Anesthesia devices are used during surgical procedures and other medical situations that require patients to be insensate. Respiratory devices are used to support breathing in individuals who need assisted breathing due to malfunction of the lungs or other organs in the respiratory system.
Burgeoning healthcare costs worldwide have led patients to switch preference from hospital care to home care environments. High healthcare costs, growing pollution causing respiratory conditions, and the growing geriatric population are propelling demand for portable medical devices, inclusive of respiratory and anesthesia devices.
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High Prevalence of Respiratory Diseases Worldwide to Fuel Growth of Global Anesthesia and Respiratory Devices Market
The steep rise in the incidence of chronic obstructive pulmonary disorder (COPD), with approximately 13.6 million cases diagnosed in the U.S. itself and the disease predicted to be the third major cause of death by 2030 as per WHO estimates, is the primary factor driving demand for anesthesia and respiratory devices.
The rising aging population suffering from COPD, asthma, and other respiratory diseases is further contributing to the growth of the global anesthesia and respiratory devices market. In the U.S., expenditure on asthma management was pegged at US$20.7 billion, making it a significant contributor to the anesthesia and respiratory devices market.
High Demand for Anesthetics from the U.S. to Drive Anesthesia Devices Market
Geographically, the market is segmented into North America, Asia Pacific, Europe, and Rest of the World (RoW). In Asia Pacific, growing disposable incomes and increased incidence of respiratory conditions due to high pollution levels account for the 10% expected growth rate of the anesthesia and respiratory devices market in the region between 2013 and 2019. Also, increased government funding for aggressive R&D initiatives on account of economic development and healthcare amends will boost the market in Asia Pacific.
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As per the American Society of Anesthesiologists (ASA), the U.S. alone accounts for 40 million anesthetic administrations every year. Hence, increasing number of surgical procedures combined with high prevalence of respiratory diseases has boosted demand for anesthesia and respiratory devices.
However, pressure in the U.S to prevent escalation of healthcare costs and the continuing Euro crisis has caused a slowdown in the growth of the market. Moreover, tax reforms combined with increased regulation compliance standards are also hindering the market. The tax reform presented in 2013 proposed to levy a 2.3% tax on the annual sales of medical devices manufacturers.
Anesthesia Monitors to Register High Demand in Anesthesia Devices Market
The global anesthesia devices market is categorized into anesthesia disposables and anesthesia machines. Of the two segments, anesthesia machines account for the larger share of the anesthesia devices market. Anesthesia delivery machines accounted for the largest market in 2012, however, anesthesia monitors are expected to grow at a CAGR of more than 8% between 2013 and 2019.
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The respiratory devices market consists of respiratory disposables, equipment, and measurement devices. Respiratory equipment is inclusive of humidifiers, oxygen concentrators, ventilators, nebulizers, positive airway pressure devices, and inhalers. Of all, positive airway pressure devices are anticipated to exhibit the highest growth rate in coming years.
Some of the major players in the anesthesia and respiratory devices market are GE Healthcare, Drager, Getinge, Covidien, Teleflex, and Smith’s Medical.