In recent years, advances in technology have led to the development of more advanced anesthesia monitoring devices. These devices have quickly found their way into hospitals, clinics, retirement homes, and emergency rooms across the world, leading to increasing demand that is likely to see the advanced anesthesia monitoring devices market grow considerably in the next few years.
Advanced Anesthesia Monitoring Device Demand
In 2014, advanced anesthesia monitors accounted for 62.7% of the global anesthesia monitoring devices market, with hospitals and ambulatory centers being the largest group of end users. In particular, hospitals account for the bulk of advanced anesthesia monitoring device purchases, making up 76.9% of the end user share in that market.
According to recent reports, North American sales of anesthesia monitoring devices are expected to grow at a CAGR of 11.3% between 2015 and 2020. What’s more, hospital demand for these devices is projected to grow at an even higher CAGR – 12.5% – during the same time period.
Reasons for Increased Demand
There are a number of factors that are responsible for the increased demand for anesthesia monitoring devices:
- Advancements in technology: As technology improves, advanced anesthesia monitoring devices have become more sophisticated, increasing their helpfulness to surgeons and patients.
- Increases in the number of surgeries: According to the Centers for Disease Control and Prevention (CDC), there were 51.4 million surgeries performed in 2014 in the U.S. alone. As the population continues to age with every passing year, the number of surgeries will also increase, requiring the use of more anesthesia monitoring devices to keep up with the number of procedures being performed.
- Competition in the marketplace: As demand grows, so does competition among medical device makers to create better and more useful devices. This leads to hospitals and medical centers being more likely to spend money on new anesthesia monitoring devices, which in turn increases competition for their business.
- Growing ubiquity: It is expected by many medical professionals and patients that a modern medical center will have advanced anesthesia monitoring devices on hand to use during procedures. As such, hospitals, retirement homes, and other medical centers feel pressure to update to the latest and best devices.
Roadblocks to Market Growth
In addition to increasing demand and technological advancement, the reports also mention several factors that impede the anesthesia monitoring devices market and may keep growth from becoming even more rapid:
- Expense: Even when there is demand for advanced medical equipment, the expense of purchasing said equipment limits the number of devices that many hospitals and other medical centers can purchase in a given period.
- Technological set-up: As anesthesia monitoring devices become more advanced, they require more technological know-how to set up, calibrate, and use.
Strategy Anesthesia is a national company that provides reliable anesthesia services to medical centers in 6 states. For more information about our services, or how we work with clients to develop tailored procedures that meet their individual needs, contact us today at 888-398-6234.