The Indian anesthesia devices market is estimated to register a CAGR of 12.2% during the forecast period. The market was valued at approximately USD 494 million in 2018. It is expected to register a value of USD 975.5 million by 2025.
- The primary growth factor for the market is the increasing disposable income and increasing per capita income of Indians. Furthermore, the increasing number of surgeries is also boosting the market growth. The growing number of surgeries can be attributed to increasing cardiovascular diseases, accidents, and chronic conditions.
- As per the WHO Global Report on Road Safety 2018, India accounts for almost 11% of the accident-related deaths in the World. A total of 4,67,044 road accidents have been reported by States and Union Territories in 2018, claiming 1,51,417 lives and causing injuries to 4,69,418 persons. With this high number of accidents, the market in the region tends to increase at a high rate.
Key Market Trends
On the basis of Type of Anesthesia Devices, Anesthesia Machine is Expected to Hold Major Share in the Market
Anesthesia machines dominated the Indian anesthesia devices market, while the anesthesia monitors market is expected to exhibit the highest growth rate over the forecast period. The increasing number of surgeries requiring anesthesia globally is boosting the segment’s growth. Graft bypass surgeries are done in large numbers across several developed nations. However, in India, these surgeries are growing steadily with the growing awareness and spending power of people in the country. 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. With the rise in the number of surgeries, their demand is also expected to grow steadily over the forecast period.
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 in the market for anesthesia and respiratory devices include GE Healthcare, Becton, Dickinson & Company, and Astra Zeneca PLC.
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.
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