Anesthesia Devices Market is Generating Revenue of $15.46 Billion by 2023 | Smiths Group plc., 3M Company

The use of anesthesia devices is expected to increase in the near future, owing to the rise in number of surgical procedures across geographies. Technological advancements mark a significant trend, which is expected to propel the growth of the anesthesia devices market during the forecast period.

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Global Anesthesia Devices Market was valued at $9.56 billion in 2016, and is projected to reach $15.46 billion by 2023, registering a CAGR of 7.1% from 2017 to 2023.

COVID-19 scenario-

1) Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.

2) However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.

3) Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.

Anesthesia devices are used during surgical procedures to control pain, breathing, blood pressure, blood flow, and heart rate & rhythm. A medical state in patients induced by use of anesthesia leads to loss of sensation or awareness, which can include analgesia (relief from or prevention of pain), paralysis (muscle relaxation), amnesia (loss of memory), or unconsciousness.

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Anesthesia is a medical procedure that is used to control pain during the course of a surgery. It is provided through pharmaceutical drugs called anesthetics with the help of anesthesia devices. Anesthesia devices are used during various surgical procedures, such as ophthalmology, dental, cardiology, and neurology for sedation to control breathing, blood pressure, blood flow, heart rate & rhythm, and manage pain.

The anesthesia devices market is driven by increase in number of surgical procedures globally, advancements in technology, and rise in geriatric population, which are prone to surgical procedures. However, the high cost of the anesthesia devices poses as a major hindrance to the growth of the market. Emerging nations, such as LAMEA and Asia-Pacific, are expected to serve major opportunities to the manufacturers of anesthesia devices.

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In 2016, North America accounted for a share of nearly two-fifths of the global market, owing to the increase in number of surgical procedures and high adoption of technologically advanced products. Europe holds the second position in the global anesthesia devices market.

The anesthesia delivery machine segment accounted for the major share in the anesthesia devices market, and is expected to continue its dominance throughout the forecast period. This segment is expected to grow at a CAGR of 6.3% from 2017 to 2023, owing to high adoption of these devices during the surgical procedures.

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The Major Key Players Are:

GE Healthcare, Becton Dickinson and Company, Smiths Group plc, Ambu S/A, Teleflex Incorporated, Ventlab, Drägerwerk AG & Co. KGaA, SunMed, 3M Company, and Airsep Corporation. The other players operating in the industry include Koninklijke Philips N.V., Aircraft Medical, Verathon Inc., Karl Storz GmbH & Co. KG, and Pentax.

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