Anesthesia And Respiratory Devices Market: The Role of Patient Advocacy
The global anesthesia and respiratory devices market is expected to grow at a compound annual growth rate (CAGR) of 6.1% from 2023 to 2030 to reach USD 75.92 billion by 2030. The growth of the market is driven by a number of factors, including the increasing prevalence of respiratory diseases, the rising number of surgical procedures, and the growing geriatric population.
Respiratory diseases
The increasing prevalence of respiratory diseases is one of the major drivers of the anesthesia and respiratory devices market. Respiratory diseases are a major cause of death and disability worldwide. According to the World Health Organization (WHO), respiratory diseases are responsible for 12.5% of all deaths worldwide. The most common respiratory diseases include chronic obstructive pulmonary disease (COPD), asthma, and pneumonia.
Surgical procedures
The rising number of surgical procedures is another major driver of the anesthesia and respiratory devices market. The number of surgical procedures performed worldwide is expected to increase from 1.5 billion in 2017 to 2.1 billion in 2030. This increase in the number of surgical procedures is due to a number of factors, including the aging population, the increasing incidence of chronic diseases, and the rising demand for cosmetic surgery.
Geriatric population
The growing geriatric population is also a major driver of the anesthesia and respiratory devices market. The geriatric population is the fastest-growing segment of the population worldwide. According to the WHO, the number of people aged 60 years and over is expected to increase from 900 million in 2015 to 2.1 billion in 2050. The aging population is more likely to suffer from respiratory diseases and to require surgery.
Segmentation
The global anesthesia and respiratory devices market is segmented by product type, end-user, and region.
By product type, the market is segmented into anesthesia devices and respiratory devices. Anesthesia devices are used to induce unconsciousness and analgesia during surgery. Respiratory devices are used to improve breathing and to provide oxygen to patients with respiratory problems.
By end-user, the market is segmented into hospitals, clinics, and homecare. Hospitals are the largest end-user of anesthesia and respiratory devices. Clinics and homecare are the smaller end-users of these devices.
By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the largest market for anesthesia and respiratory devices. Europe is the second-largest market for these devices. Asia Pacific is the fastest-growing market for anesthesia and respiratory devices.
Key players
Some of the key players in the global anesthesia and respiratory devices market include:
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General Electric Company
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Philips Healthcare
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Smiths Medical
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Medtronic
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Becton, Dickinson and Company
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Air Liquide
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Dragerwerk AG & Co. KGaA
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Fisher & Paykel Healthcare Limited
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Covidien plc
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Terumo Corporation
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Growth opportunities
The global anesthesia and respiratory devices market is expected to offer significant growth opportunities in the coming years. Some of the key growth opportunities in the market include:
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The increasing prevalence of respiratory diseases
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The rising number of surgical procedures
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The growing geriatric population
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The technological advancements in anesthesia and respiratory devices
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The increasing demand for homecare and portable devices
Challenges
The global anesthesia and respiratory devices market is also facing some challenges, such as:
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The high cost of anesthesia and respiratory devices
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The stringent regulatory requirements
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The competition from generic and low-cost devices
Conclusion
The global anesthesia and respiratory devices market is expected to grow at a CAGR of 6.1% from 2023 to 2030 to reach USD 75.92 billion by 2030. The growth of the market is driven by a number of factors, including the increasing prevalence of respiratory diseases, the rising number of surgical procedures, and the growing geriatric population.
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