Market Overview
Anesthesia and respiratory devices are used in different applications such as administering and monitoring anesthesia dose in critical patients during surgeries to alleviate pain and sensation. These devices are used for prevention, diagnosis, and treatment of respiratory diseases including cystic fibrosis, asthma, chronic obstructive pulmonary disease (COPD), and more.
The global anesthesia and respiratory devices market is estimated to be valued at US$ 27,623.8 Mn in 2019 and is expected to increase to US$ 44,241.2 Mn by 2027, witnessing a CAGR of 6.1% over the forecast period (2019-2027)
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Market Drivers
Increasing product launches of anesthesia and respiratory devices is expected to drive growth of the global anesthesia and respiratory devices market during the forecast period.
With rising demand for anesthesia and respiratory devices, manufacturers are compelled launch innovative products. For instance, in in May 2017, Fisher & Paykel Healthcare Corporation Limited launched F&P SleepStyle continuous positive airway pressure (CPAP) device for obstructive sleep apnea (OSA). Moreover, in October 2017, Fisher & Paykel Healthcare Corporation Limited launched F&P Vitera mask for obstructive sleep apnea (OSA).
Moreover, according to the Canadian Lung Association (CLA), in 2014, around 2.5 million people in Canada suffered from asthma, including 1 million males and 1.4 million females. The number of people suffering from asthma was 0.9 million in Ontario, 0.6 million in Quebec, and 0.3 million in British Colombia, states of Canada in 2014.
Growing cases of respiratory diseases and rising number of surgical procedures is expected to propel the global anesthesia and respiratory devices market growth over the forecast period
With growing cases of respiratory diseases such as lung cancer, asthma, and pulmonary hypertension has increased the demand for respiratory devices. According to the World Health Organization (WHO), in 2017, around 235 million people suffered from the asthma, a major non-communicable disease. Furthermore, increasing number of surgical procedures is also expected to accelerate the demand for respiratory devices. According to the Healthcare Cost and Utilization Project, in 2014, around 17.2 million patients visited hospital (ambulatory or inpatient) for invasive and therapeutic surgeries, among which, 57.8% of surgeries occurred in a hospital-owned ambulatory surgery setting and 42.2% of surgeries were performed in the hospital inpatient settings in the U.S.
Moreover, major players are focused on inorganic growth strategies such as mergers and acquisitions, in order to gain a competitive edge in the market. For instance, in November 2015, ResMed acquired Denmark-based Maribo Medico, a privately-held company specializing in the education, diagnosis, treatment, and management of sleep-disordered breathing and respiratory diseases.
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Market Restraints
Frequent product recalls by regulatory authorities is expected to restrain growth of the global anesthesia and respiratory devices market during the forecast period. For instance, in 2017, Mindray DS USA, Inc. recalled its product A-Series A3/A5 Anesthesia Delivery System due to software issues.
Regional Insights
The global anesthesia and respiratory devices market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
Among regions, North America is expected to witness significant growth in the global anesthesia and respiratory devices market during the forecast period. This is owing to increasing product development by market players. For instance, in April 2014, Smiths Medical launched, Pneupac paraPAC plus ventilator in the U.S. and Canada. Moreover, in September 2019, Biovo Technologies Ltd., a medical device company focusing on critical care and operating rooms, launched its novel HyperForm product line at the American Association for Respiratory care (AARC) conference in New Orleans, U.S.
Asia Pacific is expected to register a robust growth rate, owing to rising adoption of inorganic growth strategies by key companies. For instance, in October 2015, ResMed completed the previously announced acquisition of Curative Medical, a provider of non-invasive ventilation and sleep-disordered breathing medical devices and accessories in China.
Competitive Section
Major companies involved in the global anesthesia and respiratory devices market are Fisher and Paykel Healthcare, Invacare Corporation, GE Healthcare, Teleflex Incorporated, AstraZeneca Plc, Drägerwerk AG & Co. KGaAwerk AG, Medtronic Plc, Smiths Medical, OSI System, Getinge AB, Becton, Dickinson and Company, ResMed, Inc., Koninklijke Philips N.V., and 3M.
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Table of Content
Global Anesthesia and Respiratory Devices Market Research Report
Section 1: Global Anesthesia and Respiratory Devices Industry Overview
Section 2: Global Economic Impact on Anesthesia and Respiratory Devices Industry
Section 3: Global Market Competition by Industry Producers
Section 4: Global Productions, Revenue (Value), according to Regions
Section 5: Global Supplies (Production), Consumption, Export, Import, geographically
Section 6: Global Productions, Revenue (Value), Price Trend, Product Type
Section 7: Global Market Analysis, on the basis of Application
Section 8: Anesthesia and Respiratory Devices Market Pricing Analysis
Section 9: Market Chain, Sourcing Strategy and Downstream Buyers
Section 10: Strategies and key policies by Distributors/Suppliers/Traders
Section 11: Key Marketing Strategy Analysis, by Market Vendors
Section 12: Market Effect Factors Analysis
Section 13: Global Anesthesia and Respiratory Devices Market Forecast
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