Anesthesia Monitoring Devices Market Size, Share & Trends Analysis Report By Product, By End-use (Hospitals, Specialty Clinics, Ambulatory Surgery Centers), By Region, And Segment Forecasts, 2024 - 2030

Market Size & Trends

The global anesthesia monitoring devices market size was valued at USD 2.05 billion in 2023 and is projected to grow at a CAGR of 11.2% from 2024 to 2030. This surge can be attributed to the rising number of surgical procedures worldwide. Geriatric patients suffering from chronic conditions including heart disease and cancer often require general anesthesia, driving the widespread adoption of anesthesia monitoring devices. These devices help monitor physiological parameters such as heart rate, blood pressure, oxygen saturation, and end-tidal carbon dioxide levels, enhancing patient outcomes.

Furthermore, healthcare providers have increasingly prioritized patient safety significantly driving the growth of the anesthesia monitoring devices market. Both medical practitioners and patients progressively recognize the inherent risks associated with anesthesia administration. Modern anesthesia monitoring devices with detailed and continuous information on vital signs, anesthesia depth, and other critical parameters can mitigate associated risks with anesthesia.  For instance, advanced monitors track heart rate, blood pressure, oxygen saturation, and end-tidal carbon dioxide levels.

In addition, continuous advancements in anesthesia technology contributed to the market expansion. Manufacturers have increasingly focused on developing innovative features to enhance accuracy, usability, and data management capabilities of anesthesia monitoring devices. This included sensor technology improvements and signal processing algorithms that led to reliable vital sign measurements, while wireless connectivity, integration with hospital information systems, and touchscreen interfaces improved user experience and data transfer. Such innovations resulted in efficiency and accuracy in patient monitoring, improved workflow efficiency, and enabled accurate, informed decision-making by specialists. 

Product Insights

Integrated Anesthesia Workstations (IAW) accounted for 40.0% of the market share in 2023 owing to the significant technological enhancements that made them more efficient and user-friendly. These advanced systems integrate several features into one multifunctional unit, providing anesthesiologists with single-stage processing, anesthesia delivery, monitoring, and management. Such an integration minimizes manual interventions, optimizes drug administration, reduces risks, and increases workflow productivity and efficiency, promoting patient welfare.

Advanced anesthesia monitors are expected to register the fastest CAGR during the forecast period owing to robust technological advancements that ensure patient safety. These monitors are incorporated with cutting-edge features, such as depth of anesthesia monitoring, goal-directed fluid therapy, and improved alarm systems. Anesthesiologists and healthcare providers have heavily relied on these monitors for precise titration of anesthetic agents and patient safety during surgery. Furthermore, advanced monitors provide objective pain assessment tools, allowing healthcare professionals to tailor pain management strategies effectively. These features helped reduce postoperative pain and improve patient satisfaction, thereby driving market demand.

End-use Insights

Hospitals segment dominated the market in 2023. As primary healthcare facilities, hospitals handle a substantial number of surgical procedures, ranging from routine to complex cases which demands precise anesthesia monitoring methods. Furthermore, hospitals have the necessary infrastructure, skilled personnel, and financial resources to adopt and maintain anesthesia monitoring equipment. Their capacity to invest in advanced technology drives the adoption of sophisticated monitors, including integrated workstations and advanced anesthesia monitors.

Ambulatory surgery centers (ASCs) are projected to grow substantially at a CAGR of 11.7% over the forecast period. This can be credited to major shifts in patient preferences. Patients have increasingly favored these outpatient settings for cost-effectiveness and shorter hospital stays compared to hospitals. Moreover, ASCs handle a substantial number of surgical procedures, including both elective and minimally invasive surgeries to prioritize patient comfort and convenience. They have increasingly integrated anesthesia monitoring devices into their workflows to streamline anesthesia delivery, monitoring, and data management.

Regional Insights

North America dominated the anesthesia monitoring devices market with 36.1% of the share in 2023. It is attributable to the region’s highly developed healthcare infrastructure featuring a large number of hospitals and surgical centers. Moreover, North American healthcare facilities have emphasized patient safety during surgeries, making anesthesia monitoring devices indispensable for assessing vital signs, anesthesia depth, and patient stability.

U.S. Anesthesia Monitoring Devices Market Trends

The U.S. anesthesia monitoring devices market dominated the North America market in 2023 due to technical advancements, robust innovations, and the use of artificial intelligence in healthcare technology. Additionally, the ongoing trend towards less invasive surgery procedure has considerably increased the demand for anesthesia monitoring devices.

Europe Anesthesia Monitoring Devices Market Trends

The European anesthesia monitoring devices market secured 32.2% of the share in 2023 owing to the rising prevalence of chronic illnesses, such as cardiovascular diseases, cancer, and diabetes. Furthermore, the European healthcare system has emphasized patient comfort, cost-effectiveness with clinical efficiency, influencing the development of devices that can deliver advanced products and long-term economic benefits.

UK anesthesia monitoring devices market is expected to grow rapidly in the coming years due to several government investments in upgrading medical technology, including anesthesia monitors for surgery efficiency.

Asia Pacific Anesthesia Monitoring Devices Market Trends

Asia Pacific anesthesia monitoring devices market held 19.0% of the market share in 2023. The growth was propelled by significant government investments which led to the introduction of new monitoring techniques such as depth of anesthesia monitoring, neuromuscular blockade monitoring, and integrated data management. These features enhanced patient care and safety during anesthesia administration.

Key Anesthesia Monitoring Devices Company Insights

Key players including Medtronic, Philips Organizations, and others have focused on increasing their customer base to gain a competitive edge in the industry. They have implemented several strategic initiatives, such as mergers and acquisitions, and partnerships with other major companies. 

• Medtronic offers a wide range of innovative healthcare technology for the treatment of cardiac and vascular disease and arrhythmias, helping solve the most complicated challenges. Their products treat 70 health conditions, including cardiac devices, cranial and spine robotics, insulin pumps, anesthesia monitoring aids, and surgical tools.

• Drägerwerk AG & Co. KGaA specializes in medical and safety technology, the company’s products are anesthesia workstations, ventilators, patient monitoring systems, gas detection equipment, and personal protection equipment. Products mainly focus on patient safety, and improve workflow efficiency.

Recent Development

• In March 2024, Medtronic received FDA 510(k) clearance for the BIS Advance monitor. This newly cleared device features the clinically validated BIS algorithm and boasts a user-friendly interface that simplifies configuration to personalize anesthesia dosing for enhanced patient outcomes. Medtronic intends to launch the BIS Advance monitor in the U.S. market within the coming months.

Anesthesia Monitoring Device Market Report Scope

Global Anesthesia Monitoring Device Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global anesthesia monitoring devices market report based on product, end-use, and region.

• Product Outlook (Revenue, USD Billion, 2018 - 2030)

  • Basic Anesthesia Monitor

  • Integrated Anesthesia Workstation

  • Advanced Anesthesia Monitor

  • Other Products

• End-use Outlook (Revenue, USD Billion, 2018 - 2030)

  • Hospitals

  • Specialty Clinics

  • Ambulatory Surgery Centers

• Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

  • Latin America

    • Brazil

    • Argentina

  • Middle East and Africa (MEA)

    • Saudi Arabia

    • South Africa

    • Kuwait

    • UAE