The anesthesia and respiratory devices market is projected to grow at a CAGR of 6.17% during the forecast period to reach US$32.756 billion by 2026 from US$21.548 billion in 2019. Anesthesia devices are used to deliver anesthesia to a patient who is undergoing medical procedures. A steady flow of anesthesia is required by the patient during the procedure to reduce the pain or sensation for a smoother flow of the procedure. Anesthesia is used for surgical, medical, and psychiatric procedures. Respiratory devices, on the other hand, are used during these producers to ensure oxygen flow to the body. These devices are also used by patients suffering from severe chronic lung diseases, such as asthma, chronic obstructive pulmonary diseases (CPOD), lung cancer, or others, making their natural organs unable to generate enough oxygen to fulfill body requirements. A combination of anesthesia and respiratory devices is used at a time for surgery to reduce the sensation on the operating part or make the patient sleep, without incurring any respiratory problem.
The prime reason driving the market growth is the rising instances of chronic diseases around the world. A surge in cases of chronic diseases, particularly fatal ones, has led to an increase in surgical medical requirements and equipment, creating robust demand for anesthesia and respiratory devices. further, rising healthcare infrastructure and expenditure have increased the construction of hospitals and healthcare units, which will surge the demand for this equipment. The growing aging population and rise in aged-linked complexities have also driven the demand for respiratory devices to overcome lung and other diseases. Technological innovation in the industry also contributes significantly to market growth.
Growing instances of chronic diseases have created robust demand for anesthesia and respiratory devices.
The key driver of the market is rising instances of chronic diseases requiring medical attention. A report by the Center for diseases control and prevention (CDC) states that, in America, every 6 adults out of 10 suffer from a chronic disease while every 4 out of them have more than 1 chronic disease. In Australia, 1 in 5 adults suffers from more than 2 chronic diseases while 1 in every 2 hospitalizations is linked with the severity of chronic diseases (Source: Australia Institute of Health and Welfare). Moreover, 9 in 10 deaths in Australia in 2018 were caused by chronic diseases. Cardiovascular disease (CVD) is the most common chronic disease in the world. A report by World Health Organization (WHO) states that CVDs is leading cause of deaths globally and causes more than 30% of global death in a year. Rising air pollution has also surged the cases of lung diseases and lung cancer. Moreover, the hectic workload coupled with a complex lifestyle has significantly contributed to increasing CVDs and gastric diseases requiring medical attention. Hence, the rising advent of chronic disease requires an increase in medical attention for better prevention and life-saving medical procedures, increasing the market size of anesthesia and respiratory devices significantly.
Growing medical tourism will provide humongous growth prospects for the Asia Pacific region which will drive the regional anesthesia and respiratory device market.
On regional industry analysis, the Asia Pacific Anesthesia and respiratory device market is projecting robust growth during the forecasted period. The rise in infrastructure resulting in the adoption of modern technology, coupled with affordable, quality healthcare services will drive the segment growth. Over the past couple of years, the region has witnessed a surge in medical tourists searching for better treatment, particularly, in Thailand, Malaysia, India, Singapore, and South Korea. Moreover, affordable medical services are the prime attraction. Healthcare.org notice that getting medical surgeries and procedures from the Asia Pacific region cut costs up to 90% to 95% for a U.S. household if they opt to get treatment from the region instead of within the U.S.
Favorable government policies to attract tourists, both medical and general, are estimated to increase the market scope for the Asia Pacific region during the forecasted period. In January 2019, the Indian government, for instance, revised e-Visa rules and increased its validation up from 60 days o 1 year. In October 2020, the Thailand government introduced a new Visa, especially for medical tourists, which allows the tourist to stay in the country for more than 200 days. Furthermore, a rise in government healthcare expenditure to improve healthcare infrastructure for domestic and foreign patients is anticipated to support growth in both markets, tourism and anesthesia and respiratory.
The coronavirus pandemic positively impacted the market growth of the anesthesia and respiratory device industry. The coronavirus interferes with the respiratory system of the infected person, making it harder for them to breathe, hence increasing the demand for respiratory devices, particularly oxygen concentrators, oxygen cylinders, and others. With a rise in the number of patients requiring medical treatments, demand for anesthesia devices also increased considerably. Furthermore, a booming number of infected persons and shortage of equipment resulted in the conversion of other government buildings into covid-care units, and the construction of new centers, which boosted the demand for these devices.
|Market size value in 2019||US$21.548 billion|
|Market size value in 2026||US$32.756 billion|
|Growth Rate||CAGR of 6.17% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Product, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Smiths Medical, General Electric, Teleflex Incorporated, Getinge AB, OSI Systems Inc, Koninklijke Philips N.V., Invacare Corporation, ResMed, Masimo, Fisher & Paykel Healthcare Limited, Medtronic|
|Customization scope||Free report customization with purchase|
Key Market Segments
Frequently Asked Questions (FAQs)
Q1. What is the size of global anesthesia and respiratory devices market?
A1. Anesthesia And Respiratory Devices Market was valued at US$21.548 billion in 2019.
Q2. What will be the anesthesia and respiratory devices market size by 2026?
A2. The anesthesia and respiratory devices market is projected to reach a total market size of US$32.756 billion by 2026.
Q3. What are the growth prospects for the anesthesia and respiratory devices market?
A3. The global anesthesia and respiratory devices market is projected to grow at a CAGR of 6.17% during the forecast period.
Q4. What factors are anticipated to drive the anesthesia and respiratory devices market growth?
A4. The prime reason driving the anesthesia and respiratory devices market growth is the rising instances of chronic diseases around the world.
Q5. How are the global anesthesia and respiratory devices market segmented?
A5. The anesthesia and respiratory devices market has been segmented based on product and geography.