The global anesthesia and respiratory devices market is expected to reach USD 26.8 billion by 2022, according to a new report by Grand View Research, Inc. Anesthesia and respiratory devices, owing to their capability to resolve various environmental and lifestyle induced respiratory disorders are expected to witness a substantial growth.
Increasing incidences of respiratory illnesses such as Chronic Obstructive Pulmonary Disease (COPD) and Obstructive Sleep Apnea (OSA) are high-impact rendering drivers for this market. Moreover, the increasing base of geriatric population and rising rates of environmental pollution also are anticipated to spur market growth.
Rapid technological advancements taking place in these products are expected to lead towards the availability of better options for healthcare practitioners and the patients, thereby promoting anesthesia and respiratory devices market growth.
The anesthesia machines are most commonly used in almost all types of surgeries as they are designed to provide accurate and continuous supply of medical gases (oxygen and nitrous oxide) mixed with anesthetic vapors (isoflurane) delivered to patients at safe pressure and flow. Rising prevalence of COPD globally has led to a consequential rise in demand for respiratory devices, thus leading to an augmentation of this segment.
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Further key findings from the report suggest:
- Anesthesia delivery machine is the most lucrative sub-segment of the market and is expected to grow at an annual growth of over 8.5% during the forecast period. These devices are being used in all the surgeries and helps in monitoring anesthesia levels throughout the procedure.
- Respiratory equipment accounted for a market share of over 54.0% in 2013. The rise in demand for positive airway pressure devices and pulse oximeters are high impact rendering drivers for this segment.
- North America accounted for more than 35% of the market in 2013 on account of the high demand for technologically advanced products in all fields. Presence of relatively higher disposable income along with high awareness level of the population regarding their health, food, and environment has led to overall anesthesia and respiratory devices market growth.
- Asia Pacific has high future market growth potential accounted for by the presence of large unmet needs in the emerging economies such as China and India. Presence of suitable government initiatives to curb the deteriorating environmental conditions and enhancing healthcare infrastructure in Japan and Australia is also expected to attribute to the market’s attractiveness.
- Key players of this market include GE Healthcare, Teleflex Inc., Draegerwerk AG, Getinge Group, Smith Medicals, OSI Systems, Mindray, Covidien, Philips Healthcare, Teleflex, Invacare, ResMed, Masimo, Fisher and Paykel, and Smiths Medical.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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