The global anesthesia And respiratory devices market was valued at USD 47.94 billion in 2021 and it is predicted to surpass around USD 76.25 billion by 2030 with a CAGR of 5.29% from 2022 to 2030
Increasing prevalence of respiratory diseases, patient preferences for a reduced hospital stay and supportive government funding are among the key driving factors. Furthermore, aging is considered one of the greatest risk factors for the development of sleep apnea disorders and is, therefore, expected to be a high-impact rendering driver for this industry. The COVID-19 pandemic had a significant impact on the industry. Different segments were impacted differently. For instance, the ventilators segment witnessed exponential growth owing to the sudden surge in the demand for mechanical ventilators.
However, this demand decreased post-2021, wherein the industry size decreased dramatically. Concerning the nebulizers segment, people were apprehensive to use nebulizers owing to the use of inhaled medications, which are considered a potential source of viral transmission and immunosuppression, which restricted the growth, but did not negatively impact the industry. Shifting the preference of patients towards reduced hospital stay is anticipated to increase the adoption of anesthesia and breathing instruments, thereby, driving the market. As per the American Hospital Association, approximately 20% of Medicare beneficiaries, when discharged from the hospital return within 30 days. Identifying and reducing avoidable readmissions is expected to improve healthcare safety and reduce spending.
Hence, policymakers are striving to reduce the hospital stays of patients. In the Patient Protection and Affordable Act, Congress initiated the Hospital Readmission Reduction Program (HRRP), under which, Medicare is allowed to penalize hospitals for higher rates of readmissions since 2013. Due to the implementation of this act, many physicians and patients opt for anesthesia and breathing devices, such as ambulatory infusion pumps and home respiratory monitors. Key players are taking initiatives to develop advanced instruments to bring improvement in the treatment. For instance, in May 2022, Max Ventilator launched Non-Invasive (NIV) ventilators consisting of inbuilt humidifiers and oxygen therapy. The device is user-friendly as well as lightweight and is also priced lower than the traditional ventilators. Such initiatives are anticipated to propel industry growth in the coming years.
Scope of The Report
|Market Size in 2021||USD 47.94 billion|
|Revenue Forecast by 2030||USD 76.25 billion|
|Growth rate from 2022 to 2030||CAGR of 5.29%
|Forecast Period||2022 to 2030|
|Companies Covered||General Electric company; Medtronic; Teleflex Inc.; Koninklijke Philips N.V.; Drägerwerk AG & Co. KGaA; Getinge AB; Smiths Group plc; Fisher & Paykel Healthcare Ltd.; Masimo; B. Braun Melsungen AG; ResMed; Shenzhen Mindray Bio-Medical Electronics Co., Ltd.|
Product Type Insights
In 2021, the respiratory devices product type segment accounted for the largest share of over 69.06% of the global revenue. The increasing prevalence of respiratory diseases, availability of advanced respiratory devices, an increasing number of surgeries performed, and rising healthcare expenditure are the key factors expected to fuel the segment growth over the years to come. Medical equipment termed a respiratory device is used to help a patient with breathing difficulties. These devices are employed in managing and treating conditions including fibrosis, asthma, COPD, and acute respiratory distress syndrome. The anesthesia devices segment is further segmented into anesthesia machines and anesthesia disposables.
The anesthesia machines segment is further divided into anesthesia workstations, anesthesia delivery machines, anesthesia ventilators, and anesthesia monitors. The anesthesia delivery machines segment is anticipated to grow at the fastest growth rate during the forecast period owing to the rising number of surgeries performed and various technological advancements by key players. The respiratory devices segment is further divided into respiratory equipment, respiratory disposables, and respiratory measurement devices. The respiratory equipment segment held the largest revenue share in 2021 and is further sub-segmented into humidifiers, nebulizers, oxygen concentrators, positive airway pressure devices, reusable resuscitators, ventilators, and respiratory inhalers.
Oxygen concentrators were the largest segment in 2021 owing to a surge in their demand, especially during the pandemic. This is because the patients who did not require ventilators were treated using medical oxygen concentrators. Over the projection period, it is anticipated that the high prevalence of COPD and OSA will drive the respiratory devices segment worldwide. For instance, the Global Initiative for Chronic Obstruction Disease's 2018 study estimates that COPD would cause 4.5 million yearly deaths worldwide by 2030. Increased preterm birth rates are also anticipated to support industry expansion. For instance, according to the CDC data published in the year 2020, preterm birth in the United States affected 1 of every 10 infants.
North America accounted for the largest share of more than 25.74% of the global revenue in 2021. The rise in the geriatric population in the U.S. is leading to a corresponding rise in the volume of surgeries in the country, which further boosts industry growth. For instance, according to the U.S. Census Bureau, more than 54 million adults aged 65 years and above were reported in the U.S. in 2021. In addition, according to the World Health Organization, the percentage of the geriatric population is expected to reach 22% in 2050 from 12% in 2015. In addition, healthcare cost containment issues post the economic crisis have compelled the government to introduce new strategies to reduce the patient stay in hospitals and impose an excise tax on medical devices.
These initiatives have compelled patients and physicians to opt for respiratory and anesthesia monitoring and therapeutic devices for home care. However, the excise tax is expected to negatively affect the Original Equipment Manufacturers (OEMs). The Asia Pacific region is expected to witness the fastest CAGR from 2022 to 2030 owing to the growing elderly population. India’s elderly population (aged 60 years and above) is projected to reach 194 million in 2031 from 138 million in 2021, accounting for a 41% increase over a decade, according to the National Statistical Office Elderly in India 2021 report.
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