As per Precedence Research, the anesthesia and respiratory devices market size is expected to reach US$ 50.3 billion by 2027 and growing at a CAGR of 7.01% over the forecast period 2021 to 2027.
As per Precedence Research, the anesthesia and respiratory devices market size is expected to reach US$ 50.3 billion by 2027 and growing at a CAGR of 7.01% over the forecast period 2021 to 2027.
The surging prevalence of various respiratory diseases such as asthma, chronic obstructive pulmonary disease (COPD), pneumonia, obstructive sleep apnea, and tuberculosis is the primary driver of the global anesthesia and respiratory devices market.
According to the World Health Organization (WHO), approximately 251million cases of chronic obstructive pulmonary disease (COPD) were reported in 2016. The various technological advancements in the anesthesia and respiratory devices owing to the surging investments by the medical equipment companies in the research and development has propelled the demand for the anesthesia and respiratory devices across the globe. Furthermore the various developmental strategies adopted by the market players to develop and offer unique devices and value added services is fueling the market growth. For instance, Philips and B Braun partnered for the development of an advance ultrasound-guided therapy anesthesia.
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Report Highlights:
- Based on the product, the respiratory devices segment dominated the market in 2019. This is attributed to the increasing prevalence of numerous respiratory diseases owing to various factors such as rising prevalence of smoking, rising air pollution levels, and exposure to small dust particles in the atmosphere. According to the WHO, approximately 3 million people dies due to COPDeach year, all over the globe. Approximately, 334 million global populationis suffering from asthma and about 14% of the children population are affected from it. Therefore, the huge demand for the treatment of the respiratory diseases has fostered the growth of this segment.
- The anesthesia devices is expected to witness a significant growth in the forthcoming years. It includes disposable accessories, masks, ventilators, monitors, delivery machines, and workstations. The rising adoption of the surgical procedures among the people is expected to drive the demand for the anesthesia devices in the foreseeable future.
- North America dominated the global anesthesia and respiratory devices market in 2019. The US anesthesia and respiratory devices market is expected to witness significant growth with the surging number of patients suffering from COPD. Furthermore, the growing geriatric population in US is driving the demand for the surgical procedures which is fueling the growth of the anesthesia devices. It is estimated that the geriatric population of US is estimated to reach 95 million by 2050. The increased healthcare expenditure and the presence of favorable reimbursement policies in the markets like Canada and US is exponentially contributing towards the growth of the North America anesthesia and respiratory devices market.
- Asia Pacific is estimated to be the most opportunistic market during the forecast period. The surging investments in the industrialization and urbanization of the region is resulting in increased levels of air pollution. Moreover, the adult and children population are becoming more vulnerable to the respiratory diseases, which is expected to spur the demand for the anesthesia and respiratory devices. For instance, around 5% of the Australian people aged 45 years or above were suffering from COPD during 2014-15, as per the Australian Institute for Health and Welfare. The rapidly growing geriatric population, surging healthcare expenditure, growing penetration of healthcare insurance, and rising investments in the development of sophisticated healthcare infrastructure are some of the major factors that are driving the growth of the Asia Pacific anesthesia and respiratory devices market.
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Future of Anesthesia and Respiratory Devices Market
The globe is witnessing rising prevalence of various respiratory diseases along with the rapidly growing healthcare expenditure. Furthermore, the growing global geriatric population is fueling the demand for the surgeries in hospitals. The rising demand for the various anesthesia devices and respiratory devices in the home healthcare setting is expected to gain rapid traction in the developed countries which will have a significant effect on growth of the global anesthesia and respiratory devices market. According to the United Nations, the geriatric population across the globe is expected to reach at 2 billion by 2050. The elderly patients are the most prominent demand drivers of the anesthesia and respiratory devices in the home healthcare setting.
COVID-19 Impact Analysis
- Outbreak of the COVID-19 diseases, resulted in a spike in the demand for the masks, monitors, ventilators, pulse oximeters across the globe, which has significantly boosted the growth of the market in 2020.
- COVID-19 resulted in the supply chain disruptions and restrictions in the flow of the goods across nations. The increased demand and the limited supply had created a gap between the supply and demand for the anesthesia and respiratory devices across the globe.
Key Developments in the Marketplace:
- In May 2018, NightBalance, a provider of easy to use and convenient devices for the treatment of obstructive sleep apnea, was acquired by the Royal Philips.
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