ANESTHESIA AND RESPIRATORY DEVICES MARKET ANALYSIS

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.

Global anesthesia and respiratory devices market is estimated to be valued at US$ 32,565.8 million in 2022 and is expected to exhibit a CAGR of 6.1 % during the forecast period (2022-2030).

Figure 1.Global Anesthesia and Respiratory Devices Market Share (%), by Product Type, 2022

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Global Anesthesia and Respiratory Devices Market: Drivers

Increasing number of product launches by the key market players is anticipated to propel the market growth

Increase in number of product launches by key market players is expected to drive growth of the global anesthesia and respiratory devices market over the forecast period. For instance, in October 2020, Midray Medical, a Chinese medical instrumentation manufacturer, launched A8 and A9 anesthesia machines in the U.K. market. A8 and A9 anesthesia machines are advanced anesthesia products, offering connectivity options and patient safety features and having integrated high flow nasal cannula (HFNC) technology within the anesthesia machine.

Figure 2.Global Anesthesia and Respiratory Devices Market Share (%), by Region, 2022

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Increasing number of product approvals by regulatory authorities is expected to fuel growth of the anesthesia and respiratory devices market.

Increasing number of product approvals by regulatory authorities is expected to drive market growth over the forecast period. For instance, in April 2022, General Electrical Company announced that the U.S. Food and Drug Administration (FDA) approved company’s End-tidal (Et) Control software for general anesthesia delivery on its Aisys CS2Anesthesia Delivery System. Aisys CS2 Anesthesia Delivery System allows anesthesia providers to preset the desired end-tidal concentrations of oxygen and anesthetic agent.

Global Anesthesia and Respiratory Devices Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization had declared it a public health emergency on January 30, 2020.

COVID-19 has affected the economy in three main ways: by directly affecting production and demand of drugs and vaccines, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, U.A.E., Egypt, and others, faced problems with regard to the transportation of drugs and vaccines from one place to another. However, the COVID-19 had a positive impact on the anesthesia devices and respiratory devices market, owing to the increase in the demand of respiratory devices such as ventilators across the globe. For instance, on August 26 2022, U.S. Food and Drug Administration (FDA) released an update about medical device shortage due to COVID-19 pandemic. Categories of devices in the device shortage list were Dialysis-Related Products, Personal Protective Equipment, Testing Supplies and Equipment and Ventilation-Related Products.

Global Anesthesia and Respiratory Devices Market: Key Developments

In August, 2022, Prescott's, Inc.,  provider of sales/service for all surgical microscopes, announced the company’s expansion into the anesthesia specialty service and support sector with the acquisition of Heartland Medical Sales & Service, a provider of capital medical equipment.

Global Anesthesia and Respiratory Devices Market: Restraint

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 February 2020, GE Healthcare, U.S-based Conglomerate Company, recalled Carestation 600 Series Anesthesia Systems due to loss of mechanical ventilation. FDA identified Carestation 600 Series Anesthesia Systems as a Class I recall, the most serious type of recall. According to the U.S. FDA, use of these devices may cause serious injuries or death.

Key Players

Major players operating in the global anesthesia and respiratory devices market include 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.