Anesthesia and Respiratory Devices Market – Insights
Anesthesia and respiratory devices are the medical devices used for several purposes such as anesthetic devices are used to administer and monitor anesthesia dose in critically ill patient at the time of surgery to reduce the pain and sensation, so that the surgery or operations can be carried out easily. Respiratory devices are used for diagnosis, prevention, and treatment of respiratory diseases such as asthma, cystic fibrosis, chronic obstructive pulmonary disease (COPD), and others.
The global anesthesia and respiratory devices market is estimated to be valued at US$ 27,623.8 Mn in 2019 and is expected to increase to US$ 44,241.2 Mn by 2027, witnessing a CAGR of 6.1% over the forecast period (2019-2027)
Figure 1. Global Anesthesia and Respiratory Devices Market Share (%), By Product Type (2019 & 2027)
Source: Coherent Market Insights Analysis (2019)
Increasing product launches of anesthesia and respiratory devices are expected to drive the global anesthesia and respiratory devices market growth
Increasing demand for anesthesia and respiratory devices has led manufacturers to focus on developing innovative products and launching them in the market. For instance, in May 2017, Fisher & Paykel Healthcare Corporation Limited launched F&P SleepStyle continuous positive airway pressure (CPAP) device for obstructive sleep apnea (OSA). Moreover, in October 2017, Fisher & Paykel Healthcare Corporation Limited launched F&P Vitera mask for obstructive sleep apnea (OSA).
Furthermore, in July 2016, Invacare Corporation launched its new microsite for home oxygen therapy products. Moreover, in October 2017, Invacare Corporation, launched Platinum Mobile Oxygen Concentrator with new connectivity feature. In January 2017, GE Healthcare, launched CS600 Carestation Series in Indonesia. It is the latest technology of anesthetic tool that is easier to operate, accurate, flexible, and capable of reducing errors in surgery room. This tool combines innovative monitoring tools, parameters, and latest tools of ventilation in one integrated system.
Increasing prevalence of asthma and other respiratory diseases has led to increasing demand of anesthesia and respiratory devices, this is expected to drive global anesthesia and respiratory devices market growth over the forecast period.
When anesthesia is administered to patients with respiratory diseases then special monitoring and care for the patient is necessary, which require advanced anesthesia monitors and devices for patient care. Moreover increasing prevalence of respiratory diseases such as asthma and COPD, are expected to propel the anesthesia and respiratory device market growth over the forecast period. For instance, according to the Forum of International Respiratory Societies, in 2013, around 235 million people suffered from asthma and over 200 million people were affected from chronic obstructive pulmonary disease (COPD), and around 65 million endure mild-to-severe COPD.
Moreover, in 2014, according to the Canadian Lung Association (CLA), around 2.5 million people in Canada suffered from asthma, including 1 million males and 1.4 million females. The number of people suffering from asthma was 0.9 million in Ontario, 0.6 million in Quebec, and 0.3 million in British Colombia, states of Canada in 2014.
Rising incidences of respiratory diseases and increasing number of surgeries are expected to affect the global anesthesia and respiratory devices market growth
Increasing incidences of chronic respiratory diseases such as asthma, chronic pulmonary lung disease, pulmonary hypertension, and occupational lung disease are the major factors that are expected to drive growth of the anesthesia and respiratory devices market. The need of therapeutic respiratory devices in the medical as well as in homecare settings are also expected to fuel growth of the market over the forecast period. For instance, in 2017, according to the World Health Organization (WHO), around 235 million people suffered from the asthma, a major non-communicable disease.
Anesthesia devices are used mainly in all types of surgeries, as these are designed to provide an accurate and continuous supply of mixed medical gases with anesthetic vapors, which is delivered to patient at a safe pressure and flow. Thus, increasing number of surgeries is expected to drive the anesthesia and respiratory market growth. For instance, in 2014, according to the Healthcare Cost and Utilization Project, around 17.2 million patients visited hospital (ambulatory or inpatient) for invasive and therapeutic surgeries, among which, 57.8% of surgeries occurred in a hospital-owned ambulatory surgery setting and 42.2% of surgeries were performed in the hospital inpatient settings in the U.S.
Key players are focusing on inorganic strategies to enhance and expand their product portfolio, which is expected to propel the global anesthesia and respiratory devices market growth
Increasing demand and usage of anesthesia and respiratory devices has influenced major players to expand their product portfolio and strengthen their position in the market, this has led to increase in adoption of inorganic strategies such as mergers and acquisitions. For instance, in November 2015, ResMed acquired Denmark-based Maribo Medico, a privately-held company specializing in the education, diagnosis, treatment, and management of sleep-disordered breathing and respiratory diseases.
Global Anesthesia and Respiratory Devices Market - Regional Analysis
Regional segmentation of the global anesthesia and respiratory devices market comprises North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
North America is expected to witness significant growth over the forecast period in the global anesthesia and respiratory devices market, owing to increasing product development activities by key players. For instance, in April 2014, Smiths Medical launched, Pneupac paraPAC plus ventilator in the U.S. and Canada. Moreover, in September 2019, Biovo Technologies Ltd., a medical device company focusing on critical care and operating rooms, launched its novel HyperForm product line at the American Association for Respiratory care (AARC) conference in New Orleans, U.S.
Asia pacific is also expected to witness growth in the global anesthesia and respiratory devices market, owing to adoption of inorganic strategies such as collaboration, acquisition, partnership and others by manufacturers to expand their portfolio and market presence in countries such as China. For instance, in October 2015, ResMed completed the previously announced acquisition of Curative Medical, a provider of non-invasive ventilation and sleep-disordered breathing medical devices and accessories in China.
Figure 2: Global Anesthesia and Respiratory Devices Market Value (US$ Mn) Analysis and Forecast & Y-o-Y Growth (%) 2019-2027
Source: Coherent Market Insights Analysis (2019)
Major factors restraining the global anesthesia and respiratory devices market growth include high instances of product recalls initiated by the U.S. Food and Drug administration (FDA). For instance, in 2017, Mindray DS USA, Inc. recalled its product A-Series A3/A5 Anesthesia Delivery System due to software issues.
Key players covered as a part of this study include Fisher and Paykel Healthcare, Invacare Corporation, GE Healthcare, Teleflex Incorporated, AstraZeneca Plc, Drägerwerk AG & Co. KGaAwerk AG, Medtronic Plc, Smiths Medical, OSI System, Getinge AB, Becton, Dickinson and Company, ResMed, Inc, Koninklijke Philips N.V., and 3M.