According to a new report published by Allied Market Research, titled, Anesthesia and Respiratory Devices Market by Product and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global anesthesia and respiratory devices market accounted for $23,446 million in 2016, and is estimated to reach $38,298 million by 2023, registering a CAGR of 7.2% from 2017 to 2023. North America was the highest contributor in the anesthesia and respiratory devices market in 2016; however, Asia-Pacific is expected to witness the highest growth rate during the forecast period.
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Respiratory care is a healthcare specialty focused on improving cardiopulmonary functions and promoting health and wellness. Respiratory care devices are majorly classified into therapeutic, diagnostic & monitoring devices, and consumables & accessories. These devices are used to deal with medical conditions, such as asthma, chronic obstructive pulmonary disease (COPD), and other acute & chronic respiratory diseases, in hospitals and homecare settings. Anesthesia is a medical procedure used to provide sedation to the patients using anesthetics to control pain during the course of a surgery. The devices, such as anesthesia delivery machines and disposables, are commonly used during surgical procedures to control pain, breathing, blood pressure, blood flow, and heart rate & rhythm.
Advancements in technology, growth in geriatric population, and increase in tobacco consumption drive the market. In addition, heavy usage of anesthesia and prevalence of invasive surgeries fuel the growth of the market. Moreover, high demand for respiratory therapeutic devices in homecare settings and increase in healthcare expenditure are anticipated to provide lucrative growth opportunities for the market players. However, high equipment costs, large pool of undiagnosed population, and risks associated with certain respiratory therapeutic devices for neonates hamper the growth of the respiratory care devices market.
Among the component, respiratory device is the dominant segment in the market due to their high demand in homecare settings, increase in prevalence of respiratory diseases, and surge in geriatric population.
Among the end users, hospital is the dominant segment, owing to the use of large number of advanced anesthesia and respiratory devices. However, the clinics segment is projected to be the fastest growing segment, owing to recent increase in outpatient surgeries.
In 2016, North America was the dominant revenue contributor, owing to the large number of clinical trials conducted in the region, presence of well-developed healthcare infrastructure, and high adoption rate of advanced technology. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, attributable to presence of populace countries such as India and China, leading to availability of large patient population and rise in healthcare expenditure.
Key Findings of the Anesthesia And Respiratory Devices Market:
- The respiratory consumables & accessories segment is projected to grow at the highest rate during the analysis period.
- North America dominated global anesthesia and respiratory devices market in 2016, and is projected to continue its dominance in future.
- China is expected to grow highest in the Asia-Pacific region during the forecast period.
- Anesthesia delivery machines was the largest contributor among the products segments in 2016.
- The respiratory therapeutic devices segment generated the highest revenue in 2016, and is expected to continue its dominance in future.
The key players operating in the global anesthesia and respiratory devices market include Teleflex Incorporated, SunMed, Smiths Group Plc., ResMed Inc., Medtronic Plc., Masimo Corporation, Koninklijke Philips N.V., Invacare Corporation, Hamilton Medical AG, GE Healthcare, Fisher & Paykel Healthcare Limited, Drgerwerk AG & Co. KGaA, Chart Industries Inc., Becton, Dickinson and Company, Ambu S/A, and 3M Company.
Other prominent players in the value chain include Aircraft Medical, Verathon Inc., Karl Storz GmbH & Co. KG, Pentax, 3B Medical, Inc., Medline Industries Inc., Acare Technology Co., Ltd., Allied Healthcare Inc., Hill-Rom Holdings Inc., and Rotech Healthcare Inc.