Large base of device manufacturers
The Indian anesthesia devices market is estimated to register a CAGR of 12.2% during 2019-2024, growing in value to US$975.5 million by 2024 from approximately US$494 million for 2018.
The increasing disposable income and increasing per capita income of Indians is driving the growth, said ResearchAndMarkets in its “India’s Anesthesia Devices Market – Growth, Trends and Forecasts (2019-2024)” report.
Anesthesia machines dominated the market in 2018, while the anesthesia monitors market is expected to exhibit the highest growth rate over the forecast period.
Anesthesia machines are expensive capital equipment and generate the highest revenue per unit volume when compared to other anesthesia devices, which is the primary reason for its largest market share.
On the basis of Type of Accessories & Disposables, Anesthesia Circuits held the largest market share in 2018
On the basis of the type of accessories and disposables, anesthesia circuits also known as breathing circuits led the market in 2018.
The large share of anesthesia circuits is attributable to the increasing geriatric population in the region which has a higher propensity for pulmonary disorders.
Breathing circuits are ideal interventions for patients with advanced levels of pulmonary disability as it delivers gas to the patient, removes expired gas, and controls the temperature and humidity of the inspired mixture.
Anesthesia circuits allow spontaneous, controlled, and assisted respiration.
The vendors in the anesthesia market offer a broad range of anesthesia and respiratory devices. Additionally, the introduction of low priced multi-featured devices is increasing the product competition in the market, within the manufacturers.
The key players operating the market of anesthesia and respiratory devices include GE Healthcare, Becton, Dickinson & Company and Astra Zeneca PLC.
The market players also include: B. Braun Medical, Baxter International Inc, Becton, Medion Healthcare, Nihon Kohden Corporation, Ontex Medical Devices Manufacturing and Terumo Corporation.
India has a large base of domestic medical device manufacturers who are capable of supplying low-cost alternative anesthesia devices, thereby increasing the overall competition in the market, according to the market. fiinews.com