Anesthesia And Respiratory Devices Market Definition
The anesthesia and respiratory devices market consists of sales of anesthesia and respiratory devices and related services by entities that manufacture anesthesia and respiratory devices used in the diagnosis and treatment of respiratory diseases such as asthma, cystic fibrosis, and acute respiratory distress syndrome.
Anesthesia devices are medical devices used to support the administration of anesthetics and medical gases such as nitrous oxide for the temporary induced loss of sensation or awareness. Anesthetics may include analgesia (used for relief from or prevention of pain) and temporary paralysis (used for muscle relaxation). Respiratory devices are used to provide medication or assist a patient who is having difficulty in breathing and cannot achieve adequate oxygen levels to maintain life.
Anesthesia And Respiratory Devices Market Size
The global anesthesia and respiratory devices market reached a value of nearly $20.7 billion in 2018, having increased at a compound annual growth rate (CAGR) of 2.5% since 2014, and is expected to grow at a CAGR of 2.6% to nearly $22.9 billion by 2022.
Growth in the historic period resulted from the increased demand for home healthcare, increased prevalence of respiratory diseases globally, increased number of surgical procedures, the rise in the size of geriatric population and the rise in healthcare expenditure in developing countries. Factors that negatively affected growth in the historic period were the high prices of advanced anesthesia and respiratory devices, lack of trained anesthesiologists and technical resources, low penetration rates of anesthesia devices in underdeveloped and developing countries, and stringent regulatory approval processes for medical devices.
Going forward, rising outsourcing of the production of medical devices, increasing prevalence of obstructive sleep apnea, large pool of undiagnosed populations, changing climate, technological advances in medical devices, and growing use of tobacco leading to chronic respiratory diseases will drive the growth. Factors that could hinder the growth of the anesthesia and respiratory devices market in the future include new regulations for administration of anesthetic agents, retraction of insurance, and low per capita healthcare expenditure in underdeveloped and developing economies.
Anesthesia And Respiratory Devices Market Drivers
The key drivers of the anesthesia and respiratory devices market include:
Growth In Home Healthcare
Increased demand for home healthcare had a positive impact on the growth of the global anesthesia and respiratory devices market during 2014-2018. The impact was mainly caused by the need of patients to mitigate total healthcare expenditures by reducing hospital stays and reducing the dependence on nursing staff. Home healthcare for respiratory therapy is proven to improve the quality of life of the patients, functional status, symptoms, and overall health perceptions with positive behavioral changes. In cases of chronic illnesses, this type of healthcare is often aimed to provide pain management and psychological comfort to the patients. Furthermore, hospital and government initiatives in different countries also drove the adoption of home healthcare treatments. In 2012, the USA Centers for Medicare and Medicaid Services (CMS) implemented a hospital readmission reduction program (HRRP) that evaluates penalties if patients are returned to the hospital within 30 days for chronic obstructive pulmonary disease (COPD) to reduce the financial burden on patients. Similarly, in 2013, Saudi Arabia’s Ministry of Health established the Madinah Home Medical Program (MHMP) Center to facilitate home respiratory therapy (HRT) services. According to a research survey on this initiative, 90% of overall patients were either satisfied or very satisfied with the services of these centers. Increased adoption of home healthcare supported by hospital and government initiatives drove the demand for portable respiratory devices.
Anesthesia And Respiratory Devices Market Restraints
The key restraints of the anesthesia and respiratory devices market include:
High Prices Of Advanced Devices
During the historic period, the limited affordability of advanced anesthesia and respiratory machines due to their high prices proved to be a restraint on the anesthesia and respiratory devices market. The prices of anesthesia machines generally depend on the type of functions offered by the machines. The starting price of anesthesia machines varies from $1000 to $6000 and more . High price tags on advanced anesthesia machines restrain consumers’ spending, as medical device expenditure on average accounts for $56.8 a year, for purchasing the devices for home use. The high prices of advanced anesthesia machines hindered the growth of the market.
Anesthesia And Respiratory Devices Market Trends
Major trends influencing the anesthesia and respiratory devices market include:
Smart Inhalers For Asthma Patients
Respiratory devices manufacturers are offering smart inhalers with sensors and inter-connected apps and digital platforms focused on studying usage patterns, and measuring peak respiratory flow rate. Digital connectivity allows patients to connect the inhalers to the mobile phones or personal computers to set timely alarms to plan the daily dosage. This allows companies to improve patients’ asthma therapies by ensuring adherence to the prescription; keeping their condition under control. The use of such smart inhalers reduces emergency hospitalizations due to asthma attacks, and makes treatments well-planned and organized. Adherium, a smart inhaler manufacturing company, has received 510(k) clearance for over-the-counter sales of its inhaler monitoring device for AstraZeneca’s Symbicort aerosol inhaler. Other smart inhalers in the respiratory devices market include Propeller Health, ProAir Digital Inhaler, and Gecko’s Inhaler.
Physiological Closed-Loop Controlled (PCLC) Devices
Physiological closed-loop controlled (PCLC) devices are being increasingly used in intensive care and emergency settings by anesthesiologists. These devices use feedback from physiological sensors such as information on unhealthy blood pressure, cardiac output, and respiratory gases to automatically change the rate at which medications or fluids are ventilated. The adoption of PCLC devices by anesthesiologists in operating rooms and intensive care units has empowered the anesthesiologists to bring a new level of precision and control into the practice avoiding the risk of seizures, overdose, and underdose. Modern-day PCLC devices are also embedded with portability features for military applications. Major companies producing PCLC devices include Medsteer and NeuroWave Systems Inc.
Anesthesia And Respiratory Devices Market Competitive Landscape
The global anesthesia and respiratory devices market is relatively concentrated. The top ten competitors in the global anesthesia and respiratory devices market made up 51.6% of the total market in 2018. Players in the market include Resmed, GE Healthcare, Philips Healthcare, Cardinal Health, Inc. and Fisher & Paykel Healthcare Corporation Limited.
China, Japan, India, Australia, USA, Brazil, UK, Germany, France, Spain, Italy, Russia
Opportunities And Recommendations In The Anesthesia And Respiratory Devices Market
Opportunities – The top opportunities in the anesthesia and respiratory devices market will arise in the respiratory devices market, which will gain $1.09 billion of global annual sales by 2022. The anesthesia and respiratory devices market size will gain the most in the USA at $0.81 billion. Market-trend-based strategies for the anesthesia and respiratory devices market include investing in smart inhalers, developing PCLC devices, manufacturing wearable respiratory devices, and enabling portability in devices. Player-adopted strategies in the anesthesia and respiratory devices market include expanding businesses in high growth geographic areas, developing innovative respiratory care products, and expanding in ventilation therapy through collaborations.
Recommendations – To take advantage of these opportunities, The Business Research Company recommends the anesthesia and respiratory devices companies to consider investing in research and development to develop advanced anesthesia and respiratory devices, adopting anesthesia information management systems (AIMS), focusing on low-cost markets, and offering competitive pricing, among other strategies.
Anesthesia And Respiratory Devices Market Segmentation
The anesthesia and respiratory devices market is segmented by type of equipment, by type of equipment of expenditure and by geography.
By Type Of Equipment-
The anesthesia and respiratory devices market can be segmented by type of equipment
- a) Respiratory Devices
- b) Anesthesia Machines
- c) Respiratory Disposables
- d) Anesthesia Disposables
The respiratory devices market was the largest segment of the anesthesia and respiratory devices market, accounting for 60% of the total in 2018. Going forward, the fastest-growing segments in the anesthesia and respiratory devices market will be anesthesia machines and respiratory devices, where growth will be at CAGRs of 3.8% and 2.1% respectively.
By Type Of Expenditure –
The anesthesia and respiratory devices market for each country is segmented by type of expenditure
The USA was the largest country in terms of private expenditure on anesthesia and respiratory devices, accounting for $4.94 billion in 2018.
By Geography-
The anesthesia and respiratory devices market is segmented into
- o North America
- o Western Europe
- UK
- Germany
- France
- Spain
- Italy
- o Asia Pacific
- China
- Japan
- India
- Australia
- o Eastern Europe
- o South America
- o Middle East
- o Africa
North America was the largest region in the global anesthesia and respiratory devices market, accounting for 48% of the total in 2018. It was followed by Western Europe, Asia-Pacific, and then the other regions. Going forward, the fastest-growing regions in the anesthesia and respiratory devices market will be Asia-Pacific and the Middle East.
Anesthesia And Respiratory Devices Competitive Landscape
Major Competitors are:
- • Resmed Inc.
- • General Electric Company
- • Koninklijke Philips N.V.
- • Cardinal Health, Inc.
- • Medtronic Plc
Other Competitors Include:
- • SunMed
- • Getinge Group
- • Masimo
- • Teleflex Inc.
- • 3M
- • Novartis
- • Masimo Corporation
- • Draegerwerk AG
- • Fisher & Paykel Healthcare Limited
- • Dickinson & Company
- • Hamilton Medical AG
- • Becton
- • Flexicare
- • Covidien plc
- • Philips Healthcare
- • Fisher & Paykel Healthcare Corporation Limited
- • Smiths Medical India Pvt Ltd
- • Metran Co., Ltd.
- • M.I.C Co., Ltd.
- • B. Braun Medical Inc.
