Anesthesia is required to induce unconsciousness during surgery. Anesthesia in general terms is insensitivity to pain. Anesthesia monitoring devices are used to check patient’s responsiveness towards anesthesia during surgery. The involvement of such devices depends on the type of surgery that is performed and it differs with different situations. Such devices help the anesthetics to monitor the proper administration of anesthesia and proper monitoring would reduce the risk involved with anesthesia and surgery.
Growing geriatric population is one of the key factors driving the growth of global anesthesia monitoring devices market across the globe. This population is prone to degenerative diseases and chronic illnesses which results in an increased number of therapeutics and surgeries. The demand for continuous monitoring would stimulate the growth of this market. Further, growing number of surgeries is another major factor responsible for the growth of this market. Technological advancements and need for constantly upgrading such devices in order to suit the specific requirements of its consumers is a key factor pushing the demand for anesthesia monitoring devices, globally. The impact of this driver is expected to remain high throughout the forecast period.
However, high cost of anesthesia monitoring devices refrain the small-scale clinics from keeping such products, since using these devices would increase the overall statement of the consumers and might as well go beyond their affordability. Thus, high cost of these devices is barring the growth of the market at present. Usage of conventional techniques in administering anesthesia without use of monitors is another factor restricting the growth of this market. The impact of this factor is high in developing regions such as Middle East and Africa and Latin America.
Increased market penetration and proper awareness towards the benefits offered by these devices would ensure steady growth of this market in the future, thus acting as a crucial opportunity for the growth of this market. The global anesthesia monitoring devices market is bifurcated on the basis of product types into advance anesthesia monitors which are inclusive of; standalone capnography monitors, gas monitors, and MRI compatible monitors among others. Other devices include basic anesthesia monitors, integrated anesthesia monitors and IT enabled monitors. The market is also bifurcated on the basis of end use into hospitals and ambulatory surgery centers.
North America is the major contributor in the global anesthesia monitoring devices market owing to the increasing number of surgeries which, in turn, has raised the awareness among surgeons towards the benefits offered by anesthesia monitoring devices. Further, owing to rapid advancements in the field of technology, and growing competition in the market, there is a need for persistent and sophisticated technological advancements for better outcome. Europe is also anticipated to witness a healthy growth during the forecast period. However, due to improvement in the healthcare sector, Asia-Pacific is expected to be the fastest growing market for anesthesia monitoring devices. Increasing spending capacity of the consumers would ensure further growth of this market in the emerging countries such as India, China and Japan among others. Further, re-imbursement facilities, funding issued by the government, and increased healthcare awareness has also paved the way for steady demand of anesthesia monitoring devices in Asia-Pacific.
The global anesthesia monitoring devices market is marked by some tough competition from key players operating in this market. Mergers and acquisitions, joint ventures and partnerships, expansions and product innovations among others are some of the key strategies adopted by players in order to ensure sustenance in this market. Phillips Healthcare, Masimo and Fukuda Denshi are some of the key players operating in this market.