Anesthesia and Respiratory Devices Market to Gain a Revenue Worth US$ 68.58 Bn by 2028

Anesthesia and Respiratory Devices Market: Introduction

According to the report, the global anesthesia and respiratory devices market was valued at US$ 34.03 Bn in 2020 and is projected to expand at a CAGR 8.6% of from 2021 to 2028. Anesthesia equipment is often used by medical professionals during surgical procedures to help prevent a patient from feeling pain and relax surrounding muscles.

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Respiratory devices are used to support patients who have acute respiration problem due to pneumonia associated diseases such as COVID-19, asthma, and dry cough. Ventilator is a respiratory device, also known as a mechanical ventilator, widely used as a breathing aid tool when a disease makes respiration difficult or cannot bring enough oxygen into the blood.

Technological Advancements in Global Market

Anesthesia and respiratory devices have evolved over the years owing to product enhancements and the application of information and sensing technology to this sector. Manufacturers in this industry are achieving innovation in patient care through integration of enhanced patient monitors, innovative parameters, wireless devices, workflows, and integrated IT solutions. This has enabled clinicians and anesthesiologists to practice and deliver customized services to patients.

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Manufacturers also provide services to streamline anesthesia documentation and manage patient data in the hospital set up. These manufacturing companies not only provide technically advanced products, but also value added services such as predictable patient care, access to clinical information, and optimized reimbursement. Hence, companies are under constant pressure to introduce innovative products that are technologically advanced and cost effective in order to remain competent in the market. Therefore, these factors are likely to drive the global market during the forecast period.

Surge in Geriatric Population

The global geriatric population has witnessed an unprecedented rise in the past few years. According to the World Health Organization (WHO), the global geriatric population is projected to increase from 524 million in 2010 to 1.5 billion by 2050. Aging is associated with progressive decline in lung function and rise in prevalence of respiratory diseases such as chronic obstructive pulmonary disease (COPD) and asthma. The respiratory system undergoes various anatomical, physiological, and immunological changes with age. The structural changes, including deformities in chest wall and thoracic spine, impair the functioning of the respiratory system and lead to complications in breathing. The incidence of respiratory diseases is expected to increase in the near future, which, in turn, is expected to boost the growth of the global market.

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Anesthesia Machines to Witness High Demand

Anesthesia machines are expected to be major product type during the forecast period. Anesthetic delivery and management machines have been designed to provide a precise and constant supply of medical gases such as oxygen and nitrous oxide mixed with anesthetic vapors to be delivered with safe pressure and flow to the patient. Technological advances over the past few years in manufacturing of these devices have significantly reduced the number of deaths that can be attributed to peri-operative deaths resulting due to anesthesia.

The anesthesia machines segment includes devices such as anesthesia workstation, anesthesia delivery machines, anesthesia ventilators, and anesthesia monitors.

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North America to Lead Global Anesthesia and Respiratory Devices Market

In terms of region, the global anesthesia and respiratory devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is likely to dominate the global anesthesia and respiratory devices market during the forecast period. Presence of key players, high prevalence of COPDs, and well-established healthcare infrastructure are key factors boosting the growth of the market in the region.

North America is projected to dominate the global anesthesia and respiratory devices market during the forecast period. The region accounted for major share of the global market in 2020 and expanding at a high CAGR rate from 2021 to 2028. North America accounted for major share of the global market in 2020. The market in the region is likely to expand at a high CAGR from 2021 to 2028.

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Major Players

Key players operating in the global anesthesia and respiratory devices market include AirSep, B. Braun Melsungen AG, CareFusion Corporation, Covidien plc, Draegerwerk AG & Co. KGaA, Getinge Group, Fisher & Paykel Healthcare, GE Healthcare, Philips Healthcare, Smiths Medical, and Teleflex Incorporated.

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