The Anesthesia & Respiratory Devices market size is expected to hit around US$ 50.4 billion by 2028 and is projected to grow at a CAGR of 7.6% during forecast period 2021 to 2028.
The Anesthesia & Respiratory Devices market size is expected to hit around US$ 50.4 billion by 2028 and is projected to grow at a CAGR of 7.6% during forecast period 2021 to 2028.
Growth Factors
Increasing prevalence of respiratory diseases, patient preferences for reduced hospital stay, and supportive government funding are among the key driving factors.
Shifting preference of patients towards reduced hospital stay is anticipated to increase the adoption of anesthesia and breathing instruments, thereby, driving the market. As per the American Hospital Association, approximately 20% of Medicare beneficiaries, when discharged from hospital return within 30 days. Identifying and reducing avoidable readmissions is expected to improve healthcare safety and reduce spending. Hence, policymakers are striving to reduce hospital stays of patients. The Patient Protection and Affordable Act, Congress initiated the Hospital Readmission Reduction Program (HRRP) under which Medicare is allowed to penalize hospitals for higher rates of readmissions since 2013. Due to the implementation of this act, many physicians and patients opt for anesthesia and breathing devices, such as ambulatory infusion pumps and home respiratory monitors.
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Report Highlights
Respiratory devices are expected to witness the fastest growth over the forecast period. Increasing the prevalence of respiratory diseases, an increasing number of surgeries performed, and rising healthcare expenditure are the key factors expected to fuel the segment growth.
Anesthesia devices are broadly segmented into machines and disposables. The machines include workstations, delivery machines, monitors, and ventilators. Anesthesia disposables include masks and accessories. The rising number of surgical procedures is expected to increase the usage of anesthesia, thereby propelling the demand for anesthesia devices. Key players operating in the anesthesia devices market are Drägerwerk AG & Co. KGaA Medical, GE Healthcare, Covidien, and Teleflex.
Respiratory equipment is segmented into, humidifiers, oxygen concentrators, positive airway pressure devices, ventilators, and respiratory inhalers. As of 2018, positive airway pressure devices dominated the overall anesthesia and respiratory devices market and are also anticipated to witness significant growth over the forecast period owing to rising prevalence of respiratory disorders, such as cystic fibrosis, asthma, and tuberculosis.
North America dominated the market in 2018 owing to the increasing adoption of technologically advanced devices in the region, increasing investments by the pharmaceutical companies, and rising healthcare expenditure.
Japan accounts for the largest market share in the Asia Pacific. A significant rise in the geriatric population in Japan is boosting the growth of the market. Countries such as India and China are also anticipated to witness a significant population suffering from pulmonary diseases. According to the World Health Organization (WHO), around 90% of the deaths attributed to COPD occur in low and middle-income countries. Also, according to the study published in the International Journal of Pulmonary and Respiratory Sciences, in 2016, in India, COPD is the second biggest cause of death. The rise in the cases of respiratory diseases is expected to further drive the market in the emerging countries of Asia Pacific.
Key Players
AirSep Corporation; B. Braun Medical Inc.; BD; Medtronic; Drägerwerk AG & Co. KGaA; Getinge AB; GE Healthcare; Philips Healthcare; Smiths Medical; Teleflex Inc.; and Masimo Corporation.
Market Segmentation
- Product Outlook
- Anesthesia Devices
- Machines
- Delivery machines
- Portable
- Standalone
- Monitors
- Ventilators
- Workstations
- Delivery machines
- Disposables
- Disposable Masks
- Disposable Accessories
- Machines
- Respiratory Devices
- Equipment
- Positive Airway Pressure
- Bi-level positive airway pressure devices
- Continuous positive airway pressure devices
- Ventilators
- Adult Ventilators
- Neonatal ventilators
- Nebulizers
- Pneumatic nebulizers
- Mesh nebulizers
- Ultrasonic nebulizers
- Humidifiers
- Heat humidifiers
- Heated wire breathing circuits
- Heat exchangers
- Pass over humidifiers
- Inhalers
- Dry powdered inhalers
- Metered-dose inhaler
- Oxygen Concentrators
- Fixed oxygen concentrators
- Portable oxygen concentrators
- Reusable Resuscitators
- Positive Airway Pressure
- Disposables
- Disposable Oxygen Masks
- Resuscitators
- Tracheostomy Tubes
- Oxygen Cannula
- Measurement Devices
- Pulse Oximeters
- Capnography
- Spirometers
- Peak Flow Meters
- Equipment
- Anesthesia Devices
- Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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