- The anesthesia and respiratory devices market is projected to reach over USD 26 billion by 2022. The market size in 2013 was valued to be USD 12.2 billion.
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Since the advent of better drugs and treatment, home care has become a better choice than hospitals. The anesthesia and respiratory devices industry has been banking on this development, since medical costs are less at home compared to hospitals.
Unhealthy lifestyles have given rise to ailments like asthma and obstructive sleep apnea. To counter this epidemic, the anesthesia and respiratory devices market offers portable devices and equipment which can be conveniently used in the safety of the patient’s home. The geriatric population and the environmental pollution are factors that can spur the market growth. Also, the growing amount of surgeries will provide opportunities for the market to grow.
The high costs of these products, strict regulations and alternate medications can hamper the market’s development. But developments in these products that provide patients and doctors with better alternatives can change the market’s prospects.
On the basis of products, the market is bifurcated into anesthesia devices and respiratory devices. Anesthesia devices consist of anesthesia workstations, anesthesia monitors, anesthesia ventilators, anesthesia delivery machines, and anesthesia disposables. Anesthesia delivery machines have an 8.5% growth rate during the forecast phase. Anesthesia disposables were the fastest growing product, which is further divided into masks and accessories.
Respiratory devices comprise ventilators, humidifiers, positive airway pressure devices, and nebulizers. Out of these, the most lucrative product is the positive airway pressure device. Respiratory equipments accounted for more than 50% the market share in 2013.
Applications of the anesthesia and respiratory devices market include transport, healthcare institutes, and home healthcare.
North America had more than 35% of the market revenue due to the demand of advanced products from all fields. Asia Pacific has a 10% CAGR in light of the rising economies of India and China. The Chinese government has allocated USD 125 billion dollars to improve healthcare for the period of 2009-2011. The low state of medical infrastructure in Australia and Japan will contribute to the market’s growth in the next 7 years.
Covidien Plc, Teleflex Inc., Philips Healthcare, Getinge Group, and GE Healthcare are the major players of the anesthesia and respiratory devices market.
Information Source: Grand View Research
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