iData’s report on the global anesthesia, respiratory, and sleep management device market includes anesthesia delivery units, anesthesia monitors, anesthesia disposables, ventilators, nebulizers, respiratory disposables, oxygen concentrators, therapeutic obstructive sleep apnea devices and sleep diagnostic devices. The COVID-19 pandemic had a massive impact on the entire market. While it adversely affected the anesthesia market, respiratory market segments experienced unprecedented growth, due to a global state of emergency and a surge in demand for these products. Despite this, the global anesthesia, respiratory, and sleep management device market is growing and is expected to reach approximately $12 billion by 2027. Throughout this blog, we provide answers to two main questions:
What does the future have in store for anesthesia, respiratory, and sleep management devices?
What are some of the significant trends per segment?
1 – Anesthesia Delivery Unit Market
Hospitals and healthcare facilities around the world are beginning to prioritize their cost-efficiency concerns. As a result, many hospitals and healthcare facilities are beginning to ask for more out of their anesthesia delivery units (ADUs). To be specific, this directly translates to hospitals and healthcare facilities expecting more functionality out of their anesthesia delivery unit (ADU) machines. Because of this, the market for high-complexity ADSs is expected to undergo increased growth by 2027 in relation to the low-complexity market. Growth within the high-complexity ADU market has subsequently led to growth for the overall ADU market.
2 – Anesthesia Monitor Market
Anesthesia monitors experienced a decline in sales as a result of the COVID-19 pandemic. However, increases in technological advancements within this segment are expected to boost the anesthesia monitor market growth during the forecast period. Some of these advancements include intuitive touchscreen displays, which make it easier and more efficient to monitor patient information, such as a heartbeat. These technological innovations help clinicians to work more closely with patients and operate at the highest safety capacity.
3 – Anesthesia Disposables Market
Similarly to the anesthesia monitor market, anesthesia disposables experienced a decline in sales as a result of the COVID-19 pandemic. One major trend expected within this segment is the shift towards single-use devices. In the global market, clinicians exceedingly prefer to use single-use endotracheal tubes and masks over reusable varieties. The use of disposable products eliminates a large degree of risk associated with cross-contamination, which is of particular concern for immuno-suppressed patients and hospital staff who handle contaminated objects.
4 – Ventilator Market
COVID-19 caused a massive spike in the global ventilator market due to the increased need for mechanical ventilation. Despite being the single biggest short-term driver in the market, the result of the surge in sales due to COVID-19 will largely be reversed in the years following the resolution of the pandemic. Hospitals across Europe massively over purchased ventilators in 2020, dramatically reducing the demand for new devices in the years following. This will effectively neutralize any short-term gains and result in markets returning to a stable, mature state.
5 – Nebulizer Market
As the primary consumers of aerosol drugs are COPD and cystic fibrosis patients, the need for nebulizers depends on the frequency and prevalence of the diagnosis of these illnesses. It is predicted that the vast majority of those afflicted with COPD are unaware that they are afflicted and, as time progresses, the proportion of those aware of their illness and those being properly diagnosed will increase dramatically, thus increasing the global demand for nebulizers.
6 – Respiratory Disposables Market
Respiratory disposables were considerably impacted, in a positive way, by the COVID-19 pandemic. Due to environmental factors, as well as demographic factors, respiratory conditions are experiencing gradual increases in new diagnoses. As a result of this, a greater number of new patients require respiratory treatment and assistance, which will serve to increase demand for respiratory disposables.
7 – Oxygen Concentrator Market
One exciting market trend within the global oxygen concentrator segment is the shift towards costlier portable concentrators in place of stationary models and oxygen cylinders. This shift towards these devices is largely being driven by the vast technological advancements that have been made in the portable device market. Small-sized products are capable of oxygen release rates (LPM) and other features that were previously only achieved by large, stationary machines. Through increasing the ASPs and inducing unit sales growth in the overall market, this shift is set to encourage growth.
8 – Therapeutic Obstructive Sleep Apnea Device Market
Surprisingly, many individuals who suffer from sleep apnea are unaware that they even have sleep apnea. As a result, a trend within this segment surrounds targeted advertising from the sleep industry and news stories covering the dangers of undiagnosed sleep apnea. These ads and news stories have been contributing to increased public awareness of the symptoms of sleep apnea. As the risks and early warning signs of sleep apnea become better understood, more patients are expected to seek medical treatment, leading to an increase of patients diagnosed with obstructive sleep apnea (OSA).
9 – Sleep Diagnostic Device Market
Ironically, the major trend within the global sleep diagnostic device market was one that was highly unexpected. Initially, it was thought that home sleep therapy (HST) devices would take revenue away from the sales of attended sleep studies. However, the opposite has been observed. Patients who are given HST devices to take home do not have to wait to get into sleep labs that typically have very long waiting lists. Alternatively, patients are able to be screened in their own homes, and if they test positive they are then directed to a sleep lab where they undergo a full test.
FURTHER GLOBAL MARKET INSIGHTS
iData’s MedSuite report breaks down each global anesthesia, respiratory, and sleep management device market segment and includes market overviews and forecasts, drivers and limiters, competitive market share analysis, and more. If you’re curious to know what else the future has in store for this market, follow the link below.