Global Operating Room Management Solutions Market to Reach USD 6.1 Billion by 2028
Published | 24 August 2022
The growth in the operating room management solutions can be attributed to the several governments are taking numerous initiatives to upgrade the hospital infrastructure. With the rise in chronic diseases and the ageing population, the market has changed considerably. Hospitals spend around 70% of their budget on operating rooms, thus the persistent drop in revenue production from these specialist suites is concerning. Thus, they are increasingly pushing the use of ORM solutions that improve operational efficiency and lower the costs. This in turn is driving the global operating room management solutions market.
The global operating room management solutions market was worth USD 2.7 billion in 2021, and it is further projected to reach USD 6.1 billion by 2028, exhibiting a CAGR of 12.5% during 2022-2028 (forecast period). The growth in the operating room management solutions can be attributed to several governments taking numerous initiatives to upgrade the hospital infrastructure. With the rise in chronic diseases and the ageing population, the market has changed considerably. Hospitals spend around 70% of their budget on operating rooms; thus, the persistent drop in revenue production from these specialist suites is concerning. Thus, they are increasingly pushing the use of ORM solutions that improve operational efficiency and lower costs. This, in turn, is driving the global operating room management solutions market.
Rising Government Initiatives for Upgradation of Health Infrastructure Driving the Global Operating Room Management Solutions Market
Governments throughout the world have been taking steps to upgrade the health infrastructure. These include certain initiatives and funding to enhance the Operating Room (OR) infrastructure, a rise in chronic diseases, and a swiftly growing geriatric population, all of the results in an increase in the number of surgical procedures, the rising demand to upgrade operating room infrastructure to guarantee patient safety, streamline workflows, and control operating room costs, and increased adoption of electronic health records (EHRs) solutions. For instance- The US Federal Government has realized the significance of sufficient and sustained funding for healthcare infrastructure upgradation, and the bipartisan PREVENT Pandemics Act of 2022 provisions comprehensive funding for public health. One of the most important roles in the operating room is to ensure the safety of the patients. In the operating room, mistakes are common and can have catastrophic repercussions. By guaranteeing effective communication, data management, accuracy, and addressing any medical errors in the OR, the integration of OR management solutions helps to ensure patient safety. This, in turn, is driving the growth of the operating room management solutions over the forecast period 2022-2028.
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On-Premises Segment Accounted for the Larger Market Share in 2021 on the Basis of Delivery Mode
The global operating room management solutions systems market has been divided into the following segments based on delivery mode, namely cloud-based and on-premises segments. Amid the segmentation, the on-premises segment accounted for the larger market share in 2021. The on-premises delivery option, in which the software is housed in the healthcare organization's in-house computing facility, is the most common segment deployed by healthcare organizations. However, the cloud-based segment is likely to grow with the highest CAGR over the forecast period owing to certain advantages offered by the segment, which include scalable data storage, machine-learning capabilities, scalable computing power, and faster data transfer between organizations of cloud platforms.
North America Accounted For the Largest Market Share in 2021
Amidst the segmentation, North America accounted for the biggest market share of the global operating room management solutions owing to the faster adoption of new technologies coupled with the presence of well-developed hospital infrastructure in the United States and Canada. Moreover, this region hosts the highest number of multi-specialty hospitals. On the other hand, Europe is the second-largest market, led by Germany, France, as well as the United Kingdom. Nevertheless, the Asia-Pacific region is likely to register the highest CAGR, with countries like Japan, China, and India expecting to grow at the fastest rates owing to rising instances of medical tourism in these regions. The Middle East and African region are likely to grow gradually owing to weak social and economic conditions, particularly in Africa. The Gulf economy, on the other hand, is predicted to expand swiftly as a result of the region's faster expansion of healthcare and the creation of big hospital complexes.
Impact Of COVID-19 On the Global Operating Room Management Solutions Market
The pandemic impacted the ORM solutions market in significant ways. Since the COVID-19 pandemic caused the deferral of elective surgeries across several clinical areas, including cardiology and neurology, consequently, there was a decline in the number of non-essential surgeries, which impacted the usage of the ORM solutions market in the short term. Hospitals suffered considerable financial losses as a result of the postponement of procedures because operating rooms are a major source of income for medical facilities. There was a decrease in hospital spending on the installation of OR management solutions as a result of the pandemic's increased demand for essential breathing equipment and other supplies needed to manage COVID-19. However, the healthcare IT sector is one area that has also benefited from this catastrophe. While many businesses struggled to stay afloat, the pandemic acted as a boon for the operating room management solutions market. The pandemic is likely to boost the ORM software adoption as most hospitals would shift their focus on improving capacity by leveraging technology to augment efficiency.
Competitive Landscape
The global operating room management solutions market is characterized by many local, regional, and global vendors. The key players operating in the global operating room management solutions market are GE Healthcare, McKesson Corporation, Cerner Corporation, Becton, Dickinson and Company (BD), Surgical Information Systems, Optum, Meditech, Picis Clinical Solutions, Getinge AB, Steris Plc, Allscripts Healthcare Solutions, Nexus AG, Novanta Inc, and other prominent players. The players maintain their dominance in the market by investing in research and development activities, integrating the latest and advanced technologies into their products, and launching improved products for the customers.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global operating room management solutions market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global operating room management solutions market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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