Future | Trends and Growth Analysis For Operating Room Management Market
According to the new market research report "Operating Room Management Market by Solution (OR Supply, Data Management, Communication, Anesthesia Information Management, Performance Management), Delivery Mode (On-premise, Cloud-based), End User, Region – Global Forecast to 2025", published by MarketsandMarkets™, the Operating Room Management Market is expected to reach USD 4.4 billion by 2025 from USD 2.4 billion in 2020, at a CAGR of 12.4%.
The overall cost of healthcare delivery has grown significantly over the last few decades, mainly due to increasing health insurance premiums, the rising demand for quality healthcare services, rising geriatric population, and the increasing incidence of chronic disorders.
Another important factor attributing to rising healthcare costs is the high dependency on traditional and outdated methods such as paper-based patient records, which leads to an increase in readmission rates, medical errors, and administration costs.
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Different governments and healthcare systems worldwide are now focusing on controlling rising healthcare costs by minimizing patient readmissions, medical errors, and administration costs with the effective utilization of various healthcare IT solutions.
Operating rooms or ORs account for 40% of the total hospital expenses and constitute ~70% of the total revenue generated. Thus, the effective management of operating rooms by consolidating and organizing all patient data for the surgical staff during a procedure and streamlining information across multiple platforms is regarded as one of the key areas for reducing healthcare costs.
As a result, the growing emphasis on cost control and efficiency improvement in hospitals is expected to support the growth of this market in the coming year.
The software component is projected to grow at the highest CAGR during the forecast period
Based on the component, the operating room management market is segmented into software and services. The software segment is expected to account for the largest share of the market in 2020. This segment is also expected to grow at the highest CAGR during the forecast period. The large share and high growth can be attributed to the growing installation of ORM software.
The operating room supply management solutions segment is expected to register the highest CAGR during the forecast period
Based on solutions, the market is broadly segmented into data management & communication solutions, anesthesia information management systems, operating room supply management solutions, operating room scheduling solutions, performance management solutions, and other solutions (including temperature management solutions and humidity management solutions).
The ambulatory surgery centers segment to grow at the highest CAGR during the forecast period
Based on end users, the market is divided into hospitals and ambulatory surgery centers. Hospitals are expected to account for the largest share of the global operating room management market in 2020, while ASCs are expected to account for the highest growth rate. The high growth of this segment is due to the increasing number of surgical procedures conducted in ASCs, rising interest in ambulatory care due to the potential for cost-reduction, and the demand for efficient care among patients.
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Asia Pacific to witness significant growth from 2020 to 2025
Geographically, the operating room management market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World's in 2020, North America is expected to account for the largest share of 48.9% of the global market, followed by Europe. The largest share of the North American market can be attributed to the significant growth in hospital expenditure, government initiatives to improve patient care and patient safety, the high adoption of HCIT technologies, and the need to reduce healthcare costs.
Some of the prominent players operating in the operating room management market include Cerner Corporation (US), Allscripts Healthcare Solutions, Inc. (US), GE Healthcare (US), Surgical Information Systems LLC (US), Epic Systems Corporation (US), Medical Information Technology, Inc. (MEDITECH) (US), Picis Clinical Solutions Inc. (US), McKesson Corporation (US), and United Health Group (US).
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