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Hybrid Operating Room Market Overview
The global hybrid operating room market size is expected to grow considerably in the coming years. This is ascribed to the surging number of surgeries, technological advancements in hybrid operating room (OR) equipment, rising adoption of minimally invasive surgeries, and increase in number of cardiovascular, orthopedic, thoracic, and neurological disorders. Furthermore, increase in number of hospitals and ambulatory surgery centers, heavy investments in hybrid OR equipment, and rising patient preference for affordable & effective surgical treatment.
The different devices that are utilized in hybrid ORs are operating room communication systems, surgical booms, surgical imaging displays, intraoperative diagnostic devices, operating room lights, and operating tables. Among these, the intraoperative diagnostic devices category held the largest hybrid operating room market share in the past and is projected to account for a major share of the market in the near future as well. The reason for this is that devices, such as magnetic resonance imaging and 3D ultrasound, are extensively being utilized in minimally invasive surgeries and provide guidance to surgeons and anesthesiologist.
The two main applications of hybrid ORs are diagnostic imaging and therapeutic. Between these two, the hybrid operating room market was dominated by the therapeutic application in the past, primarily due to the rising prevalence of cardiovascular diseases and surging preference of cardiac surgeons for hybrid OR settings for target surgical procedures.
The major end users of hybrid operating rooms are ambulatory surgical centers, hospitals & surgical centers, and medical research institutes. Out of these, the hospitals & surgical centers accounted for the major share of the hybrid operating room market in the past, which was ascribed to the increasing emphasis of patients on effective and timely disease management and rising number of surgical procedures being carried out in hospitals.
When geography is taken into consideration, North America held the largest hybrid operating room market share, followed by Europe, in the past. The reason for this is the increasing investments by hospitals for upgrading their operating rooms. The Asia-Pacific region is expected to witness the fastest growth in the coming years, owing to the rising healthcare expenditure in developing countries, such as India and China, which, in turn, is predicted to encourage the adoption of advanced diagnostic & surgical technologies.
Hybrid Operating Room Market Dynamics
The surging prevalence of cardiovascular diseases is a key driving factor for the hybrid operating room market growth. According to the statistics by the World Heart Federation, more than 17.3 million people die around the world due to cardiovascular diseases every year and the number is further expected to cross 23 million by 2030. The treatment of cardiovascular diseases often requires surgery, which is why the demand for hybrid operating rooms in rising rapidly.
The considerable growth of markets in Latin America and Asia-Pacific and increasing adoption of robot-assisted surgeries are opening up wide opportunities for the players operating in the hybrid operating room market. The developing nations such as Mexico, China, Brazil, and India are heavily investing in the healthcare sector. As per the World Bank, Brazil spent 8.3% of its $2,456 trillion gross domestic product (GDP) on healthcare in 2014. Similarly, Mexico spent 6.3% of its GDP on healthcare in 2014. This increasing healthcare expenditure will result in a rise in the number of clinics and hospitals, which will further drive the market.
Hybrid Operating Room Market Competitive Landscape
The major companies in the hybrid operating room market are engaging in partnerships and collaborations in order to increase their share in the market. For example, in August 2016, GE Healthcare partnered with Getinge Group, a Swedish medical device firm, and launched a highly flexible angiography solution for hybrid OR procedures. The solution involved the combination of GE’s Discovery IGS 730 angiography system with Getinge Group Maquet brand’s Magnus operating table system, which broadened services and capabilities available in hybrid ORs.
Some other key players operating in the global hybrid operating room market are Eschmann Equipment, Cook Medical Inc., General Electric Company, Johnson & Johnson, Mediflex Surgical Products, NDS Surgical Imaging LLC, SISCO Ltd., Koninklijke Philips N.V., STERIS plc, and Siemens Healthcare.