Global OR (Operating Room) Management Solutions Market Report 2022 Featuring Key Players & Start-ups Such as Avail Medsystems, CaseCTRL, OPExPARK, Instrutrack, ReadySet, Surgio Health, & SurgiStream
DUBLIN, May 24, 2022 /PRNewswire/ -- The "OR Management Solutions Market - A Global and Regional Analysis: Focus on Application, Type, End User, Mode of Deployment, and Region - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
The global operating room management solutions market was valued at $2,023.5 million in 2021 and is anticipated to reach $3,699.1 million by the end of 2031, registering a CAGR of 6.29% during the forecast period 2022-2031.
The global operating room (OR) management solutions market is a huge market comprised of various software solutions that are used in an operating room. These include solutions for data management, inventory management, scheduling and planning of surgeries, communication among surgical staff within and outside the OR, and improved visualization, reporting, and documentation, among others.
While conventional ORs possessed all the equipment required for an operating room to function, the lack of communication among the various components and the lack of automated data management are some of the major drawbacks that led to the rising interest in the implementation of software integrated operating rooms.
Global Operating Room Management Solutions Market Drivers
The market is driven by factors such as the increase in government initiatives and funding to promote OR infrastructure, the surge in chronic diseases, and the rapidly increasing geriatric population leading to an upsurge in the number of surgical procedures, growing demand to upgrade operating room infrastructure to ensure patient safety, streamline workflows, and controls costs in operating rooms, and the increased adoption of electronic health records (EHRs) solutions.
Patients' safety is one of the utmost responsibilities in the operating room. Mistakes in the operating rooms are frequent and may lead to serious consequences. The integration of OR management solutions helps in ensuring patient safety by providing proper communication, data management, accuracy, and tackling all the medical errors in the OR. Therefore, there has been an increase in demand to upgrade the operating room infrastructure with OR management solutions.
Global Operating Room Management Solutions Market Challenges
The factors restraining the market growth of OR management solutions include the high pricing and maintenance costs of operating room management software and the increasing security breaches in software. The most significant challenge that medical facilities face is the high costs of the installation of OR management software.
Also, once an operating room management software is installed, it requires to be updated regularly as per the requirements of the user and new upgrades coming in the software, thereby increasing the maintenance costs of ORMs.
The yearly maintenance cost of an ORM is likely to be 40-50% of the initial purchasing cost of the software. Therefore, the lack of affordability is a major factor restraining the growth of the market in emerging economies such as Latin America and the Middle East and Africa.
Furthermore, the increasing security breaches in the healthcare sector due to increasing hacking incidents, malware stealing, and accidental or purposeful disclosure of data also act as a restraining factor for the market.
b>Global Operating Room Management Solutions Market Opportunities
The opportunity for growth of the global operating room management solutions market lies in the increasing demand for medical tourism, Investment in emerging markets such as the Middle East and Asia-Pacific countries, and integration of solutions with superimposition capabilities.
Impact of COVID-19 on the Global Operating Room Management Solutions Market
The COVID-19 pandemic led to a deferral of elective surgeries across various clinical areas, such as neurology and cardiology. The pandemic also placed heightened importance on the safety and sterilization protocols followed by the medical institutions. The COVID-19 pandemic led to a decline in the number of non-essential surgeries performed, which subsequently also impacted the usage of ORs.
Since operating rooms are a major source of revenue for hospitals, hospitals faced significant losses in revenue owing to the deferral of surgeries. Therefore, as the pandemic led to a surge in demand for critical respiratory equipment and other supplies required for the management of COVID-19, there was a decline in hospital expenditure with respect to the installation of solutions for OR management.
Global Operating Room Management Solutions Market (by Region)
The different regions covered under the global operating room management solutions market include North America, Europe, Asia-Pacific, and Rest-of-the-World.
North America and Europe are two of the largest markets for operating room management solutions, while developing countries are expected to register strong growth in their adoption shortly.
Key Market Players and Competition Synopsis
Key Topics Covered:
2 Global OR Management Solutions Market (by Mode of Deployment)
3 Global OR Management Solutions Market (by End User)
4 Global OR Management Solutions Market (by Type)
6 Markets - Competitive Benchmarking & Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/m4h6wt
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SOURCE Research and Markets