Rise in prevalence of respiratory diseases, increase in number of surgical procedures, surge in pollution level, and increase in tobacco consumption drive the growth in the global anesthesia and respiratory devices market
PORTLAND, Oregon, Feb. 14, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Anesthesia and Respiratory Devices Market by Product [Anesthesia (Anesthesia Delivery Machines, Anesthesia Disposables & Accessories, Anesthesia Monitors, and Anesthesia Information Management Systems) and Respiratory Devices (Therapeutic Devices, Monitoring Devices, Diagnostic Devices, and Consumables & Accessories)] and End User (Hospitals, Ambulatory Service Centers, Homecare, and Clinics) - Global Opportunity Analysis and Industry Forecast, 2017-2023." The report provides a detailed analysis of drivers & opportunities, top investment pockets, market size & estimations, and competitive scenario. According to the report, the global anesthesia and respiratory devices market is expected to garner $38.29 billion by 2023, from $25.21 billion in 2017, growing at a CAGR of 7.2% from 2017 to 2023.
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Rise in prevalence of respiratory diseases, increase in number of surgical procedures, surge in pollution level, and increase in tobacco consumption drive the growth in the market. In addition, rapid urbanization and supportive government policies supplement the market growth. However, risks related to therapeutic and diagnostic devices for neonates and low adoption rate of new technologies restrain the growth of the market. On the other hand, increase in demand for therapeutic devices for homecare settings and surge in healthcare expenditures create new opportunities in the industry.
Respiratory devices to be a lucrative segment
Respiratory devices contributed to nearly three-fifths of the total market share in 2017 and is expected to dominate in terms of revenue by 2023. Moreover, this segment is expected to grow at the fastest CAGR of 7.3% from 2017 to 2023. It is a lucrative segment owing to significant rise in pollution worldwide and lack of awareness regarding utilization of masks for protection against the aerosols and other particulate matter, and rise in prevalence of respiratory diseases such as asthma, respiratory infections, and tuberculosis. The research also explores anesthesia devices.
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North America to maintain its dominant share in terms of revenue throughout the forecast period
North America accounted for nearly two-fifths of the total market share in 2017 and will maintain its dominant share throughout the forecast period. This is due to technological advancements in medications & surgical equipment and rise in adoption of modern anesthetics in this region. However, Asia-Pacific would register the highest CAGR of 8.1% from 2017 to 2023, owing to surge in incidence of respiratory disorders such as COPD, asthma, and lung cancer along with increase in geriatric population and increasing inclination toward homecare monitoring. The report also discusses Europe and Latin America, Middle East, and Africa (LAMEA).
Leading market players
Leading market players analyzed in the report include Teleflex Incorporated, Smiths Group Plc., SunMed, Medtronic Plc., ResMed Inc., Koninklijke Philips N.V., Masimo Corporation, Hamilton Medical AG, Invacare Corporation, GE Healthcare, Drägerwerk AG & Co. KGaA, Fisher & Paykel Healthcare Limited, and others.
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