05 May 2021
Posted in Medical Devices
Anesthesia and respiratory devices market to reach $20bn in 2025 driven by recent surge in 510(k) clearances, says GlobalData
The global market value for anesthesia and respiratory devices is projected to grow to $20bn in 2025, up from $16.8bn in 2021, according to GlobalData, a leading data and analytics company. New and innovative products making their way into the market will provide stable growth over the coming years.
Kevin Dang, Medical Data Analyst at GlobalData, comments: “The market for anesthesia and respiratory devices saw abnormal growth in 2020 due to the demand for ventilators driven by the COVID-19 pandemic. In 2020, the global market for both critical care and transport ventilators increased by over 300%, which speaks to the sudden surge in demand for treating COVID-19 patients. However, as the surge in the ventilator market was relatively short-lived, the market demand for most ventilator models returned to normal by the end of 2020. GlobalData expects that the market will further decrease once the pandemic is under control, however, the rise in recent 510(k) clearances for various devices in this sector will provide a new avenue of growth over the coming years.”
Recently, there has been a notable number of medical devices in this sector that have received FDA 510(k) clearances. One notable corporation is Fisher & Paykel, which received clearance for its Visairo NIV Mask Range in April, a non-invasive continuous ventilator. This came just one month after the company obtained clearance for F&P Optiflow Nasal Oxygen Cannula With CO2 Sampling, used to deliver oxygen nasally to the patient.
Other companies that received 510(k) clearances in recent weeks include Shenzhen Hexin Zondan Medical Equipment (Pulse Oximeter), Maquet Holding (SERVO-U Ventilator System), Parker Hannifin (Nitronox 0-50, Nitronox Plus 0-70, Nitronox Plus 50/50), Invacare (Platinum 5NXG Oxygen Concentrator), RespiNova (PulseHaler), Shenzhen Mindray Bio-Medical Electronics (A9 Anesthesia System, A8 Anesthesia System).
Dang concludes: “These new approvals will create an opportunity for more innovative products to enter the market, which will spur more investments over the coming years and provide stable growth for the anesthesia and respiratory devices market.”