Operating Room Integration Market to Witness a CAGR 11.5% During 2018-2025 - Allied Market Research
PORTLAND, Oregon, July 27, 2018 /PRNewswire/ --
According to a recent report published by Allied Market Research, titled, 'Operating Room Integration Market by Device Type, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2025', the global operating room integration market was valued at $1,721 million in 2017, and is projected to reach at $4,163 million by 2025, growing at a CAGR of 11.2% from 2018 to 2025.
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The utilization of operating room integration system is anticipated to witness a significant rise with the growth in number of surgical procedures, surge in minimally invasive surgeries, and rise in patient safety concern in operating room. The recent innovations and constant development in this field fuel the market growth.
The rise in economic strength of developing countries such as China, India, Indonesia, Thailand, and others and increase in healthcare expenditure are expected to drive the market and create new opportunities during the forecast period.
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Lack of coordination among the surgical team results in increased frequency of errors in the operating room. Avoidable errors in the operating room, which usually occur either before and/or after the surgical procedures, have led to adverse effects, which risk patient safety. These errors include communication breakdown among or within the surgical team, patients & their families and care providers, delay and/or failure in diagnosing the underlying condition, and delay and/or failure in administering timely treatment. Furthermore, crucial decisions such as choosing non-operative and/or observation treatment instead of providing timely surgical care also lead to errors in the operating room. The World Health Organization's (WHO) Safe Surgery Saves Lives campaign and 5 Million Lives Campaign by Institute for Healthcare Improvement (IHI) are among the various programs that are organized to highlight patient safety issues in the operating room.
At present, North America dominates this market, followed by Europe. In 2017, the U.S. dominated the North American market.
Among the end user segment, the hospital segment dominated the operating room integration market in 2017 and is projected to continue its dominance during the forecast period.
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KEY FINDINGS OF THE STUDY
- In 2017, the audio & video management system sub-segment generated the highest revenue in the global operating room integration market
- In 2017, the surgery application generated the highest revenue among the other applications in the operating room integration market
- In 2017, based on end user, the hospital segment dominated the operating room integration market
- Asia-Pacific is anticipated to witness the highest CAGR during the forecast period
The key players profiled in the report include Stryker Corporation, KARL STORZ GmbH & Co. KG, STERIS plc, Skytron LLC, Getinge AB, Merivaara Oy, Canon Inc., Image Stream Medical, Inc., Doricon Medical Systems, and Olympus Corporation.
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