Anesthesia Monitoring Device Market - Analysis, Size and Demand, 2023
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.
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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 increasing female aging population is propelling the growth of the global Hysteroscope market. As reported by UN DESA (United Nation Department of Economic and Social Affairs) in the year 2013, the elder population is predominantly female. As women tend to live longer than men, while older women have outnumbered older men almost everywhere in the world. It further reported that in the year 2013, globally, there were 85 men per 100 women in the age group 60 years or plus; and 61 men per 100 women in the age group 80 years or plus. The elderly population is more susceptible to gynaecological problems, such as abnormal uterine bleeding, fibroids, and polyps, as compared to adults, which is fuelling the demand of the global hysteroscope market. Aging in females leads to changes in hormones leading to irregular menses, which contributes to the demand for 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.
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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.
