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(Health-NewsWire.Net, September 11, 2020 ) According to a new market research report OR 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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Stryker Corporation (US), STERIS (US), KARL STORZ (Germany), and Olympus (Japan) are the key players operating in the OR integration market. Other prominent players in the market include 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).
The growth in this market is driven by the increasing adoption of minimally invasive surgical procedures, redevelopment projects & funding for improving OR infrastructure, and rising need to curtail healthcare costs. Also, emerging economies (such as China, India, Brazil, and Mexico) are expected to offer lucrative growth opportunities for market players during the forecast period.
Stryker dominated the global OR integration market in 2018. The company offers OR integration solutions through its Endoscopy division. Stryker holds a noteworthy position in the OR integration market, owing to its strong product portfolio. The company offers a full range of operating room products under the brand name-iSuite. In 2018, Stryker’s Endoscopy division recorded sales growth of 11.7%.
Recent Developments:
> In April 2019, STERIS, KARL STORZ Endoscopy-America (Germany), and American Medical Depot (US) entered into a contract with Defense Logistics Agency (US) to provide integrated operating room components for military services and federal civilian agencies.
> In November 2017, Getinge partnered with Verb Surgical Inc. (US) to develop a next-generation surgical platform—Surgery 4.0, which included robotics, advanced visualization, advanced instrumentation, operating room integration, and connectivity & data analytics/AI.
> In April 2017, Stryker opened a new customer experience center in San Jose, California, featuring a high-tech “Operating Room of the Future.”
> In April 2017, Olympus acquired Image Stream Medical, Inc. (US) to create a leading global systems integration platform.
> In December 2016, KARL STORZ Endoscopy-America, Inc. entered into an agreement with LiveData, Inc. (US) to integrate its OR1 systems with the LiveData PeriOp Manager. This enabled surgical teams to improve communication, patient safety, and operational efficiency.
The general surgery segment accounted for the largest share of the OR 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.
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North America accounted for the largest share of the OR integration market, followed by Europe. In the US, the OR integration 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.
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