Global anaesthesia workstation market size was valued at US$ 948 million in 2020 and is expected to register a CAGR of 5.7% to reach US$ 1581.5 million by 2029 end.
Over the last two decades, anaesthesia machine has evolved technically to become care station at hospitals. The industry as overall has witnessed a series of transformation ranging from simple standalone device manufacturing to development of intelligent systems involving advanced electronics and software to offer extensive capabilities for ventilation, monitoring and recording facilities.
Anaesthesia machine has seen a series of developments in last two decades. Earlier, the systems used to be mechanically designed with semi-open circuits and high fresh gas flow. Modern anaesthesia systems are advanced and have a series of embedded components such as gas delivery and scavenging systems, vaporizers, electronic flow meters, ventilator and monitors.
The global demand for Anaesthesia ventilators is driven by increasing cases of chronic illness, rise in number of surgical procedures, and increasing per capita income in emerging economies. According to the Centers for Disease Control and Prevention (CDC), over 247 million surgical procedures are performed annually. This is expected to increase during the forecast period. The demand will further accelerate owing to COVID19 scenario. While Anaesthesia ventilators are not approved to be used as ICU ventilators, recent COVID pandemic has led USFDA to approve the use of Anaesthesia ventilators in ICU under emergency use authorization. The move is aimed at bridging the gap between increasing demand for ventilators worldwide. As a result, companies solely engaged in manufacture of Anaesthesia ventilators are expected to capitalize on current and generate higher ROI during the forecast period.
Global Anaesthesia Market Value Analysis, By Region
In 2020, North America dominated the global share with 37.1% market share. This is followed by Western Europe and Asia Pacific. Developed region collectively accounted for XX% of global sales. This depicts increasingly higher amount of addressable market opportunity in developing regions including India, Southeast Asia, and Latin America. Per hospital penetration rate of anaesthesia workstation is over 5.8X lower in developing region than that in developed regions. Market is highly mature in developed economies, leading to higher product replacement sales than that in developing regions. Improving healthcare facilities along with changing regulatory regimes and rise in per capita healthcare spending is expected to create favorable market opportunity in developing regions. Going with the historical trend, the market is expected to witness emergence of regional players with low cost product solutions in order to capitalize on the market.
Overall, global anaesthesia workstation market is promising with industry expected to witness newer product launch and geographical expansion. Degree of competition will increase with major players expected to focus on inorganic growth strategy during the forecast period.