The considerable rise in the number of surgeries, increased air pollution, allergies, and certain diseases all present significant opportunities in the global market for anesthesia and respiratory devices. This market is projected to reach USD 26.7 billion by 2022 from an estimated USD 21.1 billion in 2017, expanding at a CAGR of 4.8 percent, according to BCC Research. Respiratory devices, respiratory measurement devices, and respiratory disposables capture more than 75 percent of the global market. Anesthesia machines have an abundant scope of growth due to technological advancements and increasing healthcare automation. Sleep apnea diagnostic systems are also expected to undergo a higher growth rate.
North America dominates by region, with a 47 percent market share in 2017 and a projected market value of USD 12.4 billion in 2022. With changing global demographics, stagnating economies, and the potential risks anticipated in developed markets such as North America and Europe, medical device manufacturers are shifting their focus toward emerging markets. Asia-Pacific is the highest potential growth zone. The two highest-populated countries in the world, China and India, make Asia-Pacific a magnet for investments and are attracting manufacturers to the region.
Increases in the incidences of chronic obstructive pulmonary disease (COPD) and obstructive sleep apnea (OSA) are driving the respiratory devices market. Because COPD is a chronic disease, it creates abundant demand for respiratory devices such as inhalers, nebulizers, spirometers, oximeters, breath filters, and respiratory disposables. The use of respiratory devices is mandatory for the management and treatment of OSA. After COPD, OSA contributes the highest share in the use of respiratory devices.