Anesthesia and Respiratory Devices Market
Technological innovations in respiratory care devices adds to the market expansion. The advent of cost-effective, patient-friendly, and portable devices further boosts their usage
The global anesthesia and respiratory devices market accounted for US$ 33.3 billion in 2020 and is estimated to be 59.3 billion by 2029 and is anticipated to register a CAGR of 6.6%. The report. "Global Anesthesia and Respiratory Devices Market, By Product Type (Anesthesia Devices (Anesthesia Delivery Machines, Anesthesia Disposables & Accessories, Anesthesia Monitors, and Anesthesia Information Management Systems (AIMS)), Respiratory Devices (Therapeutic Devices, Masks, Ventilators, Nebulizers, Humidifiers, Oxygen Concentrators, Inhalers, Reusable Resuscitators, Nitric Oxide Delivery Units, Capnographs, Gas Analyzers, and Oxygen Hoods), Monitoring Devices, Diagnostic Devices, and Consumables & Accessories), By End-user (Hospitals, Ambulatory Service Centers, Homecare, and Clinics), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030”.
Key Highlights:
· In March 2020, US-based automobiles manufacturer Ford has collaborated with GE Healthcare to produce 50,000 units of ventilators within 100 days in Michigan, to support COVID-19 patients. Under the collaboration, Ford will contribute its manufacturing capabilities for rapid scaling of production, and GE Healthcare will leverage its clinical expertise.
· In March 2020, Medtronic plc, the global leader in medical technology, drives to make progress by expanding ventilator production globally. The company has increased production by more than 40 percent to date and is on track to more than double its capacity to manufacture and supply ventilators in response to the urgent needs of patients and healthcare systems across the globe confronting COVID-19.
Analyst View:
Increasing incidence of respiratory diseases
Rising cases of chronic obstructive pulmonary disease (COPD) and respiratory emergencies are the major factors driving the global anesthesia and respiratory devices market growth. According to data published by the World Health Organization (WHO) in 2017, 65 million people suffer from moderate to severe COPD, leading to 3 million deaths. COPD is the third most deadly disease worldwide. Growing cases of bronchitis, asthma, and COPD are due to increase in air pollution levels. WHO reports that 9 out of 10 people are breathing air having a high concentration of pollutants. Further, as per the data stated by United Nations in 2018, the global geriatric population was about 809.4 million, and by 2050 it is expected to rise more than double to reach an projected population of over 2,000 million. The geriatric population is linked with various respiratory severe disorders that needs continuous long term ventilation.
Supportive government initiatives
Supportive government initiatives, particularly in emerging countries, will drive the target technological advancement in anesthesia and respiratory devices in the coming years and is projected to fuel their demand. Key players are involved in innovating patient care through integration of enhanced patient monitors, wireless devices, innovative parameters, integrated IT solutions, and workflows further drives the demand. These advancements allows various anesthesiologists and clinicians to deliver customized solutions to end users. Moreover, other value added services such as predictable patient care, streamlining anesthesia documentation process, and access to clinical information optimizes the process. For instance, Philips and B. Braun signed a partnership agreement to develop advanced ultrasound guided therapy regional anesthesia.
Key Market Insights from the report:
The global anesthesia and respiratory devices market accounted for US$ 33.3 billion in 2020 and is estimated to be 59.3 billion by 2029 and is anticipated to register a CAGR of 6.6%. The market report has been segmented on the basis of product type and region.
· By product type, respiratory devices segment is the leading segment in the market, due to the high prevalence rate of respiratory diseases and presence of advanced respiratory devices.
· By end-user, hospitals segment is the leading segment, as they are equipped with advanced and specialized respiratory and anesthesia devices. However, clinics are projected to be grow at the highest CAGR.
· By region, North America lads the target market in 2018 due to rising adoption of technological advanced devices in the region. Additionally, growing investments by the pharmaceutical companies, and increasing healthcare expenditure. Japan estimates for highest market share in Asia Pacific.
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Competitive Landscape:
The prominent player operating in the global anesthesia and respiratory devices market includes GE Healthcare, Covidien, Getinge Group, Philips Healthcare, Draegerwerk AG, Teleflex Inc., AstraZeneca, Endo International, Johnson & Johnson, and Pfizer.
The market provides detailed information regarding industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included into the report.
