Global Operating Room Management Market, By Component (Software, Services),By Solution(Data Management and Communication Solutions ,Anesthesia Information Management Systems ,Operating Room Supply Management Solutions, Operating Room Scheduling Solutions, Performance Management Solutions, Other Solutions),By Delivery Mode (On-Premise Solutions ,Web-Based Solutions, Cloud-Based Solutions) and By End User(Hospitals, Ambulatory Surgery Centers) and opportunities and forecast 2020-2027.
Operating Room Management Market Overview
The overall cost of health care delivery has grown significantly over the previous couple of decades, mainly because of increasing insurance premiums, the rising demand for quality healthcare services, rising geriatric population, and therefore the increasing incidence of chronic disorders. Another important factor attributing to rising healthcare costs is that the high dependency on traditional and outdated methods likes paper-based patient records, which results in a rise in readmission rates, medical errors, and administration costs.
Different governments and healthcare systems worldwide are now that specialize in controlling rising healthcare costs by minimizing patient readmissions, medical errors, and administration costs with the effective utilization of varied healthcare IT solutions. Operating rooms or ORs account for 40% of the entire hospital expenses and constitute ~70% of the entire 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 considered one among the key areas for reducing healthcare costs. As a result, the growing emphasis on cost control and efficiency improvement in hospitals is predicted to support the expansion of this market within the coming year.
The adoption of ORM solutions has been particularly suffering from its high installation and maintenance costs. ORM software, when once installed, also requires to be regularly updated as per the user’s requirement and software enhancements, thereby presenting recurring expenditure. Additionally, the upkeep of high-end IT-enabled systems typically costs quite the software itself. The annual maintenance cost is estimated to be 20-25% of the initial cost of the software licenses. Subsequently, it are often expected that the high costs incurred from the acquisition , installation, maintenance, and upgrade of ORM software and solutions may negatively affect their overall adoption among end-users, thus restraining market growth to a particular extent.
Covid-19 Impact on Operating Room Management Market:
In addition, the current Global Market study offers a detailed analysis of the current COVID-19 pandemic impact on the market growth and its influence on the future growth of the Global Market. The recently published report demonstrates the elevation in the demand for the healthcare sector. The healthcare manufacturers have experienced long term as well as short term effect which includes supply shortages, panic buying and stocking, regulation changes as short-term whereas approval delays and possible trend variations in consumption could be perceived as long-term impacts of COVID-19 on the health and pharmaceutical market.
The increasing need for a cure has pushed vaccine research and manufacturers to the limit. In addition to this, panic conditions have already spurred the demand for many healthcare products and services which are discussed in detail in this report. Moreover, the impact of COVID-19 on overall market revenue for the base year 2020 and its projection up to 2027 is provided in detail in this report.
Operating Room Management Market Segment Overview
By component, market is segmented into software and services. The software segment is predicted to account for the most important share of the market in 2020. This segment is additionally expected to grow at the very best CAGR during the forecast period. The massive share and high growth are often attributed to the growing installation of ORM software.
By solution, Data management & communication solutions accounted for the most important share of the market in 2019 due to the advantages like easy sharing of patient status in perioperative care phases, tracking of the schedule compliance, and sharing of the media and knowledge associated with cases within different operating rooms or external hospital departments.
By delivery mode, the market is segmented into on premise solutions, web-based solutions, and cloud-based solutions. The cloud-based solutions segment is predicted to register the very best CAGR during this market during the forecast period. The high growth of this segment can primarily be attributed to advantages like scalable data storage, scalable computing power, machine-learning capabilities, and faster data transfer between organizations of cloud platforms.
By end-users, the market is split into hospitals and ambulatory surgery centers. Hospitals are accounted for the most important share of the worldwide market in 2019 due to the rising demand for effective disease management, growing surgical procedural volumes in hospitals, and therefore the increasing number of hospitals being found out in developing countries.
Market Analysis, Insights and Forecast – By Component • Software • Services
Market Analysis, Insights and Forecast – By Solution • Data Management and Communication Solutions • Anesthesia Information Management Systems • Operating Room Supply Management Solutions • Operating Room Scheduling Solutions • Performance Management Solutions • Other Solutions
Region-wise, in terms of regions, North America has dominated the market, attributable to increasing hospital expenditure, rising concentrate on activities to make awareness in people about OR management. APAC is predicted to be the highest growing market during the forecast period attributable to investments for equipping the healthcare firms with modern equipment’s & improving the infrastructure.
Operating Room Management Market, By Geography
· North America (US & Canada) · Europe (UK, Germany, France, Italy, Spain, & Rest of Europe) · Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific) · LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
