Number of pages: 100 | Report Format: PDF | Published date: March 07, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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.
Anesthesia Monitoring Devices Market Fundamentals
Perpetual monitoring is an important part of anesthesia care. All forms of anesthesia require anesthesia professionals to monitor the patient’s physiologic conditions and the anesthesia devices, as both anesthesia and surgery can cause abrupt changes in vital indications. The usage 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 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 as 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.
Anesthesia Monitoring Devices Market Dynamics
Surgery is crucial in treating a wide range of illnesses and reducing pain. 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, such as osteoarthritis, inflammatory disorders, and emergencies. Additionally, many conditions, diagnoses, and supportive treatments 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. The number of surgical procedures is rising alarmingly globally due to the prevalence of different diseases. Every patient undergoing surgery is sedated to control pain, making anesthesia crucial. Orthopedic, cardiology, and neurological surgeries are the most common 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. Moreover, the 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 objective pain assessment. A rise in the demand for painless surgeries and the creation of automated record-keeping systems are two additional market drivers.
However, the high cost of anesthesia monitoring devices is the major restraining factor to the global anesthesia monitoring devices market revenue growth.
Anesthesia Monitoring Devices Market Ecosystem
The global anesthesia monitoring devices market is analyzed from three perspectives: product, end-user, and region.
Anesthesia Monitoring Devices Market by Product
Based on the product, the global anesthesia monitoring devices market is segmented into basic anesthesia monitors, advanced anesthesia monitors, integrated anesthesia monitors, and others.
The advanced anesthesia monitoring devices segment is sub-segmented into anesthesia gas monitors, depth of anesthesia monitors, standalone capnography monitors, and 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 due to sophisticated monitoring devices and their ability to track crucial parameters such as 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 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 deliver the desired agent concentration, 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 revenue growth. Along with new product launches, technological advancements, and strategic expansion plans such as 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 revenue growth of the gas monitor segment in the anesthesia monitoring devices market.
Anesthesia Monitoring Devices Market by End-user
Based on the end-user, 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 United States over the past 40 years. Additionally, in the United States, over 5,300 ambulatory surgical centers nationwide conducted over 25 million operations, according to the Ambulatory Surgery Center Association. The reasons behind the development of this sector include different advantageous factors related to the service. Ambulatory surgical centers typically have a lower infection rate than hospitals for typical hospital-acquired infections since they only accept 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 turnaround 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 as they use complicated and difficult medical procedures, they need highly sophisticated anesthesia systems. Additionally, these facilities are frequently chosen over hospitals as they offer a superior non-hospital-based outpatient experience and save significant time and money of patients.
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 due to the rise in minimally invasive surgeries for chronic illnesses.
Asia Pacific, on the other hand, is anticipated to experience profitable growth during the forecast period. 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 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.
Anesthesia Monitoring Devices Market Competitive Landscape
New product development and joint ventures are among the most important strategic actions taken in this sector to stay competitive. 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.
The key players operating in the anesthesia monitoring devices market include:
Anesthesia Monitoring Devices Market Strategic Developments
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.
The increasing number of surgical procedures and the high prevalence of chronic diseases are the key trends governing the revenue growth of the global anesthesia monitoring devices market.
Masimo Corporation, Fukuda Denshi Co. Ltd., Infinium Medical, Inc., Medtronic plc, and GE Healthcare are among the top market players.
The high cost of anesthesia devices is restricting the revenue growth of the global market.
The global anesthesia monitoring devices market is expected to grow at a revenue CAGR of 13.6% during the forecast period from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain