Anesthesia Devices Market Size

Anesthesia Devices Market Analysis

The Anesthesia Devices Market size is estimated at USD 17.09 billion in 2024, and is expected to reach USD 24.77 billion by 2029, growing at a CAGR of 7.70% during the forecast period (2024-2029).

The emergence of the COVID-19 pandemic had a significant effect on the world economy and the healthcare system. Due to the rising number of cases of COVID-19 in the early stages of the pandemic, hospitals across the world canceled all elective procedures. For instance, according to an article published by the Lancet Rheumatology in February 2021, a study in the United Kingdom showed that during the COVID-19 pandemic, many elective surgeries were postponed, and there was a long waiting time for elective surgeries. The cancellation of many surgical procedures had an adverse impact on the market. However, as the pandemic has subsided, elective surgeries are now being conducted normally across the world. Thus, the studied market is expected to have stable growth during the forecast period.

The major factors enhancing the market's growth include advancements in anesthesia delivery and monitoring technology, a rise in the number of surgical procedures requiring anesthesia, the increasing prevalence of chronic diseases, and the growing geriatric population.

The increasing geriatric population prone to chronic diseases is a major factor that is actively affecting the growth of the studied market. For instance, according to the British Heart Foundation Factsheet, published in August 2022, about 7.6 million people are living with heart or circulatory diseases in the United Kingdom. As per the same source, in the United Kingdom, more than half of the people will get a heart or circulatory condition in their lifetime, and around twice as many people are living with heart and circulatory diseases in the United Kingdom than with cancer and Alzheimer's disease combined. It is also estimated that around 48,000 people under the age of 75 in the United Kingdom die from heart and circulatory diseases each year.

A steep rise in the incidences of sports-related and spinal cord injury (SCI) and accidental fracture cases resulted in surgical procedures, thus leading to more usage of anesthesia devices. For instance, according to the National Spinal Cord Injury Statistical Center report in 2022, the annual incidence of traumatic spinal cord injury (SCI) in 2021 is approximately 54 cases per one million people in the United States, which equals about 18,000 new SCI cases each year. The estimated number of people with SCI living in the United States in 2021 is approximately 299,000 persons, with a range from 253,000 to 378,000 persons. Thus, the increasing prevalence of spinal cord injury is expected to increase the demand for surgical procedures, thereby boosting the usage of anesthesia devices.

The increasing technological innovations in anesthesia monitoring technology are also expected to boost the market's growth. For instance, according to an article published by PubMed Central in July 2022, a study was conducted where an intelligence model was developed that helped in predicting the depth of anesthesia from a single-channel electroencephalograph (EEG) signal. Thus, the development of such newer technologies is also expected to enhance the market's growth.

Therefore, the rising prevalence of chronic diseases, rising surgical procedures, and increasing development of newer technologically advanced anesthesia products are likely to boost the growth of the studied market during the forecast period. However, the high cost of equipment, difficulties associated with the usage of anesthesia devices, and reimbursement and regulatory issues are expected to hinder the market's growth.