Anesthesia Equipment Market in terms of revenue was estimated to be worth $8.0 billion in 2023 and is poised to reach $11.0 billion by 2028, growing at a CAGR of 6.7% from 2023 to 2028 according to a new report by MarketsandMarkets™. Growth in this market can primarily be attributed to the growing number of surgeries owing to the prevalence of various diseases. Anesthesia plays a key role, since every patient that undergoes surgery is anesthetized to manage the pain during the course of surgery. The major surgical procedures performed globally are orthopedics, cardiology, and neurology, owing to the high prevalence of these medical conditions. Such a high number of surgical procedures are expected to propel growth of the global anesthesia devices market.
In the near future, the anesthesia equipment industry is poised for significant advancements driven by technological innovation and patient-centric approaches. The industry will witness the integration of artificial intelligence and machine learning algorithms to enhance patient monitoring, optimize drug dosages, and improve the overall safety and efficiency of anesthesia delivery. Minimally invasive techniques will gain prominence, reducing invasiveness, and improving patient comfort and recovery. Patient-centric monitoring systems, including wearable devices and non-invasive sensors, will enable real-time remote monitoring and improved patient outcomes. Safety features will be enhanced with advanced alarms and fail-safe systems, and sustainability and environmental considerations will be prioritized. The integration of anesthesia equipment with healthcare systems, including telemedicine and remote anesthesia services, will further expand access to anesthesia care and improve collaboration among healthcare professionals.
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Anesthesia devices accounted for the largest share of the anesthesia equipment market.
Based on the type, the anesthesia equipment market is segmented into anesthesia devices and anesthesia disposables. In 2022, anesthesia devices hold the major share of anesthesia equipment market. The large share of the anesthesia devices segment can be attributed to the rising focus on patient safety, growing geriatric population and expansion of healthcare infrastructure.
The hospitals segment accounted for the largest share of the anesthesia equipment market.
Based on the end user, the anesthesia equipment market is segmented into hospitals, clinics, ambulatory surgical centers, and other end users. In 2022, the large share of the hospitals segment can be attributed to the growing investments in healthcare sector. Many private enterprises are taking steps to cater to the needs of modern and well-equipped state-run healthcare facilities in key regions. The private hospital sector is expected to maintain higher growth over the coming years owing to regulatory changes, market demand, and capital investments.
North America segment accounted for the largest share of the anesthesia equipment market.
The global anesthesia equipment market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America segment accounted for the largest share of the anesthesia equipment market. The large share of North America in the global market is attributed to the high investments by hospitals, strong focus on research activities to improve surgical techniques.
Anesthesia Equipment Market Dynamics:
Drivers:
- Rising prevalence of chronic disorders
Restraints:
- Unfavorable reimbursement scenario
Opportunities:
- High growth in developing countries
Challenges:
- Hospital budget cuts
Key Market Players:
The major players in the anesthesia equipment market include GE Healthcare (US), Dragerwerk Ag & Co. KGAA (Germany), Koninklijke Philips N.V. (Netherlands), Ambu AS (Denmark), Medline Industries Inc. (US).
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Recent Developments:
- In April 2022, GE Healthcare received the FDA pre-market approval (PMA) for its End-tidal (Et) Control software for general anesthesia delivery on its Aisys CS2Anesthesia Delivery System.
- In May 2022, Fisher & Paykel Healthcare expands offering in anesthesia with the release of the Optiflow Switch and Optiflow Trace.
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