Depth of Anesthesia Monitoring Market Growth, Size Report 2028

[Research Report] The depth of anesthesia monitoring market size is projected to reach US$ 280.83 million by 2028 from US$ 203.32 million in 2021. It is expected to grow at a CAGR of 4.7% from 2021 to 2028.

The increasing number of surgical procedures is substantially driving the depth of anesthesia monitoring market. North America is likely to continue its dominance in the market during the forecast period. The US held the largest share of the North America market in 2021 and is expected to continue this trend during the forecast period. Increasing adoption of technological advancements and rising research and development activities are projected to accelerate the market growth. Moreover, the presence of large healthcare businesses results in the growing adoption of depth of anesthesia monitoring.

The depth of anesthesia monitoring market is segmented based on purchasing type, product, end user, and geography. By geography, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The report offers insights and in-depth analysis of the market, emphasizing parameters such as market size, trends, technological advancements, and market dynamics, and the analysis of the competitive landscape of the globally leading market players.

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Depth of Anesthesia Monitoring Market: Strategic Insights

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Market Insights

Increasing Number of Surgical Procedures Drives Depth of Anesthesia Monitoring Market

The increasing prevalence of diabetes, cardiovascular diseases (CVDs), cancer, stroke, bladder cancer, prostate cancer, kidney diseases, and other chronic diseases is associated with the rise in the number of surgical procedures performed worldwide. According to data published by the American Society of Anesthesiologists, in 2019, 90% of hospital-based surgeries were performed in 53% of hospitals in the US. In addition, a study by the American Society for Metabolic and Bariatric Surgery stated that ~252,000 weight loss surgeries were performed in the US in 2019. Moreover, the American Society of Anesthesiologists reported that the total number of surgical procedures performed in the US was 28.3 million in 2019. Among all, musculoskeletal & connective tissue, circulatory, and digestive operations are the most performed inpatient surgical procedures, comprising 37%, 22%, and 8% of all hospital-based inpatient surgeries performed in 2019, respectively. Additionally, 88% of hospitals offered patient-controlled analgesia, and 67% offered pain management therapy. Thus, the rising number of surgeries using general anesthesia is the major factor contributing to depth of anesthesia monitoring market growth.

Purchasing Type-Based Insights

Based on 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 depth of anesthesia monitoring market share. Moreover, the same segment is anticipated to register a higher CAGR during the forecast period. Direct purchasing can witness an upward trend in the supply chain of the depth of anesthesia monitoring devices. Large hospitals may opt for direct channels in the coming years as the direct purchase is the primary source of procurement for devices and consumables across healthcare facilities. With the increasing cost of healthcare, providers are focusing on better services for customers, along with reducing the overall cost. The procurement of devices and consumables through direct tender is highly cost-effective for healthcare providers as they are bought under the terms of the contract for service. Also, in several countries, the group purchasing organizations have low adoption and prevalence; and in many countries, group purchasing organizations are in the stage of entering the market. Thus, the aforementioned factors will augment the segment growth during the forecast period.

 

Product-Based Insights

Based on product, the depth of anesthesia monitoring market is bifurcated into devices and consumables. The devices segment held a considerable depth of anesthesia monitoring market share and is projected to continue its dominance during the forecast period. The devices segment will grow significantly as the devices are the primary component for functionality and cost center for healthcare providers, including hospitals, clinics, and ambulatory surgery centers, as healthcare facilities spend the highest on the state-of-the-art devices for efficient processes, patient satisfaction, and to achieve competitive advantage. The providers also focus on good quality monitoring devices as they improve the overall quality of care and workflow. Therefore, the aforementioned factors will pave the way for more widespread adoption of the segment and favor the growth of the depth of anesthesia monitoring market.

Depth of Anesthesia Monitoring Market Regional Insights

The regional trends and factors influencing the Depth of Anesthesia Monitoring Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Depth of Anesthesia Monitoring Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Depth of Anesthesia Monitoring Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Depth of Anesthesia Monitoring Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Depth of Anesthesia Monitoring Market are:

1. Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
2. Medtronic
3. GE Healthcare
4. Masimo
5. Koninklijke Philips N.V.

Disclaimer: The companies listed above are not ranked in any particular order.

End User-Based Insights

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 market share in 2021, and it is likely to continue its dominance during the forecast period. The presence of technologically advanced devices & instruments to cater to a large population with maximum patient comfort, the inclination of major players toward selling their devices in the hospitals, the availability of advanced infrastructure, the availability of skilled personnel in hospitals, and favorable reimbursement rules for hospital procedures contribute toward the lucrative growth of the hospital segment.

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 globally. They aim to flourish their market shares with the development of innovative products. 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 in the depth of anesthesia monitoring market.