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.
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 Another important factor attributing to rising healthcare costs is the high dependency on traditional and outdated methods such as paper-based patient records, which leads to an increase in readmission rates, medical errors, and administration costs.
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.
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Additionally, the maintenance of high-end IT-enabled systems typically costs more than the software itself. The annual maintenance cost is estimated to be 20-25% of the initial cost of the software licenses. Subsequently, it can be expected that the high costs incurred from the purchase, installation, maintenance, and upgrade of ORM software and solutions may negatively affect their overall adoption among end-users, thus restraining market growth to a certain extent.
The increasing burden of cancer, improvements in healthcare infrastructure, a less-stringent regulatory environment, and growing medical tourism are encouraging players in the operating room management market to increase their presence in emerging countries.
One of the major challenges for operating room management solutions is the consolidation of healthcare providers. The number of independent health care providers has been decreasing as most healthcare providers are turning to mergers, acquisitions, and partnerships and are functioning under a health system rather than operating independently.
