Operating Room Management Market in Developing Countries - Growth of the Healthcare Industry, Booming Medical Tourism

(IT-NEWSWIRE.COM, September 17, 2020 ) The 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 (Hospital, Ambulatory Surgery) - Global Forecast to 2022", The global operating room management market is expected to reach USD 3.41 Billion by 2022 from USD 2.01 Billion in 2017, at a CAGR of 11.2%.

The growth of the market can be attributed to the emphasis on cost control, efficiency improvement in ORs, redevelopment projects & funding to improve OR infrastructure, growing prevalence of diseases, rising geriatric population, and the increasing demand for OR supply management software.

Opportunity: Developing countries—growth of the healthcare industry, booming medical tourism

Emerging countries, such as India, China, Brazil, and Mexico, will provide significant growth opportunities for the ORM market in the coming years due to their growing healthcare industries and rising medical tourism. Other factors include a rising geriatric population, increasing prevalence of lifestyle disorders, and the presence of a less-stringent regulatory environment. As of 2016, Brazil, Russia, India, China, and South Africa are among the fastest-growing economies in the world. According to The World Economic Forum, these emerging economies are expected to account for one-third of the total global healthcare expenditure by 2020.

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Moreover, countries such as India, Mexico, Thailand, Singapore, Malaysia, and South Africa have emerged as major medical tourism destinations for patients from across the globe. The major factors responsible for this trend are the low cost of medical procedures and improvements in medical infrastructure in these countries. For instance, the cost of a hip replacement surgery in India is USD 6,000 to 7,000, whereas the same procedure costs around USD 45,000 to 50,000 in the US. This has resulted in an increasing number of patients’ visits from other countries for surgeries. In this scenario, ORM systems are expected to play a major role in effectively managing the growing patient volume in these countries.

Challenge: Dearth of skilled OR technicians

Many countries, both developed and developing, have reported a dearth of skilled OR technicians, also called surgical technologists. These professionals provide technical assistance in advanced surgical or diagnostic procedures, and as such are a significant component of any said procedure. In North America, technological evolution in hospitals has increased the demand for surgical technologists. According to The Bureau of Labor Statistics (BLS), by 2024, as many as 14,700 surgical technologists will be required in North America. There are academic institutes in the US which are capable of meeting ~39% of the demand for surgical technologists. However, of these, technologists with proper skillsets and adequate training are limited. This inadequacy is expected to impact market growth to a certain extent.

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Key Market Players

GE Healthcare (US), Becton, Dickinson and Company (US), McKesson Corporation (US), Cerner Corporation (US), Surgical Information Systems (US), Optum (US), MEDITECH (US), Picis Clinical Solutions (US), Getinge (Sweden), and STERIS (US)

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Operating Room Management Market in Developing Countries - Growth of the Healthcare Industry, Booming Medical Tourism