The global anesthesia monitoring devices market is anticipated to grow at a CAGR of 12.0% during the forecast period (2024-2031). Anesthesia monitoring devices are a diverse group of devices that track the delivery of fluids, medications, and gases to a patient. The devices assist in the monitoring and measurement of patients’ vital signs to ensure their wellbeing. The increase in the global geriatric population, as well as the rising rate of surgeries, is the primary driving factor of the market. For instance, according to the United Nation, in 2019, there were around 703 million people with age of over 65 years, and it is estimated to have around 1.5 billion in 2050, across the globe.
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Anesthesia monitors have become more widely used as a result of physician acceptance and awareness of the devices. Furthermore, the market is being propelled by the demand for safe and standard equipment and medical facilities, which is at an all-time high. Around 28.4 million surgeries were postponed by May 2020, as per the British Journal of Surgery. Thus, the main factor that is likely to hamper the use of anesthesia monitoring instruments is the halt of surgical procedures. The government’s continued support in terms of funding and supportive legislation would create significant opportunities for the anesthesia monitoring devices market to expand.
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Impact of COVID-19 on Global Anesthesia Monitoring Devices Market
During the COVID-19 pandemic, the global anesthesia monitoring device market is hit since December 2019. The number of surgeries has significantly declined during the pandemic, due to the strict guidelines by the regulatory authorities to avoid all non-emergent surgeries. Acute surgical emergencies were always unavoidable; however, they were dealt with in a timely and prudent manner. According to a study published in the British Journal of Surgery, an estimated 585,000 elective surgeries were postponed in India alone during the 12-week lockdown, and 28.4 million elective surgeries are canceled or postponed globally till May 2020. The doctor’s frontline warriors fighting against COVID-19, all other treatment procedures were postponed except emergency cases. The COVID-19 pandemic shows severe symptoms in people, who are already suffering from chronic disease. This has impacted that people did not visit the hospital not to get exposed to the virus. The market will witness fast growth soon owing to the restart of emergency surgeries in major economies.
Market Players Outlook
The key players of the global anesthesia monitoring devices market include Masimo Corp., Fukuda Denshi Co. Ltd., Infinium Medical, Inc., Medtronic plc, GE Healthcare, Nihon Kohden Corp., Philips Healthcare, Mindray Medical International Ltd., Drägerwerk AG & Co. KGaA, and Schiller AG and others.
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