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The anesthesia devices market is estimated to grow at a CAGR of 10.7% between 2022 and 2027. The size of the market is forecast to increase by USD 3,340.68 million. The growth of the market depends on several factors, including the increasing number of surgeries requiring general anesthesia, the growing prevalence of chronic diseases and associated risk factors, and the advances in anesthesia technology.
This report extensively covers market segmentation by product (anesthesia delivery machines, anesthesia monitors, anesthesia vaporizers, and anesthesia disposables), end-user (hospitals, ambulatory service centers, and clinics), and geography (North America, Europe, Asia, and Rest of World). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technavio categorizes the global anesthesia devices market as a part of the global healthcare equipment market. The parent market, the global healthcare equipment market covers products and companies engaged in research and development (R&D) of a variety of product categories, including capital equipment, instruments, implants, accessories, and consumables that are used for the diagnosis, monitoring, and treatment of various diseases. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The increasing number of surgeries requiring general anesthesia is notably driving the market growth, although factors such as intense competition among vendors may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Anesthesia Devices Market Driver
The increasing number of surgeries requiring general anesthesia is notably driving market growth. Doctors give patients general anesthesia to induce unconsciousness during surgery and to control pain after surgery. It is often used for major surgeries such as knee and hip replacements, heart surgery, cancer surgical procedures, brain surgery, lung surgery, and major artery surgery.
In addition, the prevalence of chronic diseases and illnesses increases the number of operations. For example, the number of people suffering from chronic diseases such as cancer and heart disease is increasing. A person with ovarian cancer may need a hysterectomy, which is a surgical procedure to remove the uterus. In 2019, about 25,000 people underwent artificial implant surgery in China, and this number is expected to increase rapidly by 2023. Many orthopedic and gastrointestinal surgeries such as hysterectomy, appendectomy, cholecystectomy, and hip replacement surgery are performed in Europe every year. Hence, these factors will drive the growth of the global market during the forecast period.
Significant Anesthesia Devices Market Trend
Increasing the marketing strategies of vendors is a major trend in the market. Leading vendors in the market are increasingly adopting innovative marketing strategies to increase their market share. Vendors like Ambu have also signed several agreements with Group Purchasing Organizations (GPOs), which provide them easy access to hospitals and opportunities to increase sales of their anesthesia equipment. This is due to the fact that a large part of hospital procurement occurs through this channel.
Vendors are also increasingly focused on conducting clinical and health economic studies to document the cost savings and benefits of their anesthesia devices. This information is used to influence the decisions of end users to increase sales of their products. Sellers also expand their product range to increase their market share, which increases cross-selling of their products. Such marketing strategies are expected to drive the adoption of anesthetics during the forecast period.
Major Anesthesia Devices Market Challenge
Intense competition among vendors is a major challenge impeding market growth. The global anesthesia equipment market is competitive due to a number of regional and global vendors. Leading suppliers offer a wide range of products, possess the necessary financial, technical, and marketing resources, have wide geographical coverage and strong distribution channels, and make significant investments in R&D. On the contrary, small and medium-sized suppliers have limited financial and technical strength along with limited product offerings. Therefore, these suppliers cannot compete with established vendors regarding quality, reliability, and R&D.
Major vendors face strong competition from regional vendors offering similar products at lower prices. End users, such as ambulatory surgery center purchasers, increasingly demand low-cost anesthesia equipment with the latest advanced features. Therefore, vendors are increasingly focusing on the R&D of such devices to strengthen their market position. The competition in the market is expected to intensify during the forecast period due to the launch of new products and the increasing focus of suppliers on expanding their presence in international markets. Hence, these factors will hinder the global market growth during the forecast period.
Key Anesthesia Devices 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 and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Anesthesia Devices Market Customer Landscape
Vendors 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.
Becton Dickinson and Co. - The company operates under multiple segments including BD Medical, and BD Life Sciences with a high focus on BD Medical.? The company under this segment?offers a range of medication delivery solutions, medication management solutions, diabetes care, and pharmaceutical systems. The company's key offerings include?a syringe pump.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the anesthesia delivery machine segment will be significant during the forecast period. Anesthesia delivery machines are used to administer an anesthetic agent to a patient, continuously or intermittently, and maintain ventilation. Anesthesia delivery devices include mobile anesthesia delivery machines and standalone anesthesia delivery machines.
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The anesthesia delivery machine segment was valued at USD 1,411.73 million in 2017 and continued to grow until 2021. The standalone anesthesia delivery machine is an integrated system solution designed for ceiling or wall mounting. Healthcare facilities with piped gases prefer wall-mounted options because they increase floor space. Wall-mounted anesthesia machines are also easy to move and install between different locations. The ceiling-mounted anesthesia machine with one or more articulated arms avoids cluttering the floor with cables and tubes and can be easily moved to different positions. Due to these advantages, the demand for self-contained anesthesia machines will continue to grow during the forecast period.
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North America is estimated to contribute 37% 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 largest contributors to the North American market. The region's market is driven by improved healthcare infrastructure, a number of surgeries performed under general anesthesia, and the prevalence of chronic diseases and associated risk factors. Additionally, the increasing number of surgeries along with an increasing number of hospitals and ambulatory surgery centers (ASCs) are contributing to the growth of the anesthesia equipment market in the region. Therefore, the increase in the number of hospitals will increase the number of surgical procedures performed in these developed countries, which in turn will increase the demand for anesthesia equipment in the region during the forecast period.
The expansion of the North American anesthesia equipment market was negatively affected by the 2020 COVID-19 pandemic. However, as a result of the large-scale vaccination campaigns of 2021, anesthesia equipment manufacturing units started operating in the region. Also due to the lifting of restrictions related to the lockdown, more people in North America visited medical facilities in 2021 compared to 2020 to start or resume treatment for certain health conditions. As a result of these factors, the growth of the regional anesthesia equipment market in North America is expected to continue during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Product (Anesthesia delivery machines, Anesthesia monitors, Anesthesia vaporizers, and Anesthesia disposables), End-user (Hospitals, Ambulatory service centers, and Clinics), and Geography (North America, Europe, Asia, and Rest of World (ROW)).
Anesthesia Devices Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.7% |
Market growth 2023-2027 |
USD 3,340.68 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
9.41 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 37% |
Key countries |
US, Germany, UK, China, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Ambu AS, B. Braun SE, Becton Dickinson and Co., Beijing Aeonmed Co. Ltd, BPL Ltd., Draegerwerk AG & Co. KGaA, Fisher and Paykel Healthcare Corp. Ltd., General Electric Co., Getinge AB., Intersurgical Ltd., Koninklijke Philips NV, Life Support Systems, Medline Industries LP, Medtech Devices, Medtronic Plc, OSI Systems Inc., Shenzhen Mindray BioMedical Electronics, Smiths Group Plc, Vyaire Medical Inc., and Teleflex Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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