Anesthesia and Respiratory Devices Market size is projected to experience significant growth from 2019 to 2025.
Growing incidence of respiratory illness such as chronic obstructive pulmonary disease (COPD) and obstructive sleep apnea (OSA) will stimulate global anesthesia and respiratory devices business growth in the coming years. According to the World Health Organization (WHO), every year about 65 million people suffer from COPD, 334 million people suffer from asthma and over 10 million people develop tuberculosis (TB) globally. About 4 million people die prematurely from respiratory diseases across the world. Thus, with growing incidence of respiratory illness, the demand for preventive and curative medicine will increase, thereby driving anesthesia and respiratory devices market growth.
Rising number of tobacco smokers will upsurge anesthesia and respiratory devices market size over the forecast timeframe. Smoking causes about 90% of all lung cancer deaths and thus smokers are more likely to die from COPD than non-smokers. Also, according to Centers for Disease Control and Prevention (CDC), about 40 million adults in the U.S., and about 4.7 million middle and early adolescence age individuals smoke at least one tobacco product every day, including e-cigarettes. Each year, the U.S. spends nearly USD 70 billion on medical care to treat smoking-related disease in adults. With such escalating number of smokers coupled with growing incidence of smoking-induced respiratory disorders, demand for anesthesia and respiratory devices will spur over the coming years.
Increasing number of surgical procedures and anesthesia practices will drive the global anesthesia and respiratory devices market over the forecast period. According to the Agency for Healthcare Research and Quality (AHRQ), in 2014, 17.2 million hospital visits resulted into at least one surgery. Expanding surgeries as well as growing adoption of cosmetic procedures that require anesthesia will drive the demand for anesthesia and respiratory devices.
However, high cost in healthcare segment coupled with lack of reimbursement may restrain the demand for anesthesia and respiratory devices. Furthermore, stringent regulatory procedures may limit product approvals, thereby hampering anesthesia and respiratory devices market growth.
Respiratory devices segment will hold a significant revenue size over the forecast years due to its wide usage in healthcare institutions, homecare settings, and hospitals. Utilization of respiratory devices can assist with spontaneous breathing with a scheduled overpressure and improves the disease treatment outcome by keeping respiratory effort to its minimum. Technological advancements in respiratory devices further offers segment growth opportunity. Additionally, rising geriatric population that is prone to various respiratory conditions, increasing healthcare expenditure, and emerging market economies will offer growth potential for respiratory devices in the forthcoming period.
Hospitals segment will show momentous growth owing to the availability of improved and specialized technology-based anesthesia and respiratory devices in these facilities. Growing infrastructure to provide quick therapy transitions and favorable reimbursement policies will enhance the segmental growth. Moreover, escalating number of hospitalizations will drive the segmental growth during the projection timeframe.
U.S. anesthesia and respiratory devices market is estimated to foresee a lucrative growth over the forecast timeframe due to the growing incidence of respiratory illness coupled with rising number of surgical procedures in the country. Growing inclination of patients towards homecare treatment due to advanced products offering portability, cost-effectiveness and convenience factors will further accelerate the market growth. Moreover, the presence of sophisticated healthcare system and a robust distribution channel for respiratory devices will augment U.S. anesthesia and respiratory devices industry growth.
Germany anesthesia and respiratory devices market is forecasted to witness rapid growth over the projected years owing to increasing incidence of respiratory diseases such as asthma, lung cancer, tuberculosis and chronic obstructive pulmonary disease (COPD). High demand is attributed to availability of advanced technological devices offering portability coupled with connectivity features that should impel the product demand. Thus, growing demand for highly innovative technologies and devices coupled with increasing baby boomers will augment Germany anesthesia and respiratory devices business growth.
Few of the key companies operating in anesthesia and respiratory devices market share include Teleflex Incorporated, Smiths Group plc, SunMed, Medtronic, and Fisher & Paykel Healthcare Limited. Firms are adopting new product launch and merger & acquisition strategies to increase their market footprint. For instance, in May 2018, Royal Philips acquired NightBalance, a digital healthcare pharmaceutical company that provides innovative, comfortable and easy-to-use devices to treat obstructive sleep apnea. This strategy will expand the company’s sleep and respiratory care product portfolio.
Anesthesia and Respiratory Devices Market by Type, 2014-2025 (USD Million)
Anesthesia and Respiratory Devices Market by End-use, 2014-2025 (USD Million)
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