DUBLIN, Sept. 19, 2019 /PRNewswire/ -- The "Global Operating Room Management Solutions Market: Focus on Solutions Type (Data Management, Communication, Anesthesia Information Solutions, OR Scheduling, and Inventory Management, among others), Mode of Deployment, End Users and Region - Analysis and Forecast, 2019-2029" report has been added to ResearchAndMarkets.com's offering.
The global operating room management solutions generated a revenue of $1.84 billion in 2018 and is estimated to grow over $3.69 billion by the end of 2029. The market is projected to grow at a CAGR of 6.4%, during the forecast period from 2019 to 2029.
There are multiple factors that drive the market such as the rising push toward streamlining of OR workflows and increasing the operational efficiency in order to meet consistently increasing surgical volume. The contribution of chronic diseases and the rapidly increasing geriatric population is also significantly facilitating the growth of the market.
Operating room management is the discipline of healthcare IT which majorly focuses on maximizing operational efficiency within a surgical suite. The increase in operational efficiency, in turn, helps in maximizing the number of surgical cases that can be performed in any given day while minimizing the resources required and other related costs. Typically, operating room management varies on the basis of the region it is being employed in. For example, in profit-oriented healthcare systems, OR management is employed to emphasize on strategic thinking in order to increase revenue generation, while countries wherein citizens are covered with a publicly funded healthcare system, OR management is a key step employed to emphasize on operational decisions.
Operating rooms comprise a significant fraction of hospital expenditure. The operations take typically $1000 per hour; however, they also generate revenue. Surgical operations and their associated hospitalizations generate about 70% of the hospital's revenue, hence keeping the patient safety a constant, healthcare stakeholders are consistently trying to modify the use of existing resources to increase financial gains.
According to a study published in the Journal of the American Medical Association, about $140 billion is lost every year in the U.S. healthcare system which is primarily due to inefficient management of internal operations. With the advent of digitization within OR environments (especially after the incentive-backed implementation of EHR), healthcare stakeholders are consistently employing software solutions that may cater to the diverse needs of the operating room such as OR scheduling and planning, image capture and analysis, inventory management and traceability, data management, and communication solutions.
Anaesthesia information management systems are expected to hold the largest share of the market (32.27%) with a souring CAGR of 4.7%. However, in terms of growth rate, operating room supply management solutions are expected to attain the highest CAGR of 7.9% during the forecast period. In terms of deployment model, web-based solutions (on-demand software) are expected to grow with the CAGR of 10.6% during the forecast period. This growth rate is primarily due to consumer preferences as these solutions free the user from application hosting, maintenance, and security aspects.
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