Depth of Anesthesia Monitoring Devices Market: Introduction
According to the report, the global depth of anesthesia monitoring devices market was valued at ~US$ 256 Mn in 2019 and is projected to expand at a CAGR of ~5% from 2020 to 2030. Depth of anesthesia can be defined as the degree to which the central nervous system (CNS) is depressed by the administration of general anesthetic agent based on the potency of the anesthetic agent and its concentration. The depth of anesthesia refers to a continuum of progressive depression of CNS and reduced responsiveness to stimulation. Different types of technologies are used to monitor depth of anesthesia, including bispectral index, entropy, and patient state index (PSI). The global depth of anesthesia monitoring devices market is driven by rise in the number of surgical procedures and increase in the global geriatric population with major chronic diseases.
North America dominated the global depth of anesthesia monitoring devices market in 2019. The trend is anticipated to continue during the forecast period. Highly structured healthcare industry, early new product adoption, high prevalence rate of major chronic diseases, and presence of major players are expected to propel the depth of anesthesia monitoring devices market in North America. Asia Pacific is likely to be a highly lucrative market for depth of anesthesia monitoring devices during the forecast period. The market in the region is projected to expand at a high CAGR from 2020 to 2030.
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Rise in Number of Surgical Procedures and Increase in Global Geriatric Population with Major Chronic Diseases to Drive Market
The rise in number of surgeries, especially plastic and reconstructive surgeries, has led to the demand for depth of anesthesia monitoring devices. According to statistics provided by the International Society of Plastic and Aesthetic Surgeons (ISAPS), over 1.8 million cosmetic surgeries were performed across the globe in 2019. According to the American Society of Plastic Surgeons (ASPS), over 28,076 buttock augmentation and 299,715 breast augmentation surgeries were performed in the U.S. alone in 2019. Continuous increase in the geriatric population is anticipated to be a potential driver of the global depth of anesthesia monitoring devices market during the forecast period. The geriatric population is at high risk of major chronic diseases, which require surgical procedures. According to the U.S. Department of Health & Human Product estimates, the U.S. will have about 72.1 million geriatric population by 2030, which is more than twice the number in 2000.
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Bispectral Index to Dominate Depth of Anesthesia Monitoring Devices Market
In terms of technology, the global depth of anesthesia monitoring devices market has been divided into bispectral index, entropy, patient state index (PSI), and others. The bispectral index segment dominated the global depth of anesthesia monitoring devices market in 2019. This trend is expected to continue during the forecast period. Anesthesia monitoring with bispectral index can be justified as it reduces the recovery time after waking, primarily by reducing the administration of general anesthetics as well as the risk of adverse events. These factors are likely to drive the segment during the forecast period. Entropy was the second largest segment in terms of market share in 2019. The growth of the segment can be attributed to launch of new products by leading players.
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Modules to Offer Lucrative Opportunities
In terms of device type, the global depth of anesthesia monitoring devices market has been categorized into modules, bundled devices, and standalone devices. The modules segment accounted for a prominent share of the global depth of anesthesia monitoring devices market in 2019, as modules can be integrated into different DOA devices, which has resulted in their widespread use in different clinical settings, and major market players such as GE Healthcare, Philips, Mindray, and Spacelabs are providing innovative module products.
Hospitals Emerge as Major End User
In terms of end user, the global depth of anesthesia monitoring devices market has been classified into hospitals and clinics & ambulatory surgical centers. The hospitals segment led the global depth of anesthesia monitoring devices market in terms of revenue in 2019. The trend is expected to continue during the forecast period. Hospitals are an important channel for usage of depth of anesthesia monitoring devices. The rise in the number of hospitals in countries such as India and China is projected to increase the demand for depth of anesthesia monitoring devices. The growth of the segment can be attributed to the increase in the number of surgeries and hospital facilities across the world
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North America to Dominate Depth of Anesthesia Monitoring Devices Market
In terms of region, the global depth of anesthesia monitoring devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global depth of anesthesia monitoring devices market in 2019, followed by Europe. North America’s large market share can be ascribed to increase in the number of people with major chronic diseases, new product launches, and presence of major players in the region. The depth of anesthesia monitoring devices market in Asia Pacific is anticipated to expand at a high CAGR from 2020 to 2030. This can be attributed to the presence of developing countries with commercial hubs, expanding business organizations, rise in awareness about depth of monitoring devices, improving healthcare infrastructure, and increase in investments by companies in their technical aspects.
Competition Landscape of Depth of Anesthesia Monitoring Devices Market
The global depth of anesthesia monitoring devices market is fragmented in terms of number of players. Key players operating in the global market include Medtronic plc, GE Healthcare (General Electric Company), Nihon Kohden Corporation, Koninklijke Philips N.V., Spacelabs Healthcare (OSI Systems, Inc.), Masimo and Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
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