Global Anesthesia and Respiratory Devices Market to Reach USD 38 Billion by 2023

The global anesthesia and respiratory devices market is expected to grow at a CAGR of 7.2% from USD 25.21 billion in 2017 to USD 38.29 billion by 2023, driven by the rising prevalence of respiratory diseases, increase in the number of surgical procedures, surge in pollution levels, higher tobacco consumption, rapid urbanization and supportive government policies. However, risks related to therapeutic and diagnostic devices for neonates and the low adoption rate of new technologies will restrain the market growth. Nevertheless, an increase in the demand for therapeutic devices for homecare settings and a surge in healthcare expenditures will create new opportunities in the global anesthesia and respiratory devices market.

These are the latest findings of Allied Market Research (Portland, OR, USA), a full-service market research and business consulting firm.

Based on product type, the respiratory devices segment is the most lucrative and held nearly three-fifths of the total market share in 2017, owing to the high prevalence of respiratory diseases and availability of advanced respiratory devices. The segment is expected to maintain its dominance and grow at the fastest CAGR of 7.3% during the forecast period, driven by a significant rise in pollution across the world, lack of awareness about the utilization of masks for protection against aerosols and other particulate matter, and rising prevalence of respiratory diseases such as asthma, respiratory infections, and tuberculosis. Based on end user, the hospitals segment dominates the anesthesia and respiratory devices market, although the clinics segment is expected to grow at the highest CAGR during the forecast period.

Geographically, North America held two-fifths of the share in the global anesthesia and respiratory devices market in 2017. The North American market is expected to maintain its dominant share throughout the forecast period due to technological advancements in medications & surgical equipment and the rising adoption of modern anesthetics in the region. However, the market in Asia-Pacific is projected to register the highest CAGR of 8.1% during the forecast period, driven by a surge in respiratory disorders such as COPD, asthma, and lung cancer, increase in the geriatric population and growing inclination toward homecare monitoring in the region.

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