Market Trends of Anesthesia Devices Industry
Anesthesia Monitors Segment is Expected to Register a Significant CAGR During the Forecast Period
Anesthesia monitors help record and display the delivery of anesthetic substances, like gases, drugs, and fluids, to the doctor. During surgeries, these are used to check the patient's health and reaction to the indication of anesthesia. The integration of various functionalities, such as oxygen saturation level, carbon dioxide level, heart rate, and blood pressure, coupled with decision support systems and data analysis to aid clinicians in getting better insights on their patients, is favoring the market growth. The rising prevalence of chronic diseases and the growing geriatric population, technological advancements in anesthesia monitors, and the increasing number of surgical procedures are expected to boost the segment's growth.
The increasing number of various surgical procedures worldwide is expected to augment the market's growth over the forecast period. For instance, according to the data published by the International Society of Aesthetic Plastic Surgery in 2021, 12,840,688 surgical aesthetic procedures were estimated to be performed worldwide in 2021. Thus, the high number of surgical procedures is expected to boost the adoption of anesthesia monitors.
Additionally, as per the data World Stroke Organization in 2022, almost 5 million new cases of atrial fibrillation and flutter are diagnosed each year. The prevalence of atrial fibrillation in all ages was expected to reach 60 million in 2022. The high burden of atrial fibrillation is projected to augment the adoption of anesthesia monitors during the surgical treatment process, thus enhancing the segment's growth.
According to the World Population Prospects 2022, the percentage of the population aged 65 years and older was estimated to be 10% in 2022, and it is expected to reach 16% by 2050. As chronic diseases requiring surgeries are more common in the elderly, the surging geriatric population is projected to propel the market's growth during the forecast period.
Hence, factors such as the rising number of surgical procedures, the increasing prevalence of chronic diseases, and the growing geriatric population are expected to enhance the segment's growth.
North America is Expected to Hold a Significant Market Share Over the Forecast Period
North America is expected to hold a significant share of the overall market throughout the forecast period due to the rapid increase in the number of diseases, such as obesity, cardiovascular problems, and different types of cancers, which have contributed to the rise in the number of surgeries of open and minimally invasive types. The increasing number of minimally invasive surgeries for chronic diseases is boosting the growth of the anesthesia devices market in the region.
For instance, according to the data published by the American Cancer Society in 2023, an estimated 288,300 new prostate cancer cases will be identified in the United States. In addition, according to the same source, about six in 10 cases are diagnosed in men aged 65 or older. Such an increase in the prevalence of cancer is estimated to boost the demand for anesthesia devices for the surgical treatment of cancer, ultimately driving the market's growth in the region.
Similarly, according to the data stated by the Canadian Cancer Society in November 2022, it was estimated that 233,900 people would be diagnosed with cancer in 2022. This incidence growth is largely due to Canada's growing and aging population. Thus, the growing prevalence of cancer is expected to boost the usage of anesthesia devices, thus driving the market's growth in the region over the forecast period.
The key developments by various market players are also enhancing the market's growth in the region. For instance, in October 2022, Intelligent Ultrasound received FDA De Novo approval for the ScanNav Anatomy peripheral nerve block device. This medical device is intended to help anesthetists and other health professionals identify important anatomical structures in ultrasound images before inserting needles to deliver regional anesthesia.
Therefore, owing to the rising prevalence of chronic diseases and the key developments by market players, the studied market is anticipated to witness growth in the region over the forecast period.
