Market Challenges And Opportunities

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 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.