Anesthesia Monitoring Devices Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Germany, UK, China, Japan - Size and Forecast 2024-2028

Anesthesia Monitoring Devices Market Size 2024-2028

The anesthesia monitoring devices market size is forecast to increase by USD 1.23 billion at a CAGR of 10.87% between 2023 and 2028. Market growth hinges on multiple factors, notably the rising demand for surgeries necessitating general anesthesia, the increasing prevalence of chronic ailments and related risk factors, and advancements in anesthesia technology. These elements collectively drive market expansion by addressing crucial healthcare needs and enhancing patient outcomes. The growing number of surgeries requiring general anesthesia reflects the evolving healthcare landscape, with medical interventions becoming more sophisticated and diverse. Additionally, the escalating prevalence of chronic diseases and associated risk factors underscores the critical role of anesthesia in managing complex medical conditions. Furthermore, continuous advancements in anesthesia technology contribute significantly to improving safety, efficacy, and patient comfort during surgical procedures, driving adoption and market growth in the healthcare sector.

What will be the size of the Market During the Forecast Period?

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Market Segmentation

By Type

The market encompasses a wide array of critical equipment used in healthcare settings to monitor patients undergoing anesthesia. These devices play a crucial role in ensuring patient safety and optimizing the delivery of anesthesia during surgical procedures. Key devices in this market include vital signs monitors, anesthesia depth monitors, bispectral index monitors, capnography monitors, anesthesia gas monitors, anesthesia ventilators, anesthesia machines, anesthesia workstations, anesthesia recorders, anesthesia alarms, anesthesia monitoring systems, and depth of anesthesia monitors. Advancements in anesthesia monitoring technology have led to the development of sophisticated devices that provide real-time data on a patient's vital signs, depth of anesthesia, heart rate, oxygen saturation, end-tidal CO2 levels, hemodynamics, and EEG activity. These monitoring advancements contribute to the overall reliability and performance of anesthesia monitoring systems, ensuring accurate and timely information for healthcare professionals.

The market share growth by the standalone segment will be significant during the forecast period. Standalone or wearable technologies have significantly impacted several industries, such as healthcare, fitness, aerospace, sports, and gaming, owing to the remarkable progress in bioengineering. These factors have resulted in the compact size of anesthesia monitoring devices.  The popularity and demand for these devices are rising owing to their ease of use, lightweight, user-friendliness, and cost-effectiveness.

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The standalone segment was valued at USD 885.15 million in 2018. Standalone anesthesia monitoring devices are expected to grow at a faster pace, compared with integrated anesthesia monitoring devices, during the forecast period. This is due to the growing use of portable EMG devices in the development of prostheses, rehabilitation, and ambulatory and emergency healthcare settings. Furthermore, the rising trend of home healthcare and the increasing number of rehabilitation centers are expected to positively impact the growth of the standalone segment in the global market during the forecast period.

Key Region

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North America is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

The US and Canada are the major revenue contributors in the market in North America. The market in the region is driven by improved healthcare infrastructure, an increasing number of surgeries being performed under general anesthesia, and a growing prevalence of chronic diseases and their related risk factors. In addition, the growing number of hospitals and ambulatory surgery centers (ASCs) are also contributing to the growth of the market in the region. In addition, other factors, such as the rising focus on delivering safe and accurate anesthesia, will drive the market in the region during the forecast period.

Market Dynamics and Customer Landscape

Anesthesia Monitoring Devices Market: Overview Anesthesia monitoring devices are essential medical equipment used during surgeries to ensure patient safety and optimal anesthesia delivery. These devices provide real-time information on vital signs, anesthesia gas concentrations, and other physiological parameters. The market is driven by the increasing number of surgeries, particularly in hospitals and healthcare services. The geriatric population's growing need for surgical interventions and the adoption of advanced technology in anesthesia monitoring devices are key factors fueling market growth. Basic anesthesia monitors, integrated anesthesia workstations, advanced anesthesia monitors, anesthesia gas monitors, standalone capnography monitors, IT-enabled monitors, and other types of anesthesia monitoring devices are in high demand in hospitals and operating theaters. The COVID-19 pandemic has led to a significant increase in non-COVID-19 patients requiring surgeries and emergency procedures. The implementation of social distancing measures and economic restrictions has further emphasized the importance of efficient and reliable anesthesia monitoring devices to ensure patient safety and reduce the workload on anesthesia staff. The market is expected to grow significantly in the coming years due to the increasing national surgical activity, particularly in cancer treatment and general hospital care. Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

The increasing number of surgeries requiring general anesthesia is notably driving market growth. Medical practitioners use general anesthesia on patients to induce unconsciousness during surgery and for post-surgery pain management. It is usually used for major operations such as knee and hip replacements, heart surgeries, surgical procedures to treat cancer, brain surgeries, lung surgeries, and surgeries of major arteries.

Moreover, the increasing prevalence of chronic conditions and diseases is leading to an increase in the number of surgeries. For instance, the number of people with chronic conditions, such as ovarian cancer, is increasing. A person with ovarian cancer may require a hysterectomy, which is a surgical procedure to remove the uterus. According to Eurostat 2019, the Czech Republic and Lithuania in Europe witnessed a high number of hysterectomies in 2019. Similarly, in 2019, approximately 25,000 people in China underwent surgery to implant artificial knees, and this number is expected to increase to approximately more than 30,000 by 2023. Therefore, these factors will drive the growth of the global market during the forecast period.

Significant Market Trend

The rising demand for disposable anesthesia monitoring devices is an emerging trend in the market. Disposable anesthesia monitoring devices are completely assembled and ready-to-use devices for administering anesthetic gas from a source to the patient. These devices are made of materials such as plastic that are economically disposable after a single use. This helps in eliminating the risk of cross-contamination.

Moreover, the demand for disposable anesthesia monitoring devices is increasing owing to the need to prevent infections. Single-use disposable anesthesia monitoring devices have a lower risk of transmitting infections when compared with reusable devices as they do not need to undergo reprocessing between uses. In addition to their improved safety profile, disposable anesthesia monitoring devices are also cost-effective and efficient. Several organizations, like the American Society of Anesthesiologists (ASA) Committee on Occupational Health Task Force on Infection Control, also recommend the use of disposable anesthesia monitoring devices.  Therefore, such factors will boost the market growth during the Market forecasting period.

Major Market Challenge

The lack of trained anesthesiologists is a major challenge impeding market growth. Unlike other forms of anesthesia, including local anesthesia and nerve blocks, general anesthesia is always provided under the care of a specialist doctor called an anesthetist. This is because administering general anesthesia safely and reliably always requires in-depth knowledge, technical skill, and an astute awareness of the patient's status.

Furthermore, anesthetists are supported by a team of clinicians, including department practitioners, theater nurses, and recovery room staff. However, the need for appropriately trained anesthetists is yet to be met in several countries across the world. The shortage of anesthetists is severe in several developing countries, especially Africa. Furthermore, access to trained anesthetists is further complicated by the uneven distribution of anesthesiologists in rural areas. The demand for anesthetists is also increasing due to the rising number of surgeries and the growing prevalence of chronic diseases and related risk factors. Thus, such factors will hamper the growth of the market during the market research and growth period.

Key Market Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria, market growth analysis, and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Market Customer Landscape

Who are the Major Market companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

BPL Medical Technologies Pvt. Ltd. - The company offers ECG devices, defibrillators, oxygen concentrators, surgical imaging, phototherapy, ventilators, and other medical devices. The key offerings of the company include anesthesia monitoring devices. 

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

• B Braun Melsungen AG
• Becton Dickinson and Co.
• Beijing Aeonmed Co. Ltd.
• Dragerwerk AG and Co. KGaA
• Fisher and Paykel Healthcare Corp. Ltd.
• Fresenius SE and Co. KGaA
• General Electric Co.
• Getinge AB
• Koninklijke Philips NV
• Medtronic Plc
• Compumedics Ltd.
• Dixion Vertrieb medizinischer Gerate GmbH
• Fukuda Denshi Co. Ltd.
• Infinium Medical Inc.
• Masimo Corp.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, robust, tentative, and weak.

Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.

• Type Outlook 
  • Standalone
  • Integrated

• End-user Outlook 
  • Hospitals
  • Ambulatory service centers
  • Clinics

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
    • Others
  • Rest of World
    • Saudi Arabia
    • South Africa
    • Brazil
    • Others

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Market Analyst Overview

Anesthesia monitoring devices are essential tools used by physicians during surgeries to ensure the safety and well-being of patients. These devices provide real-time information on various physiological parameters such as heart rate, blood pressure, oxygen saturation, and anesthesia depth. The market for anesthesia monitoring devices is driven by the increasing number of surgeries, particularly in hospitals, ambulatory surgical centers, cancer centers, multispecialty clinics, cardiac centers, nursing homes, and healthcare infrastructure growth. The geriatric population is a significant user of anesthesia monitoring devices due to their increased susceptibility to complications during surgeries. The technology used in anesthesia monitoring devices is continually evolving, with advanced anesthesia monitors and integrated anesthesia workstations offering more comprehensive patient monitoring capabilities. Anesthesia gas monitors and IT-enabled monitors are other types of anesthesia monitoring devices gaining popularity.

Further, the market is influenced by various factors, including the number of hospitals and healthcare services, social distancing measures, government regulations, and the economy. The COVID-19 pandemic has led to a significant increase in the number of general hospital care cases and a restriction in elective procedures, resulting in a surge in demand for anesthesia monitoring devices for non-COVID-19 patients. The installed base of anesthesia monitoring devices and new technology penetration are key factors driving the growth of the market. Anesthesia staff in operating theaters rely on these devices to provide pain-free surgeries and ensure the safety of patients during critical care equipment usage. The market is expected to grow significantly in the coming years, with private hospitals and clinics being major contributors to the growth. Despite the challenges posed by the pandemic, the market is expected to reach pre-pandemic levels in the near future.

Moreover, the market is advancing with innovations in basic anesthesia monitors, advanced anesthesia monitors, and integrated anesthesia workstations. These devices are crucial in emergency surgery and for managing surgeries that face delays due to high costs and technical challenges. IT-enabled monitors and automated record-keeping systems are increasingly used for efficient data management and depth of anesthesia monitoring. Hospitals, including prominent institutions like Cedars-Sinai, leverage anesthesia gas monitors and depth of anesthesia monitors to improve patient safety, especially in bypass surgery and managing cardiovascular problems. The market is also influenced by regulatory milestones like FDA clearance and evolving technology that addresses the needs of the geriatric population and those with conditions such as obesity. Despite the high cost, these devices are vital for accurate monitoring and effective management of anesthesia during surgeries.

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What are the Key Data Covered in this Market Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and changes in consumer behavior
• Growth of the industry across North America, Europe, Asia, and Rest of World (ROW)
• A thorough market growth and forecasting analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market research report analysis of factors that will challenge the growth of market companies

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