ANESTHESIA MONITORING DEVICES MARKET ANALYSIS

The global anesthesia monitoring devices market was valued at US$ 2,187.4 Mn in 2023 and is forecast to reach a value of US$ 4,913.4 Mn by 2030 at a CAGR of 10.7% between 2023 and 2030. The global anesthesia monitoring devices market is experiencing strong growth due to the rise in number of surgical procedures and rise in prevalence of chronic diseases. Moreover, rise in preference for minimally invasive surgeries and growing geriatric population around the world is expected to boost growth of the market. However, factors such as high cost of monitoring devices and availability of conventional techniques are expected to hamper the market growth.

Global Anesthesia Monitoring Devices Market: Regional Insights

Based on geography, the global anesthesia monitoring devices market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market over the forecast period owing to the increasing prevalence of chronic diseases, such as cardiovascular diseases and cancer, increase in number of surgical procedures, and growing geriatric population in the region. For instance, according to the U.S. Centers for Disease Control and Prevention (CDC), six in ten adults in the U.S. currently live with a chronic disease such as cancer, heart disease, or diabetes. Chronic diseases are among the leading causes of death in the United States with heart disease and cancer alone accounting for around 38% of all deaths.

Europe and Asia Pacific are expected to witness robust growth in the global anesthesia monitoring devices market due to the increasing burden of chronic diseases, increase in demand for pain-free surgeries, and introduction of new monitoring techniques in these regions. For instance, increase in burden of diseases, such as heart disease and cancer, has contributed to the increase in number of surgeries. According to the World Health Organization (WHO), cancer is the leading cause of death and morbidity in Europe after cardiovascular diseases, with more than 3.7 million new cases and 1.9 million deaths reported each year.

Figure 1. Global Anesthesia Monitoring Devices Market Share (%), by Region, 2023

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Global Anesthesia Monitoring Devices Market Drivers:

Increase in number of surgeries to drive market growth

One of the key factors expected to augment the growth of the global anesthesia monitoring devices market is the increase in number of surgical procedures around the world. For instance, increase in burden of diseases, such as heart disease and cancer, has contributed to the increase in number of surgeries. According to the National Institute of Health (NIH), globally, a staggering 310 million major surgeries are performed each year; around 40 to 50 million in the United States and around 20 million in Europe. This in turn is expected to increase or has increased adoption of anesthesia monitoring devices, driving the growth of the market.

Rise in burden of chronic diseases to propel market growth

Another factor which is driving the growth of the global anesthesia monitoring devices market over the forecast period is the rise in prevalence of chronic diseases across the world. Such a high burden of chronic diseases leads to an increase in number of surgical procedures, increase in the demand for anesthesia monitoring devices. According to the WHO, non-communicable diseases (NCDs) kill 41 million people every year, equivalent to 74% of all deaths globally. Cardiovascular diseases account for most NCD deaths, or 17.9 million people annually, followed by cancers (9.3 million), chronic respiratory diseases (4.1 million), and diabetes (2.0 million).

Global Anesthesia Monitoring Devices Market Opportunities:

Growing preference for minimally invasive surgeries worldwide is expected to provide significant growth opportunities for players in the global anesthesia monitoring devices market. For instance, increase in number of minimally invasive surgeries for chronic diseases has increased the demand for anesthesia monitoring devices. According to the American Society of Plastic Surgeons (ASPS), 2020 report, around 18.1 million cosmetic procedures, 16.3 million cosmetic minimally-invasive procedures, 1.8 million cosmetic surgical procedures, and 5.9 million reconstructive procedures were performed in 2019 in the United States.

Growing geriatric population across the globe is expected to offer significant growth opportunities for players in the anesthesia monitoring devices market. For instance, growing geriatric population prone to chronic diseases (aging increases the risk of chronic disease, such as heart disease, cancer, diabetes, dementias, and arthritis) is expected to increase the demand for continuous perioperative monitoring According to the UN DESA’s Population Division, one in six people in the world will be over the age 65 by 2050, up from one in 11 in 2019. In many regions, the population aged 65 will double by 2050, while global life expectancy beyond 65 will increase by 19 years.

Global Anesthesia Monitoring Devices Market Trends:

Development of record-keeping systems is a recent trend

Automatic record-keeping systems, such as anesthesia information management systems (AIMS), help in the automated and reliable collection, storage, and presentation of patient's medical history during the perioperative period. These are the specialized forms of electronic health record (EHR) systems that provide basic record-keeping functions and provide end-users with ready access to patient history that can be used to facilitate quality assurance and research functions. This in turn is expected to drive the growth of the market.

Introduction of new monitoring techniques is another trend

Players in the market are focusing on developing and launching new monitoring techniques in the market to meet increasing demand. Introduction of new monitoring techniques, such as monitoring depth of anesthesia, improved warning device, goal-directed fluid therapy, advanced neurological monitoring, and technological advancements within the objective of pain assessment, are driving the market. This trend is expected to continue over the forecast period.

Global Anesthesia Monitoring Devices Market Restraints:

High cost of monitoring devices to hinder market growth

One of the key factors expected to hamper the growth of the global anesthesia monitoring devices market is the high cost of anesthesia monitoring devices. The cost of anesthesia monitoring devices is considerably high. Moreover, costs like transportation costs, labor training costs, maintenance costs, and others proportionately increase the cost of anesthesia monitoring devices. The high cost of these monitors restricts the boom in demand for anesthesia monitoring devices. However, now, market players are offering high-quality devices with affordable prices.

Availability of conventional techniques to hamper market growth

Another factor which is hampering the growth of the global anesthesia monitoring devices market is the availability of conventional techniques. New monitoring devices requires well-educated and trained anaesthesiologists who are well-versed with electronic devices and novel techniques. The lack of anaesthesiologists does not let clinician worldwide shift towards novel techniques, thereby the use of conventional techniques is increasing with a rapid pace worldwide. Moreover, several clinician still use conventional techniques for anesthesia monitoring.

Figure 2. Global Anesthesia Monitoring Devices Market Share (%), by Product, 2023

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Global Anesthesia Monitoring Devices Market Segmentation:

The global anesthesia monitoring devices market report is segmented into Product, End User, and Geography.

Based on Product, the market is segmented into Basic Anesthesia Monitor, Integrated Anesthesia Workstation, Advanced Anesthesia Monitor, and Other Products. Out of which, Basic Anesthesia Monitor Segment is expected to dominate the anesthesia monitoring devices market over the forecast period and this is attributed to the increase in demand for basic anesthesia monitors. The basic anesthesia monitor is used to keep track of the patients' vital signs during surgery.

Advanced Anesthesia Monitor Segment is also expected to witness lucrative growth in the near future and this is owing to the rise in adoption of advanced anesthesia monitors. These devices are more accurate, durable, and reliable in monitoring anesthesia and help monitor vital parameters.

Based on End User, the market is segmented into Hospitals and Ambulatory Surgery Centers. Out of which, Hospitals Segment is expected to dominate the market over the forecast period and this is attributed to the increasing number of surgical procedures worldwide.

Ambulatory Surgery Centers Segment is also expected to witness significant growth in the near future and this is owing to increasing demand for outpatient surgeries.

Global Anesthesia Monitoring Devices Market: Key Developments

In September 2021, Masimo Corp. announced the CE marking and commercial launch in Europe of the single- patient-use adhesive rainbow SuperSensor, compatible with both Masimo and third-party monitors with Masimo rainbow technology inside.

In July 2021, the Kenya Ministry of Health, Kenya Medical Training College, and Gradian Health Systems, in partnership, launched the Anesthesia and Critical Care Simulation Laboratory, which will also provide patient monitoring during anesthesia.

In July 2021, Masimo Corporation launched MX-7, its latest, most advanced rainbow SET board, MX-7 has the ability to support all 13 of Masimo’s SET pulse oximetry and rainbow Pulse CO-Oximetry measurements in an advanced module re- engineered to reduce power needs.

In October 2020, Mindray launched its next-generation and advanced anesthesia systems A9 and A8 in Europe and other selected regions of the world.  Both are integrated high-flow nasal cannula (HFNC) technology within the anesthesia machine. Both of them empower anaesthesiologists to ensure comprehensive patient safety, from induction to recovery.

Global Anesthesia Monitoring Devices Market: Key Companies Insights

The global anesthesia monitoring devices market is highly competitive. This is attributed to rise in demand or adoption of anesthesia monitoring devices worldwide, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global anesthesia monitoring devices market are Koninklijke Philips NV, Dragerwerk AG & Co. KgaA, Schiller AG, Infinium Medical, Masimo Corporation, Nihon Kohden Corporation, GE Healthcare, Medtronic PLC, and Mindray Medical International Limited, among others.

*Definition: Anesthesia monitoring devices are used by clinicians during surgeries to continually monitor and support the patient's vital functions. Anesthesiologist monitor and respond to changes in vital signs during a surgery. Anesthetic monitoring devices are used for drug and gas delivery to patients and to measure and display the physiological state of the patient.