Albany, NY -- (SBWIRE) -- 03/19/2018 -- Sophistication and persistent technological advances by anesthesia and respiratory device manufacturers have boosted the growth of this industry. The shift of patient preference from hospital care devices to home healthcare devices has accelerated the growth of this market and encouraged the provision of easy to use and portable devices that have paved a new way to revive this once mature market. According to the new estimates of World Health Organization, COPD is predicted to be become the third leading cause of death by 2030. Moreover, approximately 13.6 million adults were diagnosed with COPD in the U.S. alone in year 2012. Rise in geriatric population suffering from COPDs and Asthma are further expected to accelerate the growth of the respiratory devices market. In addition, the annual healthcare expenditures for asthma alone are estimated at $20.7 billion in the U.S. Thus, a rise in pulmonary diseases has helped in growth of this market. Moreover, rise in geriatric population has led to rise in the number of surgeries performed in the country. The American Society of Anestheologists (ASA) estimates 40 million anesthetics being administered each year in the U.S. alone. Thus rise in the number of surgeries coupled with rise in incidence of respiratory diseases have boosted the overall growth of this industry.
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Anesthesia devices include anesthesia machines and anesthesia disposables. The anesthesia machines account for the largest market of the total anesthesia devices market. The market for anesthesia delivery machines was valued to be the highest in year 2012. However, the anesthesia monitors market is expected to grow at a higher CAGR of above 8.0% from 2013 to 2019. The respiratory devices market includes respiratory equipments, disposables and respiratory measurement devices. The respiratory equipments include humidifiers, nebulizers, oxygen concentrators, positive airway pressure devices, ventilators and inhalers. The positive airway pressure devices market is expected to foresee the highest growth in the coming years of forecast from 2013 to 2019.
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Geographically, Asia-Pacific is predicted to foresee the highest growth rate of over 10% from 2013 to 2019. This growth has been attributed to increase in the respiratory disease population and rising disposable incomes coupled with change in lifestyle. In addition, economic development and healthcare reforms would increase the government funding in its intensive R&D and would trigger the growth of this market in Asia-Pacific region.
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The major players of respiratory and anesthesia devices market include GE Healthcare, Covidien, Drager, Teleflex, Getinge, Smith’s Medical and others.