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Anesthesia Devices Market to Hit $15.4 Billion by 2023

The “Anesthesia Devices Market by Product: Global Opportunity Analysis and Industry Forecast, 2017-2023” report has been added to Research and Markets’ offering.

The global anesthesia devices market was valued at $9.563 billion in 2016, and is projected to reach $15.463 billion by 2023, registering a compound annual growth rate (CAGR) of 7.1 percent from 2017 to 2023, according to the report. The anesthesia delivery machine segment dominated the global market, accounting for a share of nearly half of the total market in 2016.

Anesthesia is a medical procedure that is used to control pain during the course of a surgery. It is provided through pharmaceutical drugs called anesthetics with the help of anesthesia devices. Anesthesia devices are used during various surgical procedures, such as ophthalmology, dental, cardiology, and neurology for sedation to control breathing, blood pressure, blood flow, heart rate and rhythm, and manage pain.

The anesthesia devices market is driven by an increase in the number of surgical procedures globally, advancements in technology and a rise in the geriatric population, which is a population of people prone to surgical procedures. However, the high cost of anesthesia devices poses as a major hindrance to the growth of the market. Emerging nations are expected to serve major opportunities to the manufacturers of anesthesia devices.

“The anesthesia delivery machine segment accounted for the major share in the anesthesia devices market and is expected to continue its dominance throughout the forecast period,” according to a press release. “This segment is expected to grow at a CAGR of 6.3 percent from 2017 to 2023, owing to high adoption of these devices during the surgical procedures.”

A report from Mordor Intelligence that looks at the market from 2019 to 2024 also forecasts growth.

“The anesthesia devices market is expected to register a CAGR of around 6.4 percent during the forecast period, according to the report. The most commonly used device is the continuous-flow anesthetic machine, which provides a continuous flow of air, containing a regulated supply of gas. Modern anesthesia devices include monitor and touch screen display, which help in monitoring heartbeat.”

“The vast increase in the number of surgical procedures undertaken across the globe every year has played a major role in the growth of the anesthesia devices market,” according to Mordor Intelligence. “The most rapid increase was observed for laparoscopic hysterectomies. As every surgical procedure can be painful, anesthesia is administered to the patient during surgical procedures to keep patients pain free and unconscious during the procedure. The increasing number of surgeries and anesthesia practices is driving the global anesthesia devices market in the forecast period. Other factors, such as technological advancements in the devices sector, large patient pool, and increased disposable income in emerging markets will boost the market in the forecast period.”

North America is expected to maintain market dominance.

“North America has the largest share worldwide. Geographically, North America dominates the market for anesthesia devices as it has many companies engaged in this sector,” Mordor Intelligence states. “Additionally, the disposable incomes of consumers and health insurance cover for life-threatening diseases in North America are very high, which boosts the growth of this market. Also, owing to a large number of patents in the United States, multinational companies and research organizations make substantial investments on research and development.”

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