According to a new report published by Allied Market Research, titled, "Anesthesia machinery Market by Product, Subject, Application and End User: Opportunity Analysis and Industry Forecast, 2019–2026”,the anesthesia machinery market was valued at $2,001.6 million in 2018 and is estimated to reach $3,288.0 million by 2026, registering a CAGR of 6.3% during the analysis period.
Anesthesia machinery is a medical device used to prepare a gas mixture with variable composition for delivery to the patient. The machinery delivers a controlled flow of oxygen, nitrous oxide, air, and anesthetic vapors to the patient. There are various monitors, which are used to inspect the functioning of the ventilation system, to detect equipment malfunctions, and to provide information about the patient. The continuous development in the design of the anesthesia machinery helps in operating efficiency and patient outcome leads to provide lucrative opportunity for the anesthesia machinery market.
The major factors that boost the global anesthesia market growth include advancements in technology, surge in number of surgical procedures, and rise in geriatric population, which is highly vulnerable to injuries or medical conditions that require surgery. However, high maintenance and installation cost of anesthesia machinery and side effects due to overdose of anesthesia restraint the growth of the anesthesia machinery market. Moreover, anesthesia plays a key role, since every patient that undergoes surgery is anesthetized to manage the pain during the course of surgery. The major surgical procedures performed globally are musculoskeletal, respiratory, cardiology, and neurology, owing to high prevalence of these medical conditions. Such high number of surgical procedures are expected to propel the growth of the global anesthesia devices market.
By product, the market is categorized into continuous and intermittent anesthesia machinery. Continuous anesthesia machineryaccounted for the largest anesthesia devices market share in 2018, owing to its effectiveness & steady flow of air and prevalence of surgical procedures.
By application segment, the market is categorized into nervous system surgeries, respiratory system surgeries, musculoskeletal system surgeries, cardiovascular system surgeries, digestive system surgeries, urinary system surgeries, and ENT system surgeries.respiratory system surgeriesaccounted for the largest share in 2018, owing to increase in a rate of the musculoskeletal surgical procedures
By end user, the hospital segment accounted for the largest share in 2018, and is expected to remain dominant during the forecast period, owing to increase in day-to day surgical procedures in hospitals and the availability of the anesthesiologists.
North America accounted for the majority of market share in 2018,this is attributed to the large number of surgeries and sizeable public expenditure on healthcare. In addition, rise in geriatric population and increase in prevalence of chronic diseases fuel the growth of the market in North America. However, Asia-Pacific is anticipated to witness significant growth rate in the anesthesia machinery market, owing to expansion of the patient base.
Key Findings Of The Study
Based onproduct, the continuous anesthesia machinerysegment accounted for the largest market share in 2018.
By application, musculoskeletal system surgeries segment accounted for the largest anesthesia devices market share in 2018.
North America anesthesia machinery market accounted for largest anesthesia market size in 2018.
Key Market Players
- Cardinal Health Inc
- Drägerwerk AG & Co. KGaA
- Fisher & Paykel Healthcare Limited
- General Electric Company
- HEYER Medical AG
- Koninklijke Philips N.V.
- Mindray DS USA Inc
- Smiths Group Plc.
- Teleflex Incorporated
- Vyaire Medical Inc.