The operating room equipment and supplies market is projected to reach USD 29.15 billion by 2020 from USD 24.31 billion in 2015, at a CAGR of 3.7 percent in the next 5 years, 2015 to 2020. In the coming years, the market is expected to witness the highest growth rate in the Asia-Pacific region. The high growth in the region can be attributed to growing number of hospitals in Asia, increasing number of German-Asian partnerships in Asia, government initiatives to increase the number of doctors in China, Japan's growing healthcare industry, government funding in India, favorable healthcare system and conferences in Australia, increasing medical tourism in Thailand and Singapore, and increasing government investments in Philippines among others.
North America is expected to account for the largest share of the global market. North America's leadership in the market can be attributed to the investments made by hospitals to upgrade operating rooms; rising number of surgical procedures; increasing number of ambulatory surgery centers; and increasing prevalence of cardiovascular disease in the USA In Canada, market growth is mainly driven by rising public and private investments, implementation of a new funding model for Canadian hospitals, and conferences on operating room equipment and supplies.
Operating room supplies are expected to account for the largest share of the market in 2015 and it is expected to register highest growth rate, predicts MarketsandMarkets. The highest growth rate of operating room supplies market can be attributed to the growing incidence of chronic diseases, increase in the number of surgical procedures, and rising geriatric population. In addition, governments across various countries are taking regulatory actions to fortify hospitals with the essential infection control standards to prevent the spread of HAIs (hospital-acquired infections), thus boosting the demand for operating room supplies.