According to our latest study, titled " Depth of Anesthesia Monitoring Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Purchasing Type, Product, and End User," the market size is expected to grow from US$ 203.32 million in 2021 to US$ 280.83 million by 2028. It is estimated to grow at a CAGR of 4.7% from 2021 to 2028. The report highlights the key factors driving the depth of anesthesia monitoring market and prominent players' developments.
The depth of anesthesia monitoring market growth is attributed to the increasing number of surgical procedures and the growing employment rate of anesthesia professionals. However, the high maintenance cost of depth of anesthesia monitors is hampering the market growth.
- By purchasing type, the depth of anesthesia monitoring market is bifurcated into direct purchase and group purchasing organization (GPO). In 2021, the direct purchase segment held a larger market share. Moreover, the same segment is anticipated to register a higher CAGR during the forecast period.
- By product, the depth of anesthesia monitoring market is bifurcated into devices and consumables. The devices segment held a considerable market share and is projected to continue its dominance during the forecast period.
- By end user, the depth of anesthesia monitoring market is segmented into hospitals, ambulatory surgery centers, clinics, and others. The hospitals segment held the largest depth of anesthesia monitoring market share in 2021, and it is likely to continue its dominance during the forecast period.
Market Insights
Growing Employment Rate of Anesthesia Professionals Drives Depth of Anesthesia Monitoring Market
In recent years, there have been considerable developments in the profession of anesthesia and its management. Emerging technologies need skilled professionals that are acquainted with the use of modern technologies and devices to handle the process. With improved professional awareness, anesthesiologists are now responsible for administering local and general anesthetics to patients during surgeries. The rising professional awareness among anesthesiologists and skilled anesthetic technicians favors the growth of the depth of anesthesia monitoring market. Thus, the elevating demand for anesthesiologists is likely to boost the employment rate in this profession. The Bureau of Labor Statistics (BLS) states that anesthesiologists are classified under a larger category of physicians and surgeons. According to the BLS prediction, the number of jobs for physicians and surgeons is expected to grow at a faster-than-average rate of 7% from 2018 to 2028. The BLS also separates anesthesiologists precisely from technicians and predicts a 4% surge in job availability during 2018–2028, which is an average for all job categories.
According to the American Board of Anesthesiologists, the demand for anesthesiologists depends upon the demand for surgeries. As per the data published by the American Society of Anesthesiologists, a significant percentage increase occurred in the number of hospital-employed anesthesiologist assistants during 2016–2021.
COVID-19 Impact Analysis: Depth of Anesthesia Monitoring Market
Several companies have experienced severe losses in the last quarter of 2019; they were also negatively influenced in the first and second quarters of 2020. Hence, the impact of COVID-19 on the depth of anesthesia monitoring market was immediate and drastic. The businesses in all the regions were hampered due to disruption in the supply chain. To reduce COVID-19 infection in hospitals and clinics, healthcare practitioners and patients were adopting and preferring remote patient treatment. Under these unforeseeable circumstances, the postponement of non-urgent procedures and economic uncertainty across the region hampered the volume of procedures and hence the market growth. In order to limit the spread of the virus and reserve and reallocate resources in healthcare personnel (nurses, anesthesiologists), medical equipment (personal protective equipment, ventilators), and beds, elective surgery was suspended in many institutions, and the overall volume of surgeries fell dramatically. The "stay at home" strategy in Europe resulted in a significant reduction in surgeries and a decrease in the incidence of trauma cases during the COVID-19 period.
Competitive Landscape: Depth of Anesthesia Monitoring Market
Product launches and approvals are among the most commonly adopted strategies by companies to expand their global footprints and product portfolios. Market players also focus on the partnership strategy to enlarge their clientele, which, in turn, permits them to maintain their brand name worldwide. Shenzhen Mindray Bio-Medical Electronics Co., Ltd.; Medtronic; GE Healthcare; Masimo; Koninklijke Philips N.V.; FUKUDA DENSHI; 3M; Danmeter APS; Spacelabs Healthcare; and Mennen Medical are the leading companies operating to contribute in depth of anesthesia monitoring market growth.
- In April 2022, GE Healthcare announced FDA pre-market approval (PMA) for its End-tidal (Et) Control Software intended for general anesthesia delivery on its Aisys Cs2 Anesthesia Delivery System. The Et control software semi-automates the delivery of anesthesia using software, allowing anesthesia providers to set targets for end-tidal oxygen and anesthetic agent. The product improves anesthesia delivery accuracy and simplifies workflows, thereby reducing drug waste and lowering the cost of care and greenhouse gas emissions.
- In February 2022, Masimo announced the FDA Clearance of Pediatric Indication for SedLine Brain Function Monitoring and the SedLine Pediatric EEG Sensor. The product is equipped with Masimo's advanced signal processing technology. SedLine assists clinicians monitor brain activity bilaterally by processing EEG signals from Masimo's four-lead SedLine EEG Sensors.
- In May 2021, Spacelabs Healthcare, a division of OSI Systems, Inc., announced a partnership with Masimo for patient monitoring to integrate SET pulse oximetry, NomoLine capnography, rainbow SET Pulse CO-Oximetry, SedLine brain function monitoring, and O3 regional oximetry into select Spacelabs multi-parameter monitors.
Depth of Anesthesia Monitoring Market, by Region, 2021 (%)
Depth of Anesthesia Monitoring Market Growth, Size Report 2028
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Depth of Anesthesia Monitoring Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Purchasing Type (Direct Purchase and Group Purchasing Organization), Product (Devices and Consumables), and End User (Hospitals, Clinics, Ambulatory Surgery Centers, and Others)
Depth of Anesthesia Monitoring Market Growth, Size Report 2028
Download Free SampleDepth of Anesthesia Monitoring Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Purchasing Type (Direct Purchase and Group Purchasing Organization), Product (Devices and Consumables), and End User (Hospitals, Clinics, Ambulatory Surgery Centers, and Others)
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