Anesthesia Machine Market 2023 Top Key Players are Heyer Medical AG, Fisher & Paykel Healthcare, Koninklijke Philips N.V, Draeger, GE Healthcare
Heyer Medical AG, Fisher & Paykel Healthcare, Koninklijke Philips N.V, Draeger, GE Healthcare, Covidien, Smiths Medical, Mindray DS USA Inc., and Teleflex Inc.
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The anesthetic machine is used to deliver and support anesthesia under the direct supervision of anaesthesiologists. The global anesthetic machine market was valued at 9.4 billion in 2016 and which is expected to reach 14.75 billion at a CAGR of 7.8 during the forecast period of 2016 to 2023.
The growing number of surgeries performed around the globe is the prime driver of the market. According to estimates, in 2015, approximately 80 million inpatient surgeries were conducted in the U.S. According to Stanford Health Care, the most common anesthetic surgeries were nervous system surgeries, eye, ear and nasal surgeries, respiratory system surgeries, cardiovascular system surgeries, digestive system surgeries, urinary system surgeries, musculoskeletal system surgeries, and skin system surgeries.
These figures swell when we include other specialties such as trauma and gynecology, which are capturing a broader market. Advancements in anesthesia system technology and the shift away from general anesthesia towards partial anesthesia, coupled with the development of short-acting anesthetics is driving a change in trend. Thus, the predominant continuous flow anesthetic machine or Boyles anesthesia machine is giving way to the intermittent flow anesthetic machine. Another trend catching on is the growing use of computer controlled anesthesia and patient monitoring devices.
Portability and miniaturization have led to growing adoption of anesthesia in point of care surgeries. The growing capabilities of anesthetic devices such as the ability to deliver variable flow, minimum low flow rate, scavenging systems to capture waste gases, emergency systems such as oxygen flush systems and others are driving the market.
The market restraints of the anaesthetic market are the high cost of installation and maintenance, scarcity of anesthesiologists, the risk of infection, complications such as pain, and deaths due to overdose and others. The mortality rate for general anesthesia is 1:10,000 as cited by many studies. Thus, advancements in devices due to safety concerns is strongly correlated with market growth.
The Global Anesthesia Machines Market is segmented based on type, clinical indications, source, form, end users, distribution, and regions.
Based on the type, the market comprises of continuous anaesthesia machines, intermittent anaesthesia machines, and others.
Based on clinical indications, the market comprises of nervous system surgeries, eye, ear and nasal surgeries, respiratory system surgeries, cardiovascular system surgeries, digestive system surgeries, urinary system surgeries, musculoskeletal system surgeries, and skin system surgeries, and others.
Based on components, the market is segmented into machines, ventilators, monitors, disposables, and others.
Based on the subject, the market is segmented human and veterinary.
Based on dimensions, the market is segmented into portable anaesthesia machines and stand-alone anesthesia machines.
Based on end users, the market is segmented into hospitals, the point of care, and others.
Based on the regions, the market is segmented as North America, Europe, Asia Pacific Middle East and Africa and rest of the world.
North America commands the most significant share of the market due to a large number of surgeries and sizeable public expenditure on healthcare. The U.S. spends a substantial proportion of the GDP on healthcare, of which approximately 16 % in 2016. However, the recent reimbursement cuts by the government of U.S. may hinder the market.
Europe market is dominated by Germany, France, and the U.K. Owing to the extensive medical device industry of Germany. Poland, Spain, and Italy also have a sizable market share of the European market.
Asia Pacific region is expected to demonstrate the fastest growth for the anesthesia machine market is owing to economic development and developing healthcare infrastructure. China is expected to drive a considerable growth followed by India. The leading domestic players, in China, are Tuoren Medical, Shengguang Medical, and Qiangjian Medical, which account for approximately 16 % of the local market share of China.
The Middle East and Africa are led by Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar. The Middle East is a market to watch owing to its high wealth and the development of large hospital complexes in the region such as the King Fahd hospital, Riyadh. The market is however dependent on petrodollar and the expat population, which is a threat to its stability. The kingdom of Saudi Arabia reduced its healthcare spending by 35 percent in the year 2016 to wean the downfall of revenues owing to falling crude oil prices. Saudi Arabia and other Gulf nations spend approximately 75 % of total healthcare expenditure through public budgets which must be seen as a threat as well as opportunity for the private players to capture the domestic market of Gulf economies.
Thus, the short-term prospects for the Middle East region are expected to rise to previous levels after 2018. The government is undertaking harsh fiscal adjustment owing to weak oil price. However, the high and satisfactory foreign reserves of Saudi Arabia, which equal over 95 % of GDP, and low public debt stock of just 5.8 % of GDP in 2015 are enough to say that the cuts will not be too drastic!
The Latin America market is characterized by poor domestic capacity and capability of production. China is expected to increase its share of the medical devices imports of Brazil, especially in low-end devices. Among the regions of Brazil, São Paulo, Minas Gerais, Bahia, Rio de Janeiro and Parana tops the healthcare expenditure list. However, the differential regional healthcare availability owing to extreme social and economic differentiation of the Brazilian population is the prime threat to the market. The inadequate health care in its vast rural areas, political turmoil, the weak Brazilian Real are the other threats to the market.
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