Anesthesia & Respiratory Devices Market Projected to Reach $22 Billion by 2022
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The Anesthesia And Respiratory Devices market is expected to grow at a CAGR of around 2% to nearly around $22 billion by 2022.
Growth in the anesthesia and respiratory devices market in the historic period resulted from rising prevalence of respiratory diseases, increasing number of surgical procedures, increasing geriatric population and rising healthcare expenditure in anesthesia and respiratory devices. Factors that negatively affected growth in the historic period were lack of trained workforce and technical resources, low penetration of anesthesia devices and stringent regulatory approval process for medical devices. Going forward, changing climatic conditions, technological advancements, government support and continued use of tobacco will drive growth. Factors that could hinder the growth of this market in the future are regulation for administration of anesthetic agents, retraction of insurance, low per capita healthcare expenditure and alternative treatment approaches.
The Anesthesia And Respiratory Devices market is segmented into Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa, and China and the USA. Among these regions, North America is the largest market for anesthesia and respiratory devices, accounting for about 47% of the global market. It was followed by Western Europe, Asia Pacific and then the other regions. Going forward, Asia Pacific and Middle East will be the fastest growing regions in this market. These will be followed by the South America and Africa.
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