Europe Anesthesia and Respiratory Devices Market - Segmented by Anesthesia Devices, Respiratory Devices, and Geography - Growth, Trends, and Forecast (2018 - 2023)
Anesthetic devices are designed to be used in all types of surgeries to provide a continuous supply of medical gases (oxygen and nitrous oxide) mixed with anesthetic vapors (isoflurane), which are administered to patients at a safe pressure and flow. Respiratory devices are a medical specialty focused on treatment, management, control, diagnosis, evaluation, and care of patients with deficiencies of the cardiopulmonary system. The European market is expected to witness a CAGR of 10.5% for the forecast period of 2018–2023.
Increasing Surgical Procedures Requiring Anesthesia
With the increase in surgical operations and invasive medical tests, the market for anesthesia devices and procedures has been growing at a steady pace. Anesthesia equipment has evolved over the years from basic pneumatic devices to highly sophisticated computer systems. The market is being driven mostly by the increasing number of procedures requiring anesthesia. The most commonly used anesthesia procedure in the European region is the general anesthesia.
Technological advancements, large patient population, reimbursement from healthcare insurance for the purchase of medical device, and increased disposable income in emerging markets of Europe have been the major drivers for this market.
Lack of Skilled Technicians
Skilled technicians who can properly operate the systems in place are limited in number. The devices in use are highly expensive, and even the basic setup is not affordable to all medical organizations. These factors have been the major setbacks faced by the anesthetic and respiratory devices market.
Rise in Healthcare Cost Driving the Market
A rise in healthcare expenditures has led to a shift in preference from hospital-based care to home-based care among patients. This rise in healthcare cost, compounded by the geriatric population, is driving the demand for portable medical diagnostic devices including respiratory and anesthesia devices. This has led to a shift in the use of respiratory and anesthesia devices from hospital setups to home-care health monitoring services. Moreover, a rise in respiratory diseases such as asthma, lung cancer, COPDs (Chronic Obstructive Pulmonary Diseases) and OSA (Obstructive Sleep Apnea) have triggered the growth of this market. The exponential rise in the number of surgical procedures in the region has also lead to the significant growth of the anesthesia devices market.
Major Players: ASTRAZENECA, COVIDIEN PLC, DRAGERWERK AG, FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED, GLAXOSMITHKLINE, INTERSURGICAL LTD, and PHILLIPS HEALTHCARE, among others..
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