Anesthesia Devices Market on the Rise
Anesthesia machines are used by anesthesiologists to support the administration of anesthetic and other medical gases such as nitrous oxide. The most commonly used device is the continuous-flow anesthetic machine, which provides a continuous flow of air, containing a regulated supply of gas. Modern anesthesia devices include a monitor and a touch screen display that helps in monitoring a patient’s heartbeat.
The evolution of anesthesia machines has advanced from standalone systems to networked anesthesia workstations that include monitors and information systems. Also, in the past 10 years, manufacturers have started introducing anesthesia machines with features, such as advanced ventilators, new modes of ventilation, graphical screens, and loops that offer a clearer picture of the patient, with a major proportion of the ventilators being electronic and driven by software.
TechNavio’s analysts forecast that the global anesthesia devices market will grow at a compound annual growth rate (CAGR) of 7.47 percent from 2013 to 2018.
“The global respiratory and anesthesia devices market […] was valued at $12.2 billion in 2013 and is expected to reach $19.5 billion by 2018, at a CAGR of 9.8 percent, for the given period.”
TechNavio’s is not alone and researchers indicate that the refurbished devices market will also experience healthy growth.
“Procuring refurbished anesthesia equipment has been a significantly noticeable trend among a number of health care organizations, clinics and outpatient surgery centers. The familiarity of anesthetists with a specific machine due to years of proficiency in using it and longer waiting periods for new equipment to be delivered are factors that have opened the gates for refurbishers to enter the anesthesia equipment marketplace,” according to the research firm Industry Experts. “Other reasons for investing in comparatively cheaper refurbished equipment include easy availability of spare parts that can help in keeping the machines in proper working order, which can also be used in cases of maintaining back-ups. Readily available parts help in decreasing downtime, and facilities with extensive research departments opt for refurbished equipment for extending their purchasing power within limited budgets, thereby ensuring that resources are either stretched to the maximum or employed for other gainful and unavoidable requirements.”
Industry Experts expects the global market for anesthesia to maintain a CAGR of about 7.5 percent between 2010 and 2020. The Industry Experts report also forecasts that the global anesthesia devices will reach $11.8 billion by 2020.
MicroMarket Monitor agrees with the forecasted growth.
“The global respiratory and anesthesia devices market, mainly driven by geriatric population and increasing prevalence of Chronic Obstructive Pulmonary Diseases and Obstructive Sleep Apnea accompanied by rapid rise in the number of surgical procedures worldwide, was valued at $12.2 billion in 2013 and is expected to reach $19.5 billion by 2018, at a CAGR of 9.8 percent, for the given period,” according to MicroMarket Monitor.
Key players in this market include Draeger, GE Healthcare, Phillips Healthcare and Covidien.