At CAGR 12%, Global Anaesthesia Monitoring Device Market Showing Impressive Growth Forecast for Period 2016-2023: Occams Business Research & Consulting Pvt. Ltd.
INDORE, India, September 18, 2017 /PRNewswire/ --
Food and Drug Administration (FDA) defines anaesthesia as a reversible state of unconsciousness resulting in lack of pain and muscle relaxation. Anaesthesia monitoring devices, multi parameter patient monitors are used to gauge patient's response on administered anaesthetic drug during surgery. Using anaesthesia monitoring device helps to reduce chances of drug overdose and other risks involved in anaesthesia throughout the surgery such as hallucinations, dementia, seizures, nausea etc. Anaesthesia monitoring devices available in the market are of two configurations, high end workstation and standalone unit. According to National Centre for Biotechnology Information (NCBI) USA, on an average, 30 million anaesthetics are administered in USA every year. Anaesthesia devices (monitoring & administering) account for an average of 7% of typical hospital expenditure in USA according to Journal Current Opinion in Anaesthesiology in 2015. Global anaesthesia monitoring device market is projected to rise at CAGR of 12% for the forecast period 2016-2023. Increasing healthcare expenditure, rising number of cosmetic & orthopaedic surgeries, aging population, risk involved in surgery, complications & deaths, and new technology innovations are some of the factors aiding global anaesthesia monitoring device market during the forecasted period. Lack of skilled anaesthetists, high cost of anaesthesia monitoring devices, stringent government regulations are some of the factors hampering global anaesthesia monitoring device market growth during the forecast period of 2016-2023.
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Aging population: Growth driver
According to National Institute of Health (NIH) US, by 2050, geriatric population (65 years and above) across the globe is anticipated to reach 1.6 billion (17%) an increase from 8.5% in 2016. Both Europe and Asia Pacific is anticipated to be the centre for aging population till 2025, according to NIH. Geriatric population is generally sensitive to drugs. With aging, body's ability to sustain xenobiotic reaction reduces hence increasing probability of drug reaction. Hence, administering anaesthetic drug to an elderly is often a challenging task as compared to younger counterparts. Germany, Italy, Greece, France, and Netherland are countries with of more than 17% population aged 60 years and above according to British Journal of Surgery (BJS). Moreover, healthcare expenditure amongst Germany (11.1% of GDP), France (11%) and Netherlands (10.8%) remains highest in Europe according to OECD, and is projected to grow at an average 2% per annum. Similarly, elderly population in Asia Pacific is expected increase by 71% by the end of 2020, adding additional 200million people aged 60 years and above according to Oxford Economics Study. China, Japan, Hong Kong, Australia, New-Zealand, South Korea and Taiwan are countries anticipated to have more than 18% of their population aged 60 years and above by 2030, according to United Nation Population Division estimate. Increasing healthcare expenditure and rising aging population would drive demand for anaesthesia monitoring devices in Europe. Oxford Economics anticipates cumulative elderly healthcare expenditure from 2015 to 2020 to touch $20 trillion in Asia Pacific. Increasing healthcare expenditure and rising aging population would drive demand for anaesthesia monitoring devices in Europe and Asia Pacific. Increasing number of surgeries of elderly population is likely to supplement demand for anaesthetic monitoring devices. National Survey Ambulatory Surgery USA, anticipates the number of surgeries performed on geriatric population is likely to increase by 12% per annum in the US alone. Cardiothoracic, cardiovascular, neurology, ophthalmology and general cosmetics are some of the common surgeries observed amongst the elderly population. Asia Pacific, North America and Europe leads in number of surgeries performed on geriatric population, according to NCBI. Besides general healthcare operations, demand for cosmetic surgeries amongst geriatric population is increasing every year. According to American Society of Aesthetic & Plastic Surgery (ASAPS), in 2016, more than 11% of adults aged 60 years & above underwent some form of cosmetic surgery in USA. International Society of Aesthetic Plastic Surgery (ISAPS) predicts cosmetic procedures amongst geriatric population to increase by an average of 10% per annum till 2020 globally. From facts above it is sufficed to say that increasing aging population is likely to drive demand for anaesthetic monitoring devices for the forecasted period.
Asia Pacific: Fastest growing market
Asia Pacific is the fastest growing market for global anaesthetic monitoring device according to OBRC analysis. Increasing healthcare expenditure, demand for quality treatment regime, positive economic outlook and supportive government initiatives, are the prime factors aiding global anaesthetic monitoring device market in Asia Pacific. Healthcare expenditure in Asia Pacific is estimated to reach $2.5trillion by 2019, growing at 9.5% per annum, according to International Society of Pharmacoeconomic and Outcomes Research (ISPOR). Increase in healthcare expenditure will be led by India, China, Australia, Japan, South Korea, Indonesia, Singapore, Thailand and Malaysia. Both, India and China are lucrative investment destination for anaesthetic monitoring device market. Together, India & China account for over 55% of Asia Pacific's total population according to United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) in 2017. Also, healthcare expenditure in India and China together is projected to grow by an average of 9% per annum till 2019. Japan has the highest proportion of geriatric population in the world. In 2016, more than 20% of the total Japanese population comprise of adults aged 60 years and above according to World Health Organization. Moreover, Japan along with South Korea, Chinese Taipei, India, and Australia are leading markets for cosmetic & aesthetic surgery in Asia Pacific according to web editorial Plastic Surgery Practice. ISAPS estimates total number of cosmetic & aesthetic surgeries across Asia Pacific is anticipated to increase by an average 3.8% every year.
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