The global anesthesia devices market was valued at USD 7.7 billion in 2016 and is projected to reach USD 13.3 billion by 2021, at a CAGR of 11.64% during the forecast period. This market has witnessed excellent growth in recent times. This growth is expected to increase accordingly in the near future.
Global Anesthesia Devices Market- Market Dynamics
The report details the various driving and restraining factors of the anesthesia devices market. Some of them are discussed below.
Continuous growth in this market can be attributed to the rapid adoption of anesthesia information management systems (AIMS) that have been implemented in an effort to move the industry away from the paper-based record keeping systems to more efficient electronic solutions. The establishment of several government-supported national statistical databases is driving this market as well. The demand is also rapidly increasing with the growing safety awareness and technological enhancements in anesthesia machines. The low flow anesthesia and electronic medical records dominate the current global anesthesia market technology, which indirectly leads to lesser significant savings across the healthcare industry.
Rapid advancements in the anesthesia industry make it increasingly difficult for the anesthesiologists to keep up with the various anesthesia machine technologies. Additionally, the latest anesthesia technology does not come at a low price, and even the most basic configuration of the equipment can cost a fortune. The decrease in reimbursements provided by governments for medical equipment and increased availability of aftermarket services that prolong the life of a facility's existing equipment are also the challenges that this market may have to face with respect to its growth.
The global anesthesia device market is segmented on the basis of anesthesia devices and geography. The anesthesia devices can be divided into different segments, based on the type of instrument. These instruments include anesthesia monitors, anesthesia machines, anesthesia masks, anesthesia accessories. On the basis of geography, the market has been segmented into North America (U.S., Canada, Mexico), Europe (U.K., Germany, France, Spain), Asia-Pacific (India, China, Japan, South Korea), and the Rest of the World (Brazil).
From a geographical point of view, North America has the highest market share followed by Europe. The North American market share is as high as 34%. Recent economic advances in emerging markets have become a competitive threat to the developed nations market. The reason for this is the higher per capita income of the North American population and the rapidly rising patient population in this region. Following North America is Europe with the second biggest market share at 29%. Recent trends show that emerging countries are expected to show a greater growth in the market share in the near future, due to the increasing per capita income in emerging nations and the rapidly rising patient population in these regions as well.
Some of the key players in the market are:
3M Airsep Corp Alung Technologies Inc. AstraZeneca Bomimed Inc. Carefusion Inc. Covidien PLC Dragerwerk AG Fisher & Paykel Healthcare Corporation Limited Key Deliverables in the Report
Global, regional and country-level analysis along with forecasts of the study market Study of the effect of exogenous and endogenous factors, viz. demographic, economics, and political factors, among others that affect the global market Porter’s Five Forces framework incorporating the factors influencing each force to determine the intensity of competition Segment and sub-segment level analysis of the market over the review and forecast period Identification of key factors instrumental in changing the market scenario, exploiting new opportunities and gaining competitive edge SWOT analysis for key players and a detailed study of their current strategic interests and key financial performance indicators