Technological advancements in anesthesia monitoring and surge in the number of surgical procedures fuel the growth of the global anesthesia machinery market.
PORTLAND, Oregon, May 5, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Anesthesia Machinery Market by Product (Continuous Anesthesia Machinery and Intermittent Anesthesia Machinery), Subject (Human and Veterinary), Application (Nervous System Surgeries, Respiratory System Surgeries, Musculoskeletal System Surgeries, Cardiovascular System Surgeries, Digestive System Surgeries, Urinary System Surgeries, and ENT System Surgeries), End User (Hospitals, Point Of Care, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global anesthesia machinery industry was estimated at $2.00 billion in 2018, and is anticipated to hit $3.28 billion by 2026, registering a CAGR of 6.3% from 2019 to 2026.
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Technological advancements in anesthesia monitoring and surge in the number of surgical procedures fuel the growth of the global anesthesia machinery market. On the other hand, high cost of installation and maintenance and several regulatory compliances impede the growth to some extent. However, rise in demand for quality healthcare monitoring and untapped opportunities in emerging economies are expected to create multiple opportunities in the industry.
- The rapidly increasing demand for healthcare facilities threatens the entire system to work effectively.
- Disruption in the supply chain leads to a shortage of anesthesia machinery in hospitals.
- Viable virus on health-care workers' mobile phones and hospital equipment can cause nosocomial transmission and thus, restraining patients from opting for elective surgeries until the pandemic gets over.
The human segment to dominate by 2026-
Based on subject, the human segment accounted for nearly four-fifths of the global anesthesia machinery market share in 2018, and is expected to rule the roost by 2026. Increase in surgical procedures performed in humans and larger availability of hospitals with human anesthetic machines fuel the segment growth. The veterinary segment, on the other hand, would grow at the fastest CAGR of 7.0% during the study period.
The musculoskeletal system surgeries segment to maintain the dominant share-
Based on application, the musculoskeletal system surgeries segment contributed to more than one-fourth of the global anesthesia machinery market revenue in 2018, and is anticipated to lead the trail by the end of 2026. Increase in the number of musculoskeletal surgeries drives the segment growth. Simultaneously, the respiratory system surgeries segment would register the fastest CAGR of 7.6% from 2019 to 2026. Increase in respiratory disorders such as Chronic obstructive pulmonary disease (COPD) and rise in respiratory surgeries which needs anesthesia machinery during treatment boost the growth of the segment.
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North America garnered the major share in 2018 –
Based on region, North America held the highest share in 2018, garnering nearly two-fifths of the global anesthesia machinery market. This is attributed to increasing adoption of modern anesthetics in this province. Simultaneously, the Asia-Pacific region would cite the fastest CAGR of 7.8% till 2026. This is due to increase in demand for quality anesthetics, rise in awareness regarding anesthesia machinery, and surge in the overall patient base.
Key players in the industry-
- Fisher & Paykel Healthcare Limited
- General Electric Company
- Vyaire Medical Inc.
- Teleflex Incorporated
- HEYER Medical AG
- Koninklijke Philips N.V.
- Cardinal Health Inc
- Mindray DS USA Inc
- Smiths Group Plc.
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SOURCE Allied Market Research