The pandemic has led to a temporary ban on elective surgeries across the globe, which resulted in cancellations of elective surgeries worldwide. 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.
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.
Another important factor attributing to rising healthcare costs is the high dependency on traditional and outdated methods such as paper-based patient records, which leads to an increase in readmission rates, medical errors, and administration costs.
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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. However, a dearth of skilled surgeons in integrated operating rooms and the high prices and maintenance costs of ORM software are expected to hinder the market growth.
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 regarded as one of the key areas for reducing healthcare costs. As a result, the growing emphasis on cost control and efficiency improvement in hospitals is expected to support the growth of this market in the coming year.
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. Additionally, the maintenance of high-end IT-enabled systems typically costs more than the software itself.
Owing to the expansion of the patient population base, the number of hospitals and surgical centers is also expected to increase in emerging countries in the coming years. Also, currently, governments in these countries are undertaking initiatives to expand and modernize their respective healthcare infrastructures.
The cloud-based solutions segment is expected to register the highest CAGR in this market during the forecast period. The high growth of this segment can primarily be attributed to advantages such as scalable data storage, scalable computing power, machine-learning capabilities, and faster data transfer between organizations of cloud platforms.
Epic Systems Corporation (US), Cerner Corporation (US), MEDITECH (US), McKesson Corporation (US), GE Healthcare (US), Surgical Information Systems (US), Picis Clinical Solutions (US) are some of the leading players of the operating room management market.