As of 2017, the market for anesthetic & respiratory devices reached a value of USD 20.5 billion. This market is expected to reach USD 36.9 billion by 2023, at a CAGR of about 10.29% during 2018-2023 (the forecast period).
Increasing Number of Surgeries
The demand for various anesthetic drugs is directly related to the number of surgeries performed. Anesthesia is a necessity in almost every type of surgery, as it helps in reducing the pain during the procedure. On the global level, over 230 million surgeries are performed every year. In the coming years, with the growing population, longer life expectancy, increasing diseases resulting in surgical requirements, and rising number of injuries, the demand for anesthetic drugs is expected to increase. Also, this demand is being affected by the growing safety awareness and the technology enhancements in anesthesia machines. Low-flow anesthesia and electronic medical records dominate the current anesthesia market, which is affecting the savings across the healthcare industry. The growing patient populations, suffering from sleep disorders, such as Obstructive Sleep Apnea (OSA), and respiratory diseases, such as Chronic Obstructive Pulmonary Diseases (COPD), has been the major growth driver for this market.
Side Effects of General Anesthetics
Many general anesthetic drugs can cause physiological changes, like blood pressure variations, and due to this, a trained anesthesiologist should continuously monitor the patient’s blood pressure levels. Regional anesthesia have potential side effects, which include back pain, difficulty in urinating, hematoma, and severe complications, such as pneumothorax and nerve damage. Local anesthesia numbs the targeted body part; hence, the adverse aftereffects are minimum and depend on the amount of the drug administered. Moreover, the side effects of general anesthesia and the patient’s reluctance toward using it are restraining the growth of this segment.
The decrease in the reimbursements provided by governments for medical equipment and increased availability of aftermarket service that prolongs the life of a facility's existing equipment are the challenges restraining the market growth.
North America Holds the Major Market
North America occupies a major share of 32% of the market. This fact can be attributed to the high 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 of about 29%. Recent trends show that emerging countries are likely to witness an increase in their growth rates, due to the increasing per capita income and the rapidly growing patient population.
Key Developments in the Market
Major Players: 3M, AIRSEP CORP, ALUNG TECHNOLOGIES INC., ASTRAZENECA, BOMIMED INC., CAREFUSION INC., COVIDIEN PLC, DRAGERWERK AG, FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED, GE HEALTHCARE, amongst others.
Reasons to Purchase this Report
Customization of the Report
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Increasing Number of Surgeries
The demand for various anesthetic drugs is directly related to the number of surgeries performed. Anesthesia is a necessity in almost every type of surgery, as it helps in reducing the pain during the procedure. On the global level, over 230 million surgeries are performed every year. In the coming years, with the growing population, longer life expectancy, increasing diseases resulting in surgical requirements, and rising number of injuries, the demand for anesthetic drugs is expected to increase. Also, this demand is being affected by the growing safety awareness and the technology enhancements in anesthesia machines. Low-flow anesthesia and electronic medical records dominate the current anesthesia market, which is affecting the savings across the healthcare industry. The growing patient populations, suffering from sleep disorders, such as Obstructive Sleep Apnea (OSA), and respiratory diseases, such as Chronic Obstructive Pulmonary Diseases (COPD), has been the major growth driver for this market.
Side Effects of General Anesthetics
Many general anesthetic drugs can cause physiological changes, like blood pressure variations, and due to this, a trained anesthesiologist should continuously monitor the patient’s blood pressure levels. Regional anesthesia have potential side effects, which include back pain, difficulty in urinating, hematoma, and severe complications, such as pneumothorax and nerve damage. Local anesthesia numbs the targeted body part; hence, the adverse aftereffects are minimum and depend on the amount of the drug administered. Moreover, the side effects of general anesthesia and the patient’s reluctance toward using it are restraining the growth of this segment.
The decrease in the reimbursements provided by governments for medical equipment and increased availability of aftermarket service that prolongs the life of a facility's existing equipment are the challenges restraining the market growth.
North America Holds the Major Market
North America occupies a major share of 32% of the market. This fact can be attributed to the high 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 of about 29%. Recent trends show that emerging countries are likely to witness an increase in their growth rates, due to the increasing per capita income and the rapidly growing patient population.
Key Developments in the Market
- January 2018: BOMImed partnered with Mindray North America.
- April 2017: BD acquired Caesarea Medical Electronics.
Major Players: 3M, AIRSEP CORP, ALUNG TECHNOLOGIES INC., ASTRAZENECA, BOMIMED INC., CAREFUSION INC., COVIDIEN PLC, DRAGERWERK AG, FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED, GE HEALTHCARE, amongst others.
Reasons to Purchase this Report
- Current and future anesthetic and respiratory devices market outlook in the developed and emerging markets
- Analyzing various perspectives of the market, with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness the fastest growth during the forecast period
- Identify the latest developments, market shares, and strategies that are employed by the major market players
- 3 months analyst support, along with the Market Estimate sheet (in excel)
Customization of the Report
This report can be customized to meet your requirements..
This product will be delivered within 2 business days.
Table of Contents
1. Introduction
5. Market Overview
6. Drivers, Restraints, Opportunities and Challenges Analysis (DROC)
7. Market Segmentation
8. Competitive Landscape
9. Key Players
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- 3M
- Airsep Corp
- Alung Technologies Inc.
- Astrazeneca
- Bomimed Inc.
- Carefusion Inc.
- Covidien Plc
- Dragerwerk Ag
- Fisher & Paykel Healthcare Corporation Limited
- Ge Healthcare
Methodology
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