Global Anesthesia Devices Market - 2022-2029
The Global Anesthesia Devices Market is expected to grow at a CAGR of 6.5% during the forecasting period (2022-2029).
Anesthesia units dispense a mixture of gases and vapors and vary the proportions to control a patient’s level of consciousness or analgesia during surgical procedures. Anesthesia devices are used during surgical procedures to control pain, breathing, blood pressure, blood flow, and heart rate & rhythm. A medical state in patients induced by the use of anesthesia leads to loss of sensation or awareness, which includes analgesia (relief from or prevention of pain), paralysis (muscle relaxation), amnesia (loss of memory), or unconsciousness.
The global anesthesia devices market growth is driven by the increasing number of surgeries, growth in the geriatric population, and the increasing incidence of respiratory diseases, such as Chronic Obstructive Pulmonary Disease (COPD) and Obstructive Sleep Apnea (OSA).
The surging implementation of advanced anesthesia devices will drive the market growth
Surging implementation of advanced anesthesia devices along with technological advancements augment the overall anesthesia market growth. The launch of technologically advanced devices in the industry has further improved the patient’s convenience. Additionally, cost-effective devices are being introduced into the market. The rising demand for anesthesia devices’ in numerous applications including cardiology, dental, and urology among others increases its demand in the end-user industry. Furthermore, several initiatives are undertaken by the government in the developing regions to raise awareness among the general population that accelerates the overall market progression.
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 growing government requirement for anesthesia devices resistance will hamper the market growth
However, 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.
COVID-19 Impact Analysis
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 hazards intraoperatively.
The anesthesia monitors segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)
Anesthesia monitors records and displays 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 into 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 systems, and technological advancements in objective pain assessment, is driving innovation in the industry. A 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 region holds the largest market share of the global anesthesia devices market
North America dominates the market for anesthesia devices and is expected to show a similar trend over 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 of Americans had some cardiovascular disease, including hypertension, coronary heart disease, 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 in the region.
The anesthesia devices market is a moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include B. Braun Melsungen AG, Medtronic PLC, Draegerwerk AG, Ambu AS, Fisher & Paykel Healthcare, GE Healthcare, Koninklijke Philips NV, Mindray Medical International Limited, Smiths Medical
Teleflex Inc. among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the anesthesia devices market globally. For instance, in May 2018, Skanray Technologies launched the TruSKAN series six-channel multi-parameter patient monitoring systems. TruSKAN series has got two models TruSKAN S500 with a 10.4-inch display and TruSKAN S600 with a 12.1-inch display.
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiovascular Portfolio, Neuroscience Portfolio, Medical-Surgical Portfolio, and Diabetes Operating Unit.
Bispectral Index (BIS) Monitoring System: Bispectral Index (BIS) monitoring enhances the clinician’s patient-targeted approach to induction, maintenance, and emergence. BIS technology non-invasively measures and interprets brain wave activity directly related to the effects of anesthetic agents.
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