The key players in the global anesthesia and respiratory devices market are GE Healthcare, Teleflex, Draeger, Covidien, as per Transparency Market Research (TMR). These players hold a combined share of approximately 43% in the market. The presence of a broad range of generic raw material providers including stainless steel and plastics for device manufacturing presents a broad choice to manufacturers. This market experiences moderate threat from new entrants due to implementation of increased entry barriers posed by the already present players via research and development activities.
The global anesthesia and respiratory devices market is poised to reach a valuation of US$21.6 bn by 2019, rising at a CAGR of 9.80% between 2013 and 2019. In terms of product type, the market is led by respiratory equipment and this segment is predicted to rise at a remarkable 12.3% CAGR between 2013 and 2019. Respiratory equipment comprises numerous products including nebulizers, humidifiers, oxygen concentrators, ventilators, respiratory inhalers, and positive airway pressure devices. Of these, the segment of positive airway pressure devices is poised to experience the most exponential growth.
Increasing Awareness to Bolster Growth of Asian Anesthesia and Respiratory Devices Market
On the basis of geography, the North America anesthesia and respiratory devices market held a dominant share in the past. On the other hand, Asian nations such as China and India are marked by increasing awareness on these devices and rising disposable income. Thus, these nations will outpace the U.S. and the markets in European region. In addition, a number of benefits being provided by Asian nations such as low tax and cost-arbitrage on manufactured products have resulted in OEMs present in Europe and North America to move their production capacities to Asia. Hence, the rising local supply will boost the growth of this market in Asian nations.
The global anesthesia and respiratory devices market is boosted by the increasing technological advancements taking place in the market. This is because of various product improvements taking place in the market over these years. A number of manufacturers dominant in the market have achieved innovation within patient care via enhanced patient monitors’ integration, integrated IT solutions and workflows, wireless devices, and innovative parameters, thus positively impacting market growth. The increasing preference of patients toward shorter hospital stay will also bode well for the growth of the market for anesthesia and respiratory devices, states a TMR analyst.
Increasing Count of Surgeries Globally to Drive Market Growth
The market is also experiencing growth due to the growing occurrence of chronic pulmonary diseases such as asthma, COPD, etc. Likewise, the increasing incidence of chronic pulmonary diseases has also increased the count of surgeries globally. This increased count of surgeries have resulted in the introduction of improved anesthesia delivery machines, thus providing impetus to the overall growth of the market. On the other hand, the introduction of the Affordable Health Care for America Act, 2010 in the U.S under the presence of President Barack Obama may impede the growth of the market for anesthesia and respiratory devices. This is due to the implementation of 2.5% of excise duty on each of the medial devices. “The slow adoption rate of anesthesia information management systems via hospitals may also come up as a challenge in the growth of the overall market,” says a TMR analyst.
Nonetheless, the increasing funding provided by governments in developing markets will stimulate the development of the overall market.
This information is based on the findings of a report published by Transparency Market Research titled, “Anesthesia and Respiratory Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019.”
The global anesthesia and respiratory devices market is segmented as follows:
By Product Types:
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