Press Release

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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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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