Anesthesia Devices Market - Growth, Trends, and Forecast (2020 - 2025)
The growth in the geriatric population is likely to result in a significant increase in the demand for the surgeries. The overall increase in the number of surgeries performed has a strong impact on the anesthesia devices market, as anesthetic devices are used in surgical procedures to reduce the pain. The geriatric population is highly prone to degenerative diseases and chronic illnesses, which has caused an increased verge on surgeries and therapeutics. This demands for continuous monitoring, and it is thus expected to drive the growth of the anesthesia devices market. Increasing investments in the market, supporting the technological advancements in anesthesia machines and techniques, are having a major impact on market growth, enabling faster deployment in the healthcare industry.
The requirement by the government, for clear documentation of regular and appropriate servicing of the anesthesia machines, including its components, and their proper maintenance, servicing, and repair, is acting as a restraining factor for the growth of the market.
Key Market Trends
Anesthesia Monitors Sub-segment is Expected to Register a High CAGR in the Forecast Period
Anesthesia monitors are used to 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 anesthesia information management system (AIMS), helps the clinician in the delivery of health services, simultaneously monitoring the well-being of the patient. Thus, increasing investments which are supporting the technological advancements in anesthesia monitors, are having 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 a 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 as well as minimally invasive types. The increase in the number of minimally invasive surgeries for chronic diseases has helped the growth of the anesthesia devices market in the country.
The anesthesia devices market is moderately competitive and consists of several major players. In terms of market share, few of the 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 into the market in the coming years. Some of the major players of the market are B. Braun Melsungen AG, Medtronic PLC, Draegerwerk AG, Koninklijke Philips NV, and Fisher & Paykel Healthcare, among others.
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