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Report
Anesthesia Devices Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 114 Pages I Mordor Intelligence
The anesthesia devices market is expected to witness a CAGR of 7.11% over the forecast period.
COVID-19 poses a significant impact on all major organ systems. Therefore, after a COVID-19 diagnosis, the timing of surgery is important for considering the risk of postoperative complications. According to the report published by the British Journal of Surgery, in May 2020, an estimated 585,000 elective surgeries were postponed in the 12-week lockdown in India alone, and 28.4 million elective surgeries worldwide were expected to be canceled or postponed. Thus, the halt of surgical procedures is the major factor likely to hamper the usage of anesthesia devices. Pneumonia associated with COVID-19 is expected to lead to respiratory failure with hypoxemia, which requires endotracheal intubation and mechanical ventilation. The surge in the coronavirus virus cases worldwide resulted in the utilization of all available intensive care unit (ICU) ventilators and anesthesia machines for longer-term ventilation of COVID-19 or other critically ill patients. In hospitals, the administration of inhalation anesthetics for sedation during longer-term ventilation with anesthesia machines was also increased. The effect of COVID-19 on surgical procedures is far and wide, going from the labor force and staffing issues, procedural prioritization, and viral transmission hazard intraoperatively.
The growth in the geriatric population is likely to result in a significant increase in the demand for surgeries. The overall increase in the number of surgeries performed strongly impacts the anesthesia devices market, as anesthetic devices are used in surgical procedures to reduce pain. The geriatric population is highly prone to degenerative diseases and chronic illnesses, causing an increased verge on surgeries and therapeutics. This demands continuous monitoring, and it is expected to drive the growth of the anesthesia devices market. Increasing investments in the market supporting the technological advancements in anesthesia machines and techniques have a major impact on market growth, enabling faster deployment in the healthcare industry.
The requirement by the governments for clear documentation of regular and appropriate servicing of the anesthesia machines, including their components, and their proper maintenance, servicing, and repair, is acting as a restraining factor for the growth of the market.
Anesthesia Devices Market Trends
Anesthesia Monitors Sub-segment is Expected to Register a High CAGR in the Forecast Period
Anesthesia monitors record and display the delivery of anesthetic substances, like gases, drugs, and fluids to the patient. During surgeries, these are used to check the patients' health and reaction to the indication of anesthesia. The integration of various functionalities, such as oxygen saturation level, carbon dioxide level, heart rate, and blood pressure, coupled with decision support systems and data analysis to aid clinicians to get better insights on their patients, is favoring the market growth.
The introduction of new monitoring techniques, such as monitoring the depth of anesthesia, goal-directed fluid therapy, advanced neurological monitoring, improved alarm system, and technological advancements in objective pain assessment, is driving innovation in the industry. Decision support system (DSS) is another specialty of anesthesia. It is a digitized information receiver and relay center, which, in conjunction with the anesthesia information management system (AIMS), helps the clinician deliver health services, simultaneously monitoring the well-being of the patient. Thus, increasing investments supporting the technological advancements in anesthesia monitors have a major impact on the market's growth, enabling faster deployment in the healthcare industry.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall market throughout the forecast period. In the North American region, the United States holds the largest market share, and this is due to the rapid increase in the number of diseases, such as obesity, cardiovascular problems, and different types of cancers, which have contributed to the rise in the number of surgeries of both open and minimally invasive types. The increase in the number of minimally invasive surgeries for chronic diseases has helped the US anesthesia devices market.
The burden of diseases like cancer and cardiovascular diseases is increasing rapidly in the United States. According to the American Heart Association, statistics published in January 2019 reported that nearly half Americans had some cardiovascular disease, including hypertension, coronary heart diseases, etc. These diseases frequently require surgeries such as angioplasty, by-pass, etc., thus contributing to the increasing demand for the anesthesia devices market. Moreover, according to the GLOBOCON 2020, the new cancer cases diagnosed in 2020 were 2,281,658 in the United States, with 612,390 deaths. The high prevalence of cancer cases indicates the requirement for more surgeries related to cancer, which will increase the demand for anesthesia devices in the region.
In February 2020, Medovate launched its US Food and Drug Administration-approved product called Safira. Safira stands for Safer Injection for Regional Anesthetics. The device contains a safety feature that helps prevent anesthesia from being injected at unsafe pressures, aiming to reduce the risk of significant or peripheral nerve damage. Thus, several product launches are expected to drive the market significantly.
Anesthesia Devices Market Competitor Analysis
The anesthesia devices market is moderately competitive and consists of several major players. In terms of market share, few major players currently dominate the market. With the rising patient awareness levels and high prevalence of diseases, and a rising number of surgeries, few other smaller players are expected to enter the market in the coming years. Some of the major players of the market include B. Braun Melsungen AG, Medtronic PLC, Draegerwerk AG, Koninklijke Philips NV, and Fisher & Paykel Healthcare.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Advancements in Anesthesia Delivery and Monitoring Technology
4.2.2 Rise in the Number of Surgical Procedures Requiring Anesthesia
4.2.3 Increasing Prevalence of Chronic Diseases Coupled with Growing Geriatric Population
4.3 Market Restraints
4.3.1 High Cost of Equipment
4.3.2 Difficulties Associated with the Usage of Anesthesia Devices
4.3.3 Reimbursement and Regulatory Issues
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Product Type
5.1.1 Anesthesia Machines
5.1.1.1 Anesthesia Workstation
5.1.1.2 Anesthesia Delivery Machines
5.1.1.2.1 Portable
5.1.1.2.2 Standalone
5.1.1.3 Anesthesia Ventilators
5.1.1.4 Anesthesia Monitors
5.1.2 By Disposables and Accessories
5.1.2.1 Anesthesia Circuits (Breathing Circuits)
5.1.2.2 Anesthesia Masks
5.1.2.3 Endotracheal Tubes (ETTs)
5.1.2.4 Laryngeal Mask Airways (LMAs)
5.1.2.5 Other Disposables and Accessories
5.2 Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Mexico
5.2.2 Europe
5.2.2.1 Germany
5.2.2.2 United Kingdom
5.2.2.3 France
5.2.2.4 Italy
5.2.2.5 Spain
5.2.2.6 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 Japan
5.2.3.3 India
5.2.3.4 Australia
5.2.3.5 South Korea
5.2.3.6 Rest of Asia-Pacific
5.2.4 Middle-East
5.2.4.1 GCC
5.2.4.2 South Africa
5.2.4.3 Rest of Middle-East
5.2.5 South America
5.2.5.1 Brazil
5.2.5.2 Argentina
5.2.5.3 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 B. Braun Melsungen AG
6.1.2 Medtronic PLC
6.1.3 Draegerwerk AG
6.1.4 Ambu AS
6.1.5 Fisher & Paykel Healthcare
6.1.6 GE Healthcare
6.1.7 Koninklijke Philips NV
6.1.8 Mindray Medical International Limited
6.1.9 Smiths Medical
6.1.10 Teleflex Inc.
6.1.11 Comen Medical
6.1.12 Allied Medical Limited
6.1.13 BPL Medical Technologies
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