by John Wallace
The anesthesia and respiratory markets are closely linked in the global economy. It makes sense that the two markets would be viewed together. In fact, many manufacturers of anesthesia devices also produce respiratory devices. The opposite is also true.
A 2012 report on the global anesthesia and respiratory markets by ASDReports.com highlights reasons for growth and forecast a market worth $14 billion by 2017.
“The global anesthesia and respiratory devices market is forecast to exceed $14 billion by 2017 with a Compound Annual Growth Rate (CAGR) of 4.7 percent during the period 2010-2017,” the ASDReports document reads. “The market is expected to be primarily driven by the huge patient population suffering from respiratory diseases such as Chronic Obstructive Pulmonary Disease (COPD) and the availability of medical devices to treat Obstructive Sleep Apnea (OSA) and COPD.”
“Other factors to drive the growth of the anesthesia and respiratory devices market include an increase in disposable income in emerging countries, an increase in the number of hospitals, growing demand for home healthcare devices and an expansion in reimbursement for (a) wide range of anesthesia and respiratory devices,” according to the ASDReports website.
Another beacon for growth within these markets is integration with hospital information systems that should equate to better connectivity and productivity.
“The integration of anesthesia and respiratory devices with hospital information systems solved the problem of connectivity for data management and has resulted in an increase in the usage of these devices, thereby driving growth of the overall market,” according to ASDReports.com. “In the case of anesthesia care, the identification of key information quickly and easily is critical to anesthesia practice, and this has increased the importance of information systems which can quickly record and retrieve this data.”
Technological advancements in regards to anesthesia and respiratory devices have impacted the market.
“The growing need for fast data flow in hospitals for information recording, clinical data analysis and timely delivery of results has led to the application of information technology, which has enabled the connectivity of most of the anesthesia and respiratory devices, such as anesthesia machines, pulse oximeter systems and respiratory devices with the hospital information system. For example, Siemens Healthcare introduced Centricity Anesthesia, which is an advanced clinical information management system designed for anesthesia. Such devices enable real time data transfer to the physicians facilitating timely and better treatment,” according to ASDReports.com.
“This results in improved satisfaction for both physicians and patients, thereby driving the overall growth of the anesthesia and respiratory devices market,” the website continues. “Centralized anesthesia and respiratory care data management is a very efficient and cost-effective way to monitor patients and manage the hospital-wide allocation of anesthesia and respiratory care services. This will result in an increase in the adoption rate of anesthesia and respiratory care devices, leading to a growth of the market.”
Companies included in the ASDReports information are Covidien, Philips Respironics, ResMed, Draegerwerk AG & Co. KGaA, GE Healthcare, CareFusion Corp., Smiths Medical, Teleflex Inc. and B. Braun Medical Inc.