COVID-19 Impact on the Operating Room Management Market
The COVID-19 outbreak has upended many lives and businesses on an unprecedented scale. However, if there is one sector that has emerged stronger from this event, it would be the healthcare IT industry. While many organizations are finding it difficult to run smoothly, the companies that opted for operating room management solutions are functioning well.
According to a report published by researchers of CovidSurg Collaborative, around 28 million surgeries were canceled across the globe during 12 weeks of peak disruption during the COVID-19 pandemic.
To handle the increased surgical volumes, hospitals are increasing OR hours and focusing on better utilization of OR. The COVID-19 will positively impact the ORM software market. It will increase the adoption rate of ORM software as most hospitals will now focus on increasing capacity by using technology to improve efficiency.
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The overall cost of healthcare delivery has grown significantly over the last few decades, mainly due to increasing health insurance premiums, the rising demand for quality healthcare services, rising geriatric population, and the increasing incidence of chronic disorders.
The adoption of ORM solutions has been particularly affected by 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.
According to a new market research 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, Region - Global Forecast to 2025", is expected to reach USD 4.4 billion by 2025 from USD 2.4 billion in 2020, at a CAGR of 12.4%. Growth in this market can be attributed to factors such as the emphasis on cost control and efficiency improvement in hospitals, growing adoption of EHRs and other HCIT solutions, favorable government support, redevelopment projects, and the availability of funding to promote OR infrastructure.