CHICAGO, Oct. 17, 2019 /PRNewswire/ -- According to the new market research report "Operating Room/OR Integration Market by Component (Software, Services), Application (General Surgery, Orthopedic Surgery, Cardiovascular Surgery, Neurosurgery, Thoracic Surgery), End-User (Hospitals, ASC), Region - Global Forecast to 2024", published by MarketsandMarkets, the 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.
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The 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 OR Integration Market during the forecast period.
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 OR 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.
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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 OR 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.
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North America to dominate the Operating Room Integration Market during the forecast period
In 2018, North America accounted for the largest share of the OR Integration Market, followed by Europe. In the US, the 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 OR 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.
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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