The global anesthesia & respiratory devices market is expected to grow at a CAGR of around 6.5% from 2020 to 2027 and expected to reach the market value of around US$ 43.7 Bn by 2027.
Anesthesia and respiratory devices are equipped with ventilators that provide patients of respiratory failure with life-sustaining mechanical ventilation. Instruments and techniques for administering or delivering anesthesia to patients are known as anesthesia equipment and accessories. Respiratory treatment devices are also commonly used to diagnose and treat respiratory problems such as COPD, asthma, tuberculosis, and pneumonia.
Impact of COVID-19 on anesthesia & respiratory care devices market
During the start COVID-19 pandemic, the hospitals had challenges in supplying emergency ventilation to individual patient due to unprecedented demand from hospital and ICU services. The US Department of Health and Human Services (HHS) and the Federal Emergency Management Agency (FEMA) collaborated with multiple organizations to sustain the balance between demand and supply of anesthesia and respiratory equipment, involving healthcare systems, research institutions, professional medical societies, and the National Academies of Science, Engineering, and Medicine. In addition, in response to inadequate supply and availability of anesthesia & respiratory devices, the FDA-cleared ventilators for use in healthcare settings to treat patients during the COVID-19 pandemic. To overcome such challenging situation, the Food and Drug Administration (FDA) released an umbrella Emergency Use Authorization (EUA). Apart from that, the FDA collaborated closely with the Strategic National Stockpile (SNS) to develop strategies for the use of respirators and respiratory accessories in the SNS. High-flow nasal cannulae (HFNC) is a type of oxygen therapy that is less invasive than mechanical ventilation and has proven clinical effectiveness in the treatment of serious and critical COVID-19 patients, according to reports released by the US Department of Health and Human Services. The Office of the Assistant Secretary for Preparedness and Response (ASPR) is currently providing 30,000 HFNC kits for the Strategic National Stockpile (SNS) to allow GM/Ventec V+Pro ventilators to provide this type of therapy. This is the only probable respiratory model in the SNS. As part of the acquisition of the COVID-19 ventilator, the SNS presently holds 30,000 Ventec V+Pro ventilators that will be paired 1:1 with these new HFNC kits.
Rising prevalence of respiratory diseases is projected to drive the global anesthesia & respiratory devices market globally
According to the World Health Organization (WHO), respiratory diseases are the leading cause of death and disability worldwide. About 65 million people suffer from chronic obstructive pulmonary disorder (COPD) and 3 million die every year, making it the world's third leading cause of death. In addition, according to the Australian Disease Expenditure Study in 2015-2016, an estimated 3.5% of the total expenditure on disease in the Australian health system accounting to US$ 4 billion has been attributed to respiratory conditions. In addition, respiratory disease accounted for 7.5% of all deaths in the European Union (EU) in 2016.
High government involvement and fast product approvals propels the growth of respiratory & anesthesia devices market globally
According to reports published by The Therapeutic Goods Administration (TGA), the exemption has been announced, that began in April 2020 and remained in force until January 2021. The exemption encouraged ventilators manufactured in Australia to comply with minimum technical requirements to be supplied in Australia that meet the criteria of minimum technical requirements. In addition, ventilators to be supplied to hospitals have been exempted from TGA approval. This exemption was made to support the Australian Government's rapid response to the emergency COVID-19 by facilitating access to medical devices for the treatment of patients requiring invasive ventilation. In addition, the U.S. Department of Health & Human Services reports that, in order to shorten the time allowed for product licensing and reduce the spread of COVID-19, federal agencies aimed at identifying products and technologies that have progressed beyond non-clinical studies. Moreover, the formation of domestic large-scale manufacturing capacities combined with commercial Good Manufacturing Practices (cGMP) and the use of a platform to manufacture a product is already approved by the FDA.
The anesthesia & respiratory devices is broadly segmented based on product and end-user. By product, the market is bifurcated as Anesthesia Devices and Respiratory Devices. Anesthesia devices are segmented as machines and disposables. Machines are further segmented into delivery machines, monitors, ventilators, and workstations. Disposables are classified into disposable masks and disposables accessories. Furthermore, respiratory devices are segmented as equipment, disposables, and measurement devices. Equipment is further segmented as positive airway pressure, ventilators, nebulizers, humidifiers, inhalers, oxygen concentrators, and reusable resuscitators. Disposables are further segmented as disposable oxygen masks, resuscitators, tracheostomy tubes, and oxygen cannulae. Measurement devices are segmented as pulse oximeters, capnography, spirometers, and peak flow meters. By end-user, the market is segmented as hospitals, clinics, homecare settings, and ambulatory service centers.
Based on product segment, respiratory devices are anticipated to witness fastest growth in the forecast period. Rising prevalence of respiratory devices, rising number of surgical procedures, and surging healthcare expenditure are the prominent factors that contribute for the growth of anesthesia & respiratory devices market globally.
North America is expected to have a dominant share in the forecast period. Rising adoption of technologically advanced devices in this region, an increase in investment by pharmaceutical companies, and an increase in healthcare expenditure are promising factors responsible for the growth of the global market for anesthesia and respiratory devices.
On the other hand, Asia-Pacific is expected to witness lucrative growth in recording all-time high CAGR in the coming years. Among the Asia-Pacific regional market, Japan seems to have the largest market share for anesthesia & respiratory devices worldwide. In addition, India and China are expected to see significant growth that will ultimately contribute to the growth of the market for anesthesia and respiratory devices in the coming years. As both countries are experiencing a high prevalence of pulmonary diseases, there is a growing demand for respiratory and anesthesia devices in emerging economies such as China, India, and Japan. According to estimates published in the International Journal of Pulmonary and Respiratory Sciences, COPD was the second largest cause of death in India in 2016. The growing pool of patients suffering from respiratory devices has resulted in a high demand for advanced medical devices consisting of anesthesia and respiratory devices that is driving the regional market.
Prominent players for anesthesia & respiratory devices market involve CAIRE Inc., B. Braun Medical Inc., Becton, Dickinson and Company, Medtronic plc, Drägerwerk AG, Getinge AB., GE Healthcare, Koninklijke Philips N.V., Teleflex Incorporated., among others
Market By Product
Market By End User
Ambulatory Service Centers
Market By Geography
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
• Rest of Latin America
Middle East & Africa
• South Africa
• Rest of Middle East & Africa
Anesthesia & respiratory devices is expected to reach a market value of around US$ 43.7 Bn by 2027.
The anesthesia & respiratory devices market is expected to grow at a CAGR of around 6.5% from 2020 to 2027.
Based on product, respiratory devices segment is the leading segment in the overall market.
Government involvement and support is one of the prominent factors that drive the demand for anesthesia & respiratory devices market.
CAIRE Inc., B. Braun Medical Inc., Becton, Dickinson and Company, Medtronic plc, Drägerwerk AG, Getinge AB., GE Healthcare, Koninklijke Philips N.V., Teleflex Incorporated., and among others.
North America is anticipated to grab the highest market share in the regional market
Asia Pacific is expected to be the fastest growing market in the forthcoming years