Allied Market Research recently published a report, titled, “Anesthesia and Respiratory Devices Market by Product [Anesthesia (Anesthesia Delivery Machines, Anesthesia Disposables & Accessories, Anesthesia Monitors, and Anesthesia Information Management Systems) and Respiratory Devices (Therapeutic Devices, Monitoring Devices, Diagnostic Devices, and Consumables & Accessories)] and End User (Hospitals, Ambulatory Service Centers, Homecare, and Clinics): Global Opportunity Analysis and Industry Forecast, 2017-2023”. According to the report, the global anesthesia and respiratory devices market was pegged at $23.44 billion in 2016 and is projected to garner $38.30 billion by 2023, registering the CAGR of 7.2% from 2017 to 2023.
The major market players that are active in the global anesthesia and respiratory devices market include Teleflex Incorporated, Smiths Group Plc., Medtronic Plc., Koninklijke Philips N.V., Hamilton Medical AG, Fisher & Paykel Healthcare Limited, Chart Industries Inc., Dickinson and Company, 3M Company, SunMed, ResMed Inc., Masimo Corporation, Invacare Corporation, GE Healthcare, Drgerwerk AG & Co. KGaA, Becton, and Ambu S/A.
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Rise in global geriatric population, high prevalence of respiratory diseases, and increase in cases of preterm birth have boosted the growth of the anesthesia and respiratory devices market. Moreover, rise in number of surgeries and technological advancements in anesthesia monitoring supplemented the market growth. However, high equipment cost, lack of awareness in developing countries, and harmful effects of respiratory devices on neonates hamper the growth of the market. On the contrary, increased demand for quality healthcare monitoring and rise in demand for home care respiratory devices are expected to create lucrative opportunities for the market players in the near future.
The anesthesia and respiratory devices market report is segmented into product, end user, and region. On the basis of product, the report splits into anesthesia and respiratory devices. According to the report, the respiratory devices segment dominates the market in terms of revenue, owing to increased demand in home care settings, rise in prevalence of respiratory diseases, and surge in geriatric population.
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Based on end user, the report is bifurcated into hospitals, ambulatory service centers, homecare, and clinics. As per the report, hospital is the dominant segment, owing to use of advanced anesthesia and respiratory devices. However, the clinics segment is expected to register the fastest CAGR during the forecast period, owing to recent increase in outpatient surgeries.
On the basis of geography, the report is segmented into North America, Europe, Asia-Pacific, and LAMEA. In 2016, North America garnered the largest market share, owing to a large number of clinical trials conducted in the region, high adoption rate of advanced technology, and presence of well-developed healthcare infrastructure. However, Asia-Pacific region is expected to witness the fastest CAGR during the study period, owing to presence of populous countries such as India and China, availability of large patient population, and rise in healthcare expenditure.
Key Findings of the Anesthesia And Respiratory Devices Market:
- The respiratory consumables & accessories segment is projected to grow at the highest rate during the analysis period.
- North America dominated global anesthesia and respiratory devices market in 2016, and is projected to continue its dominance in future.
- China is expected to grow highest in the Asia-Pacific region during the forecast period.
- Anesthesia delivery machines was the largest contributor among the products segments in 2016.
- The respiratory therapeutic devices segment generated the highest revenue in 2016, and is expected to continue its dominance in future.
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