Anesthesia Devices Market to Grow with a CAGR of 7.66% through 2028
Increasing number of surgeries requiring general
anesthesia and surging implementation of advanced anesthesia devices is
expected to drive the Global Anesthesia Devices Market growth in the forecast
period, 2024-2028.
According to
TechSci Research report, “Anesthesia Devices Market – Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”, the
Global Anesthesia Devices Market stood at USD 7.24 billion in 2022 and is
anticipated to grow with a CAGR of 7.66% in the forecast period, 2024-2028. The
market for anesthesia devices is poised to experience substantial growth during
the forecast period. This can be attributed to the remarkable advancements in
anesthesia delivery and monitoring technology, which have greatly improved
patient care and safety.
Additionally,
the surge in the number of surgical procedures performed worldwide, coupled
with the growing geriatric population that is more prone to injuries and
medical conditions requiring surgery, has contributed to the increasing demand
for anesthesia devices. Moreover, the rising prevalence of chronic diseases
further drives the need for effective anesthesia management in patient
populations. These factors collectively underscore the significance of
anesthesia devices in modern healthcare settings.
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"Global Anesthesia Devices Market”
The Anesthesia
Devices Market has witnessed substantial growth in recent years, driven by a
rise in global surgical procedures, advancements in anesthesia technology, and
the increasing demand for outpatient surgeries. This market is highly
competitive, with a range of players including multinational corporations and
regional manufacturers.
The demand for
surgical procedures is steadily increasing due to the growing geriatric
population, expanding patient pool, and the prevalence of chronic diseases.
Technological advancements play a crucial role in the growth of the Anesthesia
Monitoring Devices Market. However, concerns arise regarding anesthesia-related
side effects such as cognitive disturbance and post-surgery delirium in elderly
patients. The adoption of traditional techniques and the high cost of novel
devices are factors that may limit market growth.
Surgical
procedures are on the rise globally, driven by the prevalence of various
diseases. Anesthesia plays a key role as every patient undergoing surgery
requires anesthesia for pain management. Major surgical procedures, such as
orthopedics, cardiology, and neurology, contribute significantly to the
anesthesia devices market due to their high prevalence. The substantial number
of surgical procedures is expected to propel the global anesthesia devices
market's growth.
Prominent market
players are focused on growth strategies such as product awareness, which is
anticipated to drive market growth during the forecast period. For instance, GE
Healthcare demonstrated its products and solutions at the Arab Health 2022
event held at the Dubai World Trade Centre on January 24, 2022.
Furthermore, the
increasing number of product approvals from the U.S. FDA is expected to boost
the growth of the global anesthesia device market. Ambu Inc., a medical device
company, announced on July 27, 2022, that Ambu aScopeTM 5 Broncho, a family of
single-use sterile bronchoscopes, received 510(k) regulatory clearance from the
U.S. FDA.
Moreover,
established and emerging players in the Anesthesia Monitoring Devices Market
are actively seeking funding to develop new technologies and innovative
devices. Companies are creating new integrated system models with advanced
ventilation modes, and manufacturers are striving to enhance the similarities
between their ventilator and anesthesia monitor interfaces. Additionally,
market players such as Mindray and NeuroWave are focusing on strategies like
agreements, collaborations, product development, and geographic expansions to
maintain their market position and further drive market growth.
The Global Anesthesia
Devices Market is segmented into product, application, end user, regional
distribution, and company.
Based on product,
the anesthesia monitors is anticipated to witness a significant compound annual
growth rate (CAGR) during the forecast period. These monitors play a crucial
role in recording and displaying the administration of anesthetic substances,
including gases, drugs, and fluids, to physicians. They are extensively used
during surgical procedures to assess patients' health status and their response
to anesthesia. The integration of diverse functionalities such as oxygen
saturation level, carbon dioxide level, heart rate, and blood pressure, along
with decision support systems and data analysis, empowers clinicians to gain
valuable insights into their patients, thereby fostering market growth. Factors
such as the increasing prevalence of chronic diseases, the growing geriatric
population, advancements in anesthesia monitors, and the rising number of
surgical procedures are expected to drive the growth of this segment.
The escalating
global count of surgical procedures is projected to fuel market growth during
the forecast period. For instance, according to data published by the
International Society of Aesthetic Plastic Surgery in 2021, an estimated
12,840,688 surgical aesthetic procedures were performed worldwide. This surge
in surgical procedures is expected to drive the adoption of anesthesia
monitors. Furthermore, as reported by the World Stroke Organization in 2022,
nearly 5 million new cases of atrial fibrillation and flutter are diagnosed
each year, with the prevalence of atrial fibrillation projected to reach 60
million in 2022 across all age groups. The substantial burden of atrial
fibrillation is expected to contribute to the increased adoption of anesthesia
monitors during surgical interventions, thereby enhancing the growth of this
segment.
Based on region,
North America segment is expected to grow during the forecast period. Anesthesia
monitors record and display the administration of anesthetic substances,
including gases, drugs, and fluids, to patients. These monitors are utilized
during surgeries to assess patients' health and their response to anesthesia.
The integration of various functionalities such as oxygen saturation level,
carbon dioxide level, heart rate, and blood pressure, along with decision
support systems and data analysis, empowers clinicians with valuable insights
into patient care, driving market growth.
The industry is
witnessing innovation through the introduction of monitoring techniques like
depth of anesthesia monitoring, goal-directed fluid therapy, advanced
neurological monitoring, improved alarm systems, and technological advancements
in objective pain assessment. Anesthesia also benefits from specialized
decision support systems (DSS), which serve as digitized information receivers
and relay centers. When combined with anesthesia information management systems
(AIMS), these DSS enable clinicians to deliver healthcare services while
simultaneously monitoring patients' well-being. Consequently, investments in
technological advancements for anesthesia monitors significantly impact market
growth, facilitating quicker adoption in the healthcare industry.
Major companies operating in Global Anesthesia Devices Market
are:
- General Electric Company
- 3M Company
- Ambu A/S
- Becton, Dickinson and Company
- Draegerwerk AG & Co. KGAA.
- Mindray Medical International Limited
- Allied Medical Limited
- Teleflex Inc.
- Koninklijke Philips N.V.
- B. Braun Melsungen AG
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“The primary
driver behind the growth of the Anesthesia Devices market is the increasing
number of surgical procedures, primarily due to chronic diseases arising from
unhealthy lifestyles and rapid urbanization. Anesthesia plays a crucial role in
ensuring patients do not experience pain during these procedures. Furthermore,
advancements in technology have greatly contributed to the management of
chronic pain in anesthesiology, thereby propelling the growth of the target
market. Improving patient care and safety, coupled with rapid technological
advancements in medical devices by major industry players, are anticipated to
be additional factors supporting market growth throughout the forecast period.
However, it should be noted that the rising number of surgical procedures and
technological advancements are key drivers for the increasing demand for
Anesthesia Devices. Consequently, market competition is intensifying, with both
established international corporations and start-ups striving to establish
their positions within the market.,” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based management consulting firm.
“Anesthesia Devices Market Segmented By Product
(Anesthesia Delivery Machines, Anesthesia Disposables & Accessories,
Anesthesia Monitors, and Anesthesia Information Management Systems), By
Application (Cardiology, Neurology, Dental, Ophthalmology, Urology,
Orthopedics, and Others), By End User (Hospitals, Clinics, Ambulatory Service
Centers), By Region and Competition, Forecast &
Opportunities, 2018-2028F”, has evaluated the future growth
potential of Global Anesthesia Devices Market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Anesthesia Devices Market.
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