Global Anesthesia Machinery Market to Record Significant Growth with Increasing Surgeries

According to the estimations put forth by Inkwood Research, the Global Anesthesia Machinery Market is predicted to project a CAGR of 6.72% in terms of revenue during the forecasting years of 2021-2028.

"Browse 53 Market Data Tables and 48 Figures spread over 205 Pages, along with an in-depth TOC on the Global Anesthesia Machinery Market Forecast 2021-2028."

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An anesthetic machine delivers a hypoxic mixture of gas, such as oxygen and volatile anesthetic, to patients undergoing a medical procedure. The equipment used for inhalation anesthesia includes vaporizers, flowmeters, and compressed gas sources. The continual product advancements by firms operating in the market, aim to improve patient safety, operating efficiency, outcome, and convenience. As a result, these factors are anticipated to present the anesthesia machinery market with lucrative growth opportunities.

Increasing Number of Surgeries to Fuel Market Growth

According to the World Health Organization (WHO), cancer is among the leading causes of mortality and morbidity, globally. In 2018, nearly 18 million cancer cases were registered, and this figure is expected to increase by at least 70%, over the upcoming decades. Moreover, the prevalence of several chronic conditions, such as, infectious diseases and genetic disorders, is continually increasing, across the world. Infections caused by cancer strains are highly prominent in low- and middle-income nations, with the economic impact of cancer and associated materials on the rise. Besides, the overall expenditure for the same, in 2010, was nearly $1.16 trillion. In this regard, treating the majority of such diseases need surgical procedures. Therefore, the increasing incidence of these conditions has resulted in the growing number of surgeries conducted, annually.

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Respiratory System Surgeries is the Fastest-Growing Application

Respiratory surgeries entail postoperative pulmonary complications and non-thoracic surgeries. Surgical procedures are conducted using intraoperative mechanical ventilation, during acute respiratory distress syndrome infection. As a result, anesthesia machinery for respiratory system surgeries observes a notable application.

North America Dominated the Global Market in 2020

The growing incidence of illnesses and surgical procedures conducted for disease treatment and development, is projected to propel the anesthesia machinery market in North America. In addition, the increased acceptance of technological advancements across the region, integrated with the increased buying power of individuals, makes it an appealing market for manufacturers. Hence, these factors are accredited to the North America anesthesia machinery market growth. However, the stringent regulations issued by the Food and Drug Administration (FDA), concerning surgical procedures, may hinder the region's market growth.

Local vendors intensify the competition within the global market by providing low-cost products, thereby augmenting the threat of rivalry. Moreover, numerous companies have introduced affordable products and compete strongly based on pricing. The market harbors several opportunities associated with product innovation and differentiation, as well.

Key firms operating in the market are, Smiths Group PLC, Cardinal Health Inc, GE Healthcare, Medtronic PLC, etc.

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