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The global anesthesia monitoring device market is witnessing substantial growth due to advancement in technology of anesthesia monitoring device and increasing number of surgeries. Growing awareness among physicians about various factors such as appropriate route of administration, right dose of anesthetic drug and choice of anesthetic drug, is further expected to boost the market. Based on product type, advanced anesthesia monitor was globally the largest segment due to its accuracy, durability and reliability in monitoring anesthesia. It also helps in monitoring vital parameters such as oxygen saturation level, heart rate, blood pressure, and carbon dioxide levels. Hospitals have been the largest user of anesthesia monitoring devices due to availability of advanced healthcare infrastructure, and presence of skilled professionals in the hospital.
Rapidly growing geriatric population is also expected to be a growth factor for the anesthesia monitoring device market, as geriatric population has weakened body functions and require proper monitoring during the surgery. As per the United Nations Department of Economic and Social Affairs (UN-DESA) report on the global aging population, the population of people aged 60 years or above is growing with high rate. The global percentage of people aged 60 or above in 2013 was 11.7% and it is expected to reach 21.1% by the end of 2050. Further, the number of people aged 60 years and above is expected to reach approximately 437 million in China, 324 million in India, 107 million in the U.S. and 58 million in Brazil by 2050.
The unexplored market in developing economies are creating abundant opportunities for the anesthesia monitoring device market to grow at a significant rate in the coming years. However, high cost of anesthesia monitoring device and the availability of conventional techniques are the key factors hampering the growth of the global market.
Anesthesia is used to induce adequate depth of unconsciousness during a surgery or a procedure. It leads to cardiovascular depression and prolonged awakening time. There are various ways to measure or monitor the depth of anesthesia based on clinical monitoring. Anesthesia monitoring device is a part of anesthesia system used to access patient response towards anesthetic drug during the surgery. These are the multi parameter patient monitors or a standalone unit or part of a high-end anesthesia workstation. Its usage depends upon the type of cases performed in the operating room. Measurement of patient’s ventilation, circulation, temperature, ECG, EEG, and oxygenation are some of the parameters considered for anesthesia monitoring device. Anesthesia monitoring device is the essential medical device for the ambulatory centers, hospitals, clinics, and nursing homes.
Geographically, North America has been the largest market for anesthesia monitoring device, owing to increasing awareness of patient safety and awareness among patient and physicians, favorable reimbursement network, and favorable government funding in the region. The U.S. contributed largest revenue to the North American as well as global anesthesia monitoring device market. Globally, the anesthesia monitoring device market is expected to witness the fastest growth in Asia-Pacific during the forecast period. The highest growth in the region is attributed to growing geriatric population, large pool of patients, advancing healthcare system, and increasing number of surgeries in the region.
The key players operating in the global market are Medtronic Plc, General Electric Company, Philips Healthcare, Masimo Corporation, Nihon Kohden Corporation, Dragerwerk AG & Co. KGaA, Schiller AG and Mindray Medical International Limited.