The anesthesia monitoring devices market was valued at approximately USD 1,764. 41 million in 2020, and it is expected to reach USD 3,284. 52 million by 2026, registering a CAGR of 10. 60% during the forecast period, 2021-2026.
New York, Nov. 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Anesthesia Monitoring Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06179099/?utm_source=GNW
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 the technological advancements within the objective pain assessment are some advancements that are driving the worldwide anesthesia monitoring devices market. Other factors driving the market include a rise in demand for pain-free surgeries and 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 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 Steady Growth Over the Forecast Period
Medical equipment and pharmaceutical companies are utilizing their R&D and manufacturing facilities to develop and manufacture essential products during the pandemic with less focus on anesthesia monitoring devices. With the lockdowns and travel restrictions, many surgeries were postponed at the beginning of the pandemic, restraining the segment growth. The concerns about patient safety have given rise to varied technological advancements within the anesthesia market, and therefore, the adoption of these technologies is large in developing and developed nations. The increasing number of surgeries globally and the demand for painless surgeries are boosting the segment growth. Some of the technologies that were introduced for patient safety issues 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 due to the precious information it provides to the anesthesia caregiver. The advancements within 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 in the gas monitoring business are Masimo and Drägerwerk AG & Co. KGaA.
The United States is Expected to Dominate the 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 and minimally invasive types. The increase in 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 market 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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