The Anesthesia Monitoring Devices market is expected to witness a CAGR of 12.3% during the forecast period with a revenue of approximately USD 1,414 million in 2020 and expected to reach USD 2,838 million by 2026.
In the early phase of the pandemic, due to the increasing cases of COVID-19, all hospitals, globally, had canceled their scheduled and elective surgeries. Acute surgical emergencies were still inevitable and were being addressed in a timely and sensible manner. According to the report published by the British Journal of Surgery, in May 2020, an estimated 585,000 elective surgeries were postponed in the 12-week lockdown in India alone, and 28.4 million elective surgeries worldwide are expected to be canceled or postponed. Thus, the halt of surgical procedures is the major factor that is likely to hamper the usage of anesthesia monitoring devices.
The introduction of varied new monitoring techniques, like monitoring the depth of anesthesia, goal-directed fluid therapy, advanced neurological monitoring, improved warning device, and therefore the technological advancements within the objective pain assessment, are a number of the advancements, which are driving the worldwide anesthesia monitoring devices market. The other factors, which also are driving the market, include a rise in demand for pain-free surgeries and therefore the development of automated record-keeping systems.
According to the data of Eurostat, in 2017, caesarian section surgery was the most common surgical procedure performed. It accounted for around 1.4 million procedures conducted in the European Member States. The countries that registered relatively high frequencies for this procedure were Sweden, Luxembourg, the Netherlands, the United Kingdom, Ireland, Malta, and Belgium, with about 1,000 per 100,000 inhabitants.
Furthermore, low- and middle-income countries are also experiencing a rise in the number of surgical procedures, owing to the rising burden of non-communicable diseases and injuries. As per the data of the Obesity Surgery Society of India, in India, there was a 100-fold increase in bariatric surgeries in the last 15 years. In 2019, the number of bariatric surgeries conducted was about 20,000 in comparison to 200 surgeries in 2004, as per the same source.
The risks related to anesthetic care reduced considerably during the last decade, because of technological advancement and automation, which have played a big role in improving the security of patients. Increasing investments within the market, which are supporting the technological advancements in anesthesia machines and techniques, are having a significant impact on the market's growth, enabling faster deployment in the healthcare industry.
Hence, due to the above-mentioned factors, the market studied is predicted to witness high growth over the forecast period.
Key Market Trends
Gas Monitor is Expected to Witness the Steady Growth Over the Forecast Period.
Medical equipment and pharmaceutical companies are utilizing their R&D and manufacturing facilities to develop and manufacture the essential products in the pandemic with less focus on the anesthesia monitoring devices and with the lockdowns and travel restriction many surgeries were postponed at the beginning of the pandemic, restraining the segment growth
The concern about patient safety has given rise to varied technological advancements within the anesthesia market and therefore the adoption of these technologies is large in developing also as developed nations. The increasing number of surgeries globally and therefore the demand for painless surgeries are boosting the segment growth.
Some of the technologies that were introduced for the patient safety issue include airway pressure monitoring and breathing system disconnect alarms, monitoring of inspired oxygen, monitoring of expired CO2, and pulse oximetry. There is an ongoing technical advancement within the field of respiratory gas monitoring. This is mainly done to watch the potent inhaled anesthetic agents like N2O, CO2, and O2. Gas monitoring is gaining attraction across the world thanks to the precious information it provides to the anesthesia caregiver. The advancements within the gas monitors include the reduction within the size and weight of an equivalent which has attracted the operating rooms across the developed and developing nations.
Added to it, the feedback achieved through these monitors has become a big tool designed to make sure the patient's safety during the perioperative period. Some of the well-known companies into the gas monitoring business are Masimo, and Dragerwerk AG & Co. KGaA.
United States is Expected to Dominate the Global Market
The United States is anticipated to observe a continual increase in the number of diseases, like obesity, cardiovascular problems, and differing types of cancers, which has contributed to the rise in the number of surgeries of both open, as well as minimally invasive types. The increase within the number of minimally invasive surgeries for chronic diseases has helped the expansion of the anesthesia monitoring devices market.
According to the American Society of Plastic Surgeons, 18.1 million cosmetic procedures, 1.8 million cosmetic surgical procedures, 16.3 million cosmetic minimally-invasive procedures, and 5.9 million reconstructive procedures were performed in 2019 in the United States.
Moreover, frequent approvals and launches in the country are also expected to drive the market studied. For instance, in August 2020, Getinge received the 510(k) clearance from the FDA for its Flow-c and Flow-e devices, two portable and customizable anesthesia workstations. The Flow-c is a small-sized, movable workstation that provides high-performance ventilation, precision agent dosing, and hypoxia prevention while being designed to fit in any operating room setting. The Flow-e is a larger workstation for personalized anesthesia delivery, offering a bigger worktop, more space for storing , and multiple mounting options for off-line equipment
The market studied is moderately competitive and is comprised mostly of global players. However, in developing countries, there is high competition among the local players. As the medical device is growing rapidly and witnessing new entrants, it is believed that in the near future, more companies will enter the market studied and hold a substantial share of this market.
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TABLE OF CONTENTS
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.2.1 Rising Technological Advancements in Anesthesia Technology
- 4.2.2 Increase in the Demand for Pain-free Surgeries
- 4.2.3 Development of Automated Record-keeping Systems
- 4.3 Market Restraints
- 4.3.1 Availability of Conventional Techniques
- 4.3.2 High Cost of Anesthesia Monitoring Devices
- 4.4 Porter's Five Force Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 By Product
- 5.1.1 Basic Anesthesia Monitor
- 5.1.2 Integrated Anesthesia Workstation
- 5.1.3 Advanced Anesthesia Monitor
- 126.96.36.199 Gas monitor
- 188.8.131.52 Standalone Capnography Monitor
- 184.108.40.206 Monitors for Depth of Anesthesia
- 220.127.116.11 MRI Compatible Anesthesia Monitor
- 5.1.4 Others
- 5.2 By End-User
- 5.2.1 Hospitals
- 5.2.2 Ambulatory Surgery Centers
- 5.3 Geography
- 5.3.1 North America
- 18.104.22.168 United States (By Product, and By End-User)
- 22.214.171.124 Canada (By Product, and By End-User)
- 126.96.36.199 Mexico (By Product, and By End-User)
- 5.3.2 Europe
- 188.8.131.52 Germany (By Product, and By End-User)
- 184.108.40.206 United Kingdom (By Product, and By End-User)
- 220.127.116.11 France (By Product, and By End-User)
- 18.104.22.168 Italy (By Product, and By End-User)
- 22.214.171.124 Spain (By Product, and By End-User)
- 126.96.36.199 Rest of Europe (By Product, and By End-User)
- 5.3.3 Asia-Pacific
- 188.8.131.52 China (By Product, and By End-User)
- 184.108.40.206 Japan (By Product, and By End-User)
- 220.127.116.11 India (By Product, and By End-User)
- 18.104.22.168 Australia (By Product, and By End-User)
- 22.214.171.124 South Korea (By Product, and By End-User)
- 126.96.36.199 Rest of Asia-Pacific (By Product, and By End-User)
- 5.3.4 Middle East and Africa
- 188.8.131.52 GCC (By Product, and By End-User)
- 184.108.40.206 South Africa (By Product, and By End-User)
- 220.127.116.11 Rest of Middle East and Africa (By Product, and By End-User)
- 5.3.5 South America
- 18.104.22.168 Brazil (By Product, and By End-User)
- 22.214.171.124 Argentina (By Product, and By End-User)
- 126.96.36.199 Rest of South America (By Product, and By End-User)
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 Medtronic Plc
- 6.1.2 Masimo Corporation
- 6.1.3 Nihon Kohden Corporation
- 6.1.4 Fukuda Denshi
- 6.1.5 GE Healthcare
- 6.1.6 Koninklijke Philips N.V.
- 6.1.7 Dragerwerk AG & CO. KGaA
- 6.1.8 Heyer Medical aAG
- 6.1.9 Mindray Medical International Limited
- 6.1.10 Infinium Medical
- 6.1.11 Schiller AG
- 6.1.12 Criticare Systems, Inc.(Opto Circuits (India) Ltd.)
7 MARKET OPPORTUNITIES AND FUTURE TRENDS