Anesthesia Monitoring Devices Market
Number of pages: 100 | Report Format: PDF | Published date: 07 March, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market size value in 2022 |
US$ 1.87 billion |
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Revenue forecast in 2031 |
US$ 6.69 billion |
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Growth Rate |
CAGR of 13.6% from 2023 to 2031 |
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Base year for estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments covered |
Product, End-user, and Region. |
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Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global anesthesia monitoring devices market was valued at US$ 1.87 billion in 2022 and is expected to register a revenue CAGR of 13.6% to reach US$ 6.69 billion by 2031.
Market Fundamentals
An important part of anesthesia care is perpetual monitoring. All forms of anesthesia require anesthesia professionals to keep an eye on the patient's physiologic conditions and the anesthesia devices because both anesthesia and surgery can cause abrupt changes in vital indications. The use of anesthesia monitoring devices helps regulate the dosage of anesthetic medications, identify physiologic changes, and intervene before an adverse event. Anesthesia monitoring devices deliver anesthetic substances to the patient, including gases, drugs, and fluids. They also measure and show the patient's physiological state and track the reaction to anesthesia during surgery. The main function of these devices is to measure oxygenation, circulation, ventilation, and temperature, depending on the surgery being performed. Hospitals, ambulatory surgical centers, and other research facilities are the primary settings for using the devices. The anesthesia monitoring devices market mainly depends on global improvements in healthcare facilities ease and life expectancy. The use of anesthesia monitoring devices aids the anesthetist in keeping track of the anesthetic drug dosage of patients. This is a crucial process because using a high dose of anesthetic could prolong the patient's recovery from the operation while using a low dose could leave the patient conscious during the operation.
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Market Dynamics
Surgery plays a crucial part in treating a wide range of illnesses and reducing pain in people. It is necessary for all ages, from newborns with congenital anomalies to those with impairments. Surgery can be curative, as in the case of many cancers, or preventive, as in decreasing HIV transmission through circumcision. It is frequently used to treat chronic illnesses like osteoarthritis, inflammatory disorders, and urgent emergencies. Additionally, many conditions diagnoses and supportive treatment depend on surgical care. Researchers and economists now agree that surgical care is essential to healthcare and adds to overall social and economic development, acknowledging its many roles. Therefore, the number of surgical procedures is rising alarmingly globally due to the prevalence of different diseases. Every patient undergoing surgery is sedated in order to control pain during the process, making anesthesia crucial. Orthopedic, cardiology and neurological surgeries are the most frequently done surgeries globally due to the high prevalence of these medical conditions. The anesthesia monitoring devices market is anticipated to grow due to the increasing number of surgical procedures. The global anesthesia monitoring devices market is being driven by the introduction of numerous new monitoring techniques, including monitoring the depth of anesthesia, goal-directed fluid therapy, sophisticated neurological monitoring, improved warning devices, and technological advancements within the objective pain assessment. A rise in the demand for painless surgeries and the creation of automated record-keeping systems are two additional market-driving factors.
However, the high cost of anesthesia monitoring devices is the major restraining factor to the global anesthesia monitoring devices market growth.
Market Ecosystem
The global anesthesia monitoring devices market is analyzed from three perspectives: Product, End-user, and Region.
Anesthesia Monitoring Devices Market by Product
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Based on the products, the global anesthesia monitoring devices market is segmented as basic anesthesia monitors, advanced anesthesia monitors, integrated anesthesia monitors, and others. The advanced anesthesia monitoring devices segment is further classified into anesthesia gas monitors, depth of anesthesia monitors, standalone capnography monitors, others.
The advanced anesthesia monitors segment accounted for the largest revenue share of the global anesthesia monitor devices market in 2022. Also, anesthesia gas monitors dominated the global market with a large revenue share. Advanced anesthesia monitoring devices are better at monitoring anesthesia and are more robust, dependable, and accurate. The demand also increased over time as a result of the sophisticated monitoring devices and their ability to track crucial parameters like blood pressure, heart rate, and levels of carbon dioxide and oxygen in the blood. Many new features of advanced anesthesia monitoring have emerged due to recent technological improvements. Several cutting-edge anesthesia tracking devices can track sedation levels during anesthesia. The most frequently used anesthetic chemicals are halothane, nitrous oxide, isoflurane, sevoflurane, and desflurane. Acute nausea, vomiting, and malignant hyperthermia are the inhaled are most common side effects of anesthetic drugs. Anesthesia gas sensors are frequently used worldwide to prevent these unfavorable situations and provide adequate anesthesia. Using anesthetic gas monitoring systems helps ensure the desired agent concentration is delivered, especially when low-flow anesthesia is used. These contingencies include accidental agent overdose, pseudo-awareness detection, vaporizer filled with the wrong agent, and monitoring of uptake and distribution. Due to these features, gas monitors are necessary during operations involving gas anesthesia, significantly impacting segment growth. Along with new product introductions, technological advancements, and strategic expansion plans like mergers and acquisitions, and partnerships by market players in the region, the growing demand for anesthetic gas monitoring systems due to an increase in surgical procedures around the world is anticipated to fuel the growth of the gas monitor segment in the anesthesia monitoring devices market.
Anesthesia Monitoring Devices Market by End-user
Based on the end-users, the global anesthesia monitoring devices market is segmented into hospitals and ambulatory surgery centers.
The ambulatory surgery centers segment accounted for the largest revenue share of the global anesthesia monitoring devices market in 2022. Ambulatory surgery centers (ASCs) are licensed medical facilities that provide outpatient surgical procedures. Ambulatory surgery facilities have transformed the outpatient experience for millions of people worldwide by offering a more practical option for various operations. For instance, concerning ambulatory surgery facilities, the number of major and minor outpatient surgical procedures has sharply increased in the U.S. over the past 40 years. Additionally, in the U.S., over 5,300 ambulatory surgical centers nationwide conducted over 25 million operations, according to the Ambulatory Surgery Center Association (ASCA). The reasons behind the development of this sector are different advantageous factors related to the service. Ambulatory surgical centers typically have a lower infection rate than hospitals for typical hospital-acquired infections since it only accepts generally healthy patients with orthopedic surgery.
Moreover, ambulatory surgical centers have highly skilled personnel with all the necessary instruments to provide orthopedic patient care. As a result, the turn around time between procedures is significantly reduced, which makes the surgical schedule considerably more productive. Also, ambulatory surgical centers allow the patient to recover at home. After surgery, a patient doing well can be discharged and safely moved to their own home, where they can recuperate more comfortably than they could in a hospital. Moreover, these facilities are included in the scope of Non-Operating Room Anesthesia (NORA), and because they use complicated and difficult medical procedures, they need highly sophisticated anesthesia systems. Additionally, these facilities are frequently chosen over hospitals because they offer a superior non-hospital based outpatient experience and save patients a significant amount of time and money.
Anesthesia Monitoring Devices Market by Region
Based on the region, the global anesthesia monitoring devices market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle east & Africa.
North America accounted for the largest revenue share of the global anesthesia monitoring devices market in 2022. The development of basic, secondary, and tertiary care hospitals in the region of North America was facilitated by their availability. Anesthesia monitoring was made possible by the well-established reimbursement network, favorable government financing, and rising public awareness of health issues. The number of diseases, such as obesity, cardiovascular issues, and various cancers, is expected to continue to rise in the United States, which has led to an increase in both open and minimally invasive procedures. The market for anesthesia monitoring devices has grown owing to the rise in the number of minimally invasive surgeries for chronic illnesses.
Asia Pacific, on the other hand, is anticipated to experience profitable growth during the forecast era. The enormous population base's unmet requirements and the region's expanding healthcare system are expected to accelerate the region's growth. For instance, in 2021, Chinese hospitals have performed over 81 million inpatient surgical procedures. The figure varied significantly by geographical area. The southern province of Guangdong had more than nine million operations last year, while the western province of Qinghai had fewer than 250,000.
Competitive Landscape
Among the most important strategic actions done in this sector to stay competitive are new product development and joint ventures. For instance, Drager's Innovian Solution Suite automatically gathers data from various monitors, ventilators, and other medical equipment. This data is then combined into a single user-friendly interface that is simple to access. Some key players operating in the anesthesia monitoring devices market include
Strategic Development
Anesthesia monitoring devices are used to check the patient’s response to anesthesia. Parameters such as oxygenation, circulation, ventilation, and temperature can be used to monitor anesthesia.
Increasing surgical procedures and high prevalence of chronic diseases are the key trend governing the growth of global anesthesia monitoring devices market.
Key companies operating the global anesthesia monitoring devices market are Masimo Corporation, Fukuda Denshi Co. Ltd., Infinium Medical, Inc., Medtronic plc, GE Healthcare, Nihon Kohden Corp., Philips Healthcare, Mindray Medical International Ltd., Drägerwerk AG & Co. KGaA, and Schiller AG.
High cost of the anesthesia devices is the factor restricting the growth of global market.
The global anesthesia monitoring devices market is expected to grow at a revenue CAGR of13.6 % during the forecast period from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain
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Snehal Deshmukh
Principle Consultant
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