According to FutureWise analysis, the market for depth of anesthesia monitoring is projected to expand at a CAGR of 3.2% from 2023-2031.
As per the market trends, direct purchasing is poised to witness considerable growth within the supply chain of depth of anesthesia monitoring devices in the North American region. The concept of GPOs in the transactions of medical devices has seen a steady decline due to GPOs emphasis on the volume and cost to earn administrative fees from the manufacturers, as opposed to that of functions and quality of products. It has been predicted that large scale hospitals may choose to undertake direct channels, but small and medium scale hospitals are likely to remain with GPOs, particularly because of the purchase of medical devices.
Anesthesia monitoring devices allows range of different anesthetic substances especially that of drugs, gases and fluids to the patient and also demonstrates the measures and displays the physiological state of the patients’ health. These monitors are primarily used to check the patient’s response with respect to anesthesia during the surgical procedure. Measuring the patient’s vital parameters like ventilation, oxygenation, circulation and temperature rank as some of the crucial factors of these devices and will be subject to the kind of surgery performed. These devices are commonly used in hospital settings academic research institutes and ambulatory surgical centres.
Technological innovations in the monitoring of anesthesia, the spur in the number of surgeries, the rise of the geriatric population and the rising volume of occurrence as well as rampant nature of chronic diseases count as some of the factors which are likely to revitalize the economic growth of the market during the forecast time span. However, a lack of awareness on the part of the professionals operating the devices, exorbitant costs of the devices, strict rules from regulatory bodies, along with inadequate healthcare facilities in developing nations could pose potential detriments to the future growth.
The rise in the number of surgeries performed as well as that of rise in the patient pool in the US are just some of the factors which are likely to project high growth in the market. Furthermore, the depth of anesthesia monitoring devices are expensive and have an astronomically high installation as well as maintenance costs. These factors can be attributed to the low adoption in small scale outpatient settings and clinics. In terms of device segmentation, modules can be included into diverse DOA devices, which has culminated in their expansive use in different clinical settings. In America, a number of the modules are offered by Philips, Spacelabs, GE Healthcare and Mindray. These players provide diverse modules to in an effort to measure DOA parameters, which includes Entropy, BIS and Patient State Index (PSI).
Based on the segmentation of the product type, the consumables segment is predicted to reach a sizeable depth of anesthesia monitoring market share due to the extensive usage and adoption for single-use sensors and the need for repetitive purchase of the consumables. However, the depth of anesthesia monitoring instruments offers a life span of approximately 10 years and are typically given free of cost, i.e. if the purchaser is willing to sign a contract for consumables that is long-term.