Market Trends of Operating Room Equipment Industry
The Endoscopes Segment is Expected to Hold a Significant Share in the Operating Room Equipment Market
An endoscope is an illumined optical, usually slender, and tubular instrument that looks deep into the body. It is used to examine internal organs, like the throat or esophagus. The growing patient inclination for endoscopic procedures, increasing awareness about minimally invasive procedures, and adoption of technological innovations in surgical procedures are expected to drive the segment's growth over the forecast period.
The rise in cancer cases, gastrointestinal disorders, and lifestyle-related diseases is expected to expand the market further. For instance, in January 2024, according to the American Cancer Society, it was estimated that more than 2 million cancer cases would be diagnosed in the United States in 2024, compared to 1.9 million cancer cases in 2023. Additionally, in February 2024, according to the World Health Organization, around 35 million new cancer cases will be diagnosed by 2050 across the world, indicating a rise of 77% from the 20 million cancer cases reported in 2022. Therefore, the increasing cancer incidence may boost the demand for endoscope equipment, contributing to the segment's growth over the forecast period.
New product launches by key players may also boost the adoption of innovative endoscopes for performing endoscopic procedures, thus contributing to the segment’s growth. For instance, in October 2023, Olympus Corporation introduced an advanced endoscopy system, EVIS X1, to gastroenterology professionals in the United States. This system improves the visualization of the gastrointestinal (GI) tract and helps healthcare professionals meet the patients' needs. Similarly, in January 2023, Fujifilm expanded its product portfolio by launching endoscopy solutions, ClutchCutter and FushKnife, for gastrointestinal applications.
Therefore, the increasing prevalence of chronic diseases and new product launches are expected to contribute to the segment’s growth over the forecast period.
North America is Expected to Hold a Significant Share of the Operating Room Equipment Market Over the Forecast Period
The North American operating room equipment market is expected to grow significantly during the forecast period. Various factors are contributing to this growth, including the presence of key players, the region's high prevalence of chronic diseases, and the established healthcare infrastructure. The growing number of surgeries is also expected to boost the regional market’s growth over the forecast period.
The growing burden of chronic diseases such as cancer in North America is anticipated to stimulate market growth. For instance, in January 2024, according to the data published by the American Cancer Society, the government estimated that there would be around 26,890 stomach cancer cases in 2024 in the United States, an increase from 26,500 in 2023. Additionally, according to the data published by the Canadian Cancer Society in November 2023, an estimated 239,100 Canadians were diagnosed with cancer during the year, and around 45% of Canadians are likely to be diagnosed with cancer during their lifespan. Thus, the high incidence of stomach cancer will likely fuel the demand for equipment needed for stomach cancer surgeries, which may boost the market’s growth over the forecast period.
Similarly, the rising prevalence of chronic diseases in Mexico is expected to contribute to the market's growth. For instance, in March 2023, according to the report published by the HPV Information Centre, around 49.6 million women aged 15 years and above are at risk of developing cervical cancer, and around 9,439 women in Mexico are diagnosed with cervical cancer annually. Such cancer incidences may lead to the demand for advanced operational procedures and optimal care, contributing to the market's growth over the forecast period.
The increasing investments by key players in developing innovative operating room equipment are likely to contribute to the regional market’s growth over the forecast period. For instance, in September 2023, Stryker launched an advanced minimally invasive surgical 1788 camera platform integrated with fluorescence imaging capabilities, thus improving the visualization of blood flow and anatomical structures and improving surgical outcomes. It can be used across various medical specialties for surgical applications such as urology, neurology, ear, nose, and throat.
In May 2022, Zimmer Biomet Holdings Inc. launched an intelligent operating room with Omni Suite incorporated with AI, automating the surgical workflow and improving efficiency. Such advancements are anticipated to improve utilization and adoption to enhance workflow and boost the regional market’s growth.
Thus, the growing burden of chronic diseases and technological advancements in new product launches are expected to contribute to the regional market’s growth over the forecast period.
