The global market for anesthetic and respiratory devices reached USD 18.64 billion in 2016. This market is expected to grow to USD 33.55 billion in 2021, at a CAGR of 10.29% for the five-year period, 2016 to 2021.
Global Anesthesia and Respiratory Devices Market- Market Dynamics
The report lists several driving factors and restraints that the anesthesia and respiratory devices market faces. Some of these are listed below.
Continuous growth in this market can be attributed to the rapid adoption of anesthesia information management systems (AIMS), which have been implemented as an effort to move the industry away from paper-based record keeping systems to more efficient electronic solutions. The establishment of several government-supported national statistical databases is driving this market.
The demand is rapidly increasing with growing safety awareness and technology enhancements in anesthesia machines. Low flow anesthesia and electronic medical records dominate the current anesthesia market technology, which indirectly leads to lesser significant savings across the healthcare industry. The rising patient populations who are suffering from sleep disorders such as Obstructive Sleep Apnea (OSA) and respiratory diseases such as Chronic Obstructive Pulmonary Diseases (COPD) have been a major growth driver for this market.
However, rapid advancements in the anesthesia industry make it increasingly difficult for the anesthesiologists to keep up with anesthesia machine technology. Also, the latest anesthesia technology is not low priced; even the most basic configuration of the equipment can cost a fortune. Decrease in reimbursements provided by governments for medical equipment, and increased availability of aftermarket service that prolongs the life of a facility's existing equipment are also the challenges involved. Recent statistics estimate the number of operating rooms working without pulse oximeters as 41% in Latin America, 49% in South Asia and 70% in Sub-Saharan Africa.
A brief look at the market from a geographical point of view indicates that North America occupies the major share of the market. This market share is as high as 32%. This can be attributed to the higher per capita income of the North American population and the rapidly rising patient population. Following North America is Europe with the second largest market share, with the share amounting to 29%. Recent trends show that emerging countries will show a greater growth in the market share in the future due to the increasing per capita income in the emerging nations and the rapidly rising patient population.
The global market can be segmented on the basis of the device, which includes the different anesthesia devices and the respiratory devices being used in the market, and on the basis of geography.
Some of the key players in the market are:
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