Emphasis on Product Type (Anesthesia Devices {Anesthesia Machines, Anesthesia Monitors, Anesthetic Information Management Systems, and Others} and Respiratory Devices {Respiratory Equipment, Respiratory Disposables, Respiratory Measurement Devices, and Others}); End User (Hospitals, Clinics, Homecare Settings, Ambulatory Surgical Centers and Others); Region/Country
Anesthesia and Respiratory Devices Market is anticipated display significant CAGR of 7% over the forecast period (2021-2027). The growth of the global anesthesia and respiratory devices market can be mainly attributed due to the rise in respiratory illnesses such as COPD, and OSA coupled with the surge in awareness programs for anesthesia and respiratory devices & management and the increasing geriatric population, thus contributing significantly to the growth of the market. According to the World Health Organization (WHO), every year about 65 million people suffer from COPD, 334 million people suffer from asthma and over 10 million people develop tuberculosis (TB) globally. Furthermore, the rising number of tobacco smokers will upsurge anesthesia and respiratory devices market size over the forecast timeframe. Smoking causes about 90% of all lung cancer deaths and thus smokers are more likely to die from COPD than non-smokers.
Some of the major players operating in the market include SunMed, Smiths Group plc, ResMed, Masimo, Koninklijke Philips N.V., Invacare Corporation, Teleflex Incorporated, Hamilton Medical, GE Healthcare, Fisher & Paykel Healthcare Limited.
The ongoing COVID-19 pandemic across the world have had a tremendous impact on different spectra of society, the market for anesthesia and respiratory devices is no less impacted by this. 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 and respiratory devices.
Insights Presented in the Report
“Amongst Product Type, Respiratory Devices segment dominated the market in 2020”
Based on product type, the market is bifurcated into anesthesia devices and respiratory devices. Amongst them, anesthesia devices is further categorized into anesthesia machines, monitors, and anesthetic information management systems. In addition, respiratory devices is further bifurcated into respiratory equipment, respiratory disposables, and respiratory measurement devices. Technological advancements in respiratory devices further offer segment growth opportunities. Additionally, the rising geriatric population that is prone to various respiratory conditions, increasing healthcare expenditure, and emerging market economies will offer growth potential for respiratory devices in the forthcoming period.
“Amongst End User, Diagnostic Centers category to witness fastest growth rate”
Based on end user, the market is bifurcated into hospitals, clinics, homecare settings, ambulatory surgical centers, and others. Among them, the hospital segment held the largest market share in 2020 and is further projected to maintain its leading position in the market during the forecast period. This is mainly due to the rising adoption of anesthesia and respiratory devices in healthcare settings coupled with growing investments by government and private healthcare facilities to update infrastructure and devices. Due to rising chronic diseases, healthcare facilities focus on providing better diagnoses and treatment of these diseases. As per the Pan American Health Organization, 75% of all hospitalized patients require supplemental oxygen treatment. Furthermore, the high demand for therapeutic devices for homecare settings and the launch of homecare devices by key players is also expected to provide lucrative growth opportunities for the market. For instance, In January 2019, Masimo received the FDA approval for MightSat Rx finger pulse oximeter that can be used at home. According to the Agency for Healthcare Research and Quality (AHRQ), in 2014, 17.2 million hospital visits resulted into at least one surgery.
“North America will Dominate the Market During the Forecast Period”
For a better understanding of the demand of Anesthesia and Respiratory Devices Market, the market is analyzed for major regions including North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, Australia, Rest of Asia-Pacific); and Rest of World. Currently, North America dominated the market in 2020. In North America, the enlarged availability of anesthesia and respiratory devices in hospitals coupled with an increased incidence of respiratory disorders and lifestyle-related diseases, are driving this market’s development in the region. For instance, according to the Centers for Disease Control and Prevention (CDC), about 40 million adults in the U.S., and about 4.7 million middle and early adolescence age individuals smoke at least one tobacco product every day, including e-cigarettes. Thus, the rising geriatric population, chronic diseases, and the number of surgeries with higher adoption and wide accessibility of advanced anesthesia and respiratory devices in the region is expected to drive the North American anesthesia and respiratory devices market.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Anesthesia And Respiratory Devices Market Covid-19 Impact
6. Anesthesia And Respiratory Devices Market Revenue, 2019-2027f
7. Market Insights By Product Type
8. Market Insights By End User
9. Market Insights By Region
10. Anesthesia And Respiratory Devices Market Dynamics
11. Anesthesia And Respiratory Devices Market Opportunities
12. Anesthesia And Respiratory Devices Market Trends
13. Legal & Regulatory Framework
14. Demand And Supply Side Analysis
15. Competitive Scenario
16. Company Profiled
17. Disclaimer
Analyzing the historical market, estimation of the current market, and forecasting the future of the anesthesia and respiratory devices market were the three major steps undertaken to create and analyze the demand and sales of anesthesia and respiratory devices across major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted, with industry experts across the value chain of the industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below.
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detailed secondary study was conducted to obtain the historical market size of the anesthesia and respiratory devices through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the anesthesia and respiratory devices, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are product type, end user, and regions. Further regional level analyses were conducted to evaluate the overall demand of anesthesia and respiratory devices in global context.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size. Further, we conducted factor analysis using dependent and independent variables such as industry trends, product application, understanding consumer demands, competitive landscape, brand positioning and pricing analysis. Historical trends and their year-on-year impact on the market size and share was analyzed. Demand and supply side scenario was also thoroughly studied.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Market, and market shares of the segments and company. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the anesthesia and respiratory devices market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of by product type, end user, and regions.
The main objective of the Anesthesia and Respiratory Devices Market Study
The current & future market trends of the anesthesia and respiratory devices market are pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
Deep dive regional level analysis of the industry
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October 8, 2024
