Global Anesthesia Devices Market Highlights Over 2022 - 2031
The global anesthesia devices market is estimated to garner a hefty amount of revenue by growing at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed largely to the growing prevalence of several cardiological, ophthalmological and dermatological diseases, and increasing number of surgical procedures performed across the globe. According to the World Health Organization (WHO), about 17.9 million people die from cardiovascular diseases globally. Out of these, 85 percent of the deaths were due to heart attack and stroke. Along with these, rapid technological advancements in the healthcare industry to develop sophisticated medical devices are also expected to drive market growth in the upcoming years. Furthermore, integration of artificial intelligence in anesthesia devices, and rapidly surging geriatric population around the world are projected to offer profitable opportunities to the market in the near future.
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The market is segmented by product type into basic anesthesia monitors, integrated anesthesia workstations, and disposables, out of which, the anesthesia monitors segment is anticipated to hold the largest share in the global anesthesia devices market. This can be accounted to the introduction of new monitoring techniques such as goal-directed fluid therapy, improved alarm system and advanced neurological monitoring. Apart from this, growing investments to support the technological developments in anesthesia monitors is also predicted to fuel the growth of the market segment in the future. Additionally, on the basis of end user, the hospitals segment is assessed to occupy the largest share during the forecast period ascribing to the upsurge in patient admissions, and higher number of medical surgeries performed in a hospital facility.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Anesthesia Devices Market Regional Synopsis
Regionally, the global anesthesia devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the rising geriatric population in the region, as age is a major risk factor for several health-related disorders. In addition, growing occurrence of pulmonary diseases is also expected to boost the market growth in the region in the coming years. Moreover, the market in North America is projected to gather the largest share during the forecast period owing to the increasing prevalence of cancer and cardiovascular conditions, and upsurge in the number of minimally invasive procedures performed in the region. As per the Centers for Disease Control and Prevention, in 2018, 1,708,921 new cancer cases were reported in the United States, out of which 599,265 people succumbed to death. For every 100,000 people, 436 new cancer cases were reported that year.
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The global anesthesia devices market is further classified on the basis of region as follows:
Our in-depth analysis of the global anesthesia devices market includes the following segments:
By Product Type
By End User
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing prevalence of various cardiological, ophthalmological and dermatological diseases, and increasing number of surgical procedures performed globally.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022-2031.
Asia Pacific will provide more business opportunities for market growth owing to the rising geriatric population, as age is a major risk factor for several health-related disorders.
The major players in the market are Medtronic PLC, B.Braun Melsungen AG, Drägerwerk AG & Co. KGaA, General Electric Company, Koninklijke Philips N.V., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, end user, and by region.
The anesthesia monitors segment is anticipated to hold largest market size and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
High installation and maintenance costs of anesthesia devices are estimated to hamper the market growth.
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