Anesthesia Device Market is Estimated to Witness High Growth Owing to Increasing Surgical Procedures & Reimbursements
The anesthesia device market is estimated to be valued at USD 8.76 Bn in 2024, exhibiting a CAGR of 6.9% over the forecast period (2024-2031). Furthermore, the growing number of surgical procedures coupled with increased insurance coverage and reimbursement for anesthesia procedures will boost the market growth.
Market Dynamics:
The growth of the anesthesia device market is driven by the increasing number of surgical procedures and favorable reimbursement scenario. There has been a significant increase in the number of surgical procedures performed globally owing to the rising prevalence of chronic diseases and trauma cases. Moreover, governments in many countries are taking initiatives to enhance health insurance penetration and provide reimbursement for anesthesia-related costs. For instance, under the Medicare program in the U.S., the Centers for Medicare and Medicaid Services (CMS) provides reimbursement for anesthesia services carried out using anesthesia delivery devices. The rising healthcare expenditure on surgical treatments and process automation with anesthesia machines to enhance patient safety are some of the other key factors expected to support the growth of the anesthesia device market during the forecast period.
Increasing Preference for Minimally Invasive Surgeries is Driving Growth in the Anesthesia Device Market
One of the key drivers for the anesthesia device market is the rising preference for minimally invasive surgeries among both patients and doctors. Minimally invasive surgeries are less painful, require smaller incisions and scars, result in fewer complications, shorter hospital stays and faster recovery times compared to traditional open surgeries. As such, their demand is growing rapidly across various therapeutic areas like orthopedics, gynecology, urology, and cardiology. This increasing uptake of minimally invasive procedures is fueling the need for precision in anesthesia delivery, which is boosting the sales of advanced anesthesia devices in the market.
Growing Geriatric Population with their Higher Susceptibility to Chronic Diseases is Augmenting Market Demand
Another major growth accelerator for the anesthesia device industry is the expanding aging population worldwide and the associated rise in chronic and life-threatening health conditions that require surgical intervention. In 2022, according to the United Nations, the number of people aged 60 years and above is expected to double from 12% to 22% between 2015 and 2050. As people grow older, they are more prone to develop illnesses like cardiovascular diseases, cancer, diabetes and neurological disorders which often necessitate surgical treatment under anesthesia care. This growing geriatric demographic is significantly propelling the ongoing demand for anesthesia devices in hospitals and ambulatory surgical centers.
Budgetary Constraints in Government Healthcare Systems act as a Key Market Deterrent
One of the critical challenges faced by the anesthesia device market is budgetary constraints within public healthcare systems across developing regions. Tight medical budgets restrict regular upgrade of existing anesthesia equipment as well as introduction of new advanced devices in governmental hospitals and clinics. This financial crunch faced by developing world healthcare systems hampers timely access to state-of-the-art anesthesia technologies and negatively impacts the overall market growth. Moreover, budget cuts and medical reimbursement issues also discourage private healthcare practitioners from investing in costlier devices, thereby limiting the commercial success of major industry players.
Stringent Regulatory Frameworks Delay Product Launches and Increase Compliance Costs
Regulatory hurdles pose another key market restraint. The anesthesia device industry is strictly regulated by authorities like the U.S. Food and Drug Administration and the European Union to ensure product safety and effectiveness. Manufacturers need to satisfy a comprehensive set of clinical trial, review and approval protocols before launching any new anesthetic equipment or upgrade. This time-consuming and expensive regulatory process delays the commercialization of innovative devices. It also increases the compliance burden on manufacturers, especially small enterprises, influencing their research and development capabilities. Stringent norms thus act as a deterrent to business expansion plans of industry players to some extent.
Technological Advancements are Opening New Avenues in Ambulatory Anesthesia
One of the major market opportunities lies in the increasing use of ambulatory or office-based anesthesia care. The advent of portable monitors, ventilators, and dedicated anesthesia machines have enabled the safe delivery of anesthesia in ambulatory surgical centers and physicians' offices. This transition from inpatient to outpatient settings is fueled by benefits like convenience, affordability, faster recovery, and reduced infection risks for patients. It is also offsetting climbing hospital costs. Further technological innovations in this domain can augment business prospects for anesthesia device manufacturers through expanded uptake across non-hospital locations.
Emergence of Target-Specific Anesthesia Devices are Opening New Growth Avenues
Another key commercial opportunity lies in the emergence of anesthesia equipment targeted towards specific therapeutic areas and patient populations. For instance, customized pediatric anesthesia machines have become popular in line with the growing number of surgeries performed on children worldwide each year. Similarly, gynecological tables integrated with advanced anesthesia delivery systems are witnessing higher adoption. Such niche devices address unmet needs while ensuring superior outcomes. Their increasing availability will open lucrative growth opportunities for industry players through 2028 and beyond.
Link: https://www.coherentmarketinsights.com/market-insight/anesthesia-device-market-2556
Key Developments
- On January 29, 2024, Schiller Healthcare India Pvt. Ltd., a medical device company, announced that it had launched A-mac series of anesthesia workstations. The A-mac series includes S23, A mac E1, and A-mac E6, that caters to the diverse need of healthcare professionals.
- In August, 2023, Mindray Medical India Pvt. Ltd., a medical technology company, announced that it had introduced innovative upgrades to a series anesthesia system for enhanced patient safety and efficiency
- In March 2022, Getinge AB, a healthcare company, announced that the company was awarded a new anesthesia contract from Premier, Inc. a healthcare improvement company in the U.S. The Flow Family’s technology provides personalized anesthesia to cover the needs of all types of surgeries and patients.
Key Players
GE Healthcare, Septodont Inc., Draegerwerk AG & Co. KGaA, Beijing Aeonmed Co., Ltd., HYER Medical AG, ORICARE, Inc., BD, Getinge AB, 3M, Teleflex Incorporated, Ambu A/S, Mindray Medical India Pvt. Ltd., Fisher & Paykel Healthcare Limited., and Koninklijke Philips N.V.
