easier operation of these systems, preferably from a single
source. Moreover, operating room integration software helps reduce surgical
times, improves coordination between healthcare providers, and improves patient
safety.
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.
North
America to dominate the operating room integration market during the forecast
period
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.
Moreover,
growth in the Canadian operating room integration market is mainly driven by
the adoption of technologically advanced HCIT solutions, the need for
healthcare cost containment, and initiatives to increase the adoption of
integrated OR solutions.
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Prominent
players in the operating room integration market are Stryker Corporation (US),
STERIS (US), KARL STORZ (Germany), Olympus (Japan), 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).
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