Anesthesia remains a vital part of most surgical procedures, and the market for anesthetic devices continues to grow into niche areas. A significant amount of research and development is currently being conducted into the formulation and delivery of anesthesia the world over. The market for anesthetic and respiratory devices together is projected to reach an estimated value of nearly USD 21.6 billion by the end of 2019, and industry analysts predict that this market will show a 9.8% CAGR from 2013 through 2019.
The number of surgeries conducted worldwide is growing, and this brings about the need for more anesthetic devices. Thus, the market of devices used for administering anesthesia is growing too. In addition to this major propellant, persistent technological improvement in the anesthesia devices market is yet another factor that will boost the growth and development of the anesthesia devices market.
Devices are not just becoming more sophisticated, but the delivery of anesthesia is becoming more accurate and safer from the patient’s standpoint. Anesthetic devices are increasingly integrated with responsive information technology software and nanotechnology. Miniaturization is the latest trend in this sector, and it is only expected to have a larger bearing on the devices manufactured henceforth.
Another very crucial factor that anesthetic device manufacturers cannot afford to overlook is the shifting preference of patients from hospital care to home care. Anesthetic devices thus need to lend an easy yet safe user experience. Portability is yet another integral factor to the future of the anesthetic devices market.
All of these factors are likely to help revive this market, that was once considered close to maturity.
However, the outlook for anesthetic and respiratory devices still remains concerning in the saturated markets of Europe and the U.S. This concern is only compounded by taxation policies that are unfavorable to the growth of the anesthetic devices market.
Naturally, market players are showing a greater inclination towards the emerging economies of India, China, Brazil and Russia. As a result, competition in these regions is rather stiff, and market players need to introduce innovative growth strategies within the anesthetic devices market.
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