Anesthesia Monitoring Devices Market Size

Anesthesia Monitoring Devices Market Analysis

The Anesthesia Monitoring Devices Market size is estimated at USD 2.64 billion in 2024, and is expected to reach USD 4.29 billion by 2029, growing at a CAGR of 10.02% during the forecast period (2024-2029).

The COVID-19 outbreak impacted the healthcare sector, as hospital and healthcare services were significantly reduced in the first phase of the pandemic due to social distancing measures taken by the government. Moreover, the COVID-19 pandemic affected the economy and adversely impacted the functioning of general hospital care for non-COVID-19 patients in hospitals. For instance, an article published in the Journal of Anaesthesia in September 2021, one-third of the anesthesia staff were unavailable, 42% of operating theaters were closed, and national surgical activity was reduced to less than half, including reduced cancer and emergency surgery due to the restriction imposed during the pandemic. However, in the second phase of the pandemic, there was an increased demand for anesthesia monitoring devices due to the need for critical care equipment for patients infected with COVID-19 infection, along with patients who needed surgeries that got delayed due to the restriction. For instance, according to a press release by the Economic Times, in July 2022, private hospitals and clinics across the board saw a 20%-30% increase in elective procedures compared with pre-pandemic levels, patients who had postponed or refused surgery due to concerns about COVID infections in the last two years were lining up to have those procedures done. Hence, the COVID-19 pandemic had significantly impacted the market growth during the initial phases but as the started to recover due to the resumption in the surgeries.

Certain factors driving the market growth include development in anesthesia technology and automated record-keeping systems, and an increase in the demand for pain-free surgeries. For instance, according to an article published by Acta Anaesthesiologica Scandinavica in November 2021, opioid-free anesthesia can improve postoperative outcomes in several surgical settings without evidence of adverse effects on patient safety and pain management. Such an advantage is expected to increase the demand for pain-free surgeries, driving market growth over the forecast period.

Additionally, the increasing initiatives, product launches, and strategies by market players are also expected to contribute to the market growth. For instance, in November 2021, MDoloris Medical Systems secured regulatory clearance for its HFVI MOC-9 high-frequency variability index monitor in Japan. The HFVI MOC-9 technology is the first monitoring solution for patients undergoing analgosedation and anesthesia.

Hence, due to the abovementioned factors, the anesthesia monitoring device market is anticipated to grow over the forecast period. However, the availability of conventional techniques and the high cost of anesthesia monitoring devices will likely restrain the market growth.