According to a new report published by Allied Market Research, the global anesthesia and respiratory devices market accounted for $23.4 billion in 2016, and is estimated to reach $38.3 billion by 2023, registering a compound annual growth rate (CAGR) of 7.2% from 2017 to 2023. North America was the highest contributor in the anesthesia and respiratory devices market in 2016; however, Asia-Pacific is expected to witness the highest growth rate during the forecast period.

Advancements in technology, growth in the geriatric population, and an increase in tobacco consumption are driving the market, Allied Market Research officials say. In addition, heavy usage of anesthesia and the prevalence of invasive surgeries fuel the growth of the market. Moreover, high demand for respiratory therapeutic devices in home care settings and an increase in healthcare expenditures are anticipated to provide lucrative growth opportunities for the market players.

However, high equipment costs, the large pool of undiagnosed populations, and risks associated with certain respiratory therapeutic devices for neonates hamper the growth of the respiratory care devices market.

Regarding the component, respiratory devices are the dominant market segment, due to their high demand in home-care settings, an increase in the prevalence of respiratory diseases, and a surge in the geriatric population.

Furthermore, regarding the end users, hospitals are the dominant segment, thanks to the use of numerous advanced anesthesia and respiratory devices. However, clinics are projected to be the fastest-growing segment, due to a recent increase in outpatient surgeries.

Finally, in 2016, North America was the dominant revenue contributor, owing to the large number of clinical trials conducted in the region, the continent’s well-developed healthcare infrastructure, and the high adoption rate of advanced technology. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, attributable to the presence of populace countries such as India and China, leading to the availability of a large patient population and a rise in healthcare expenditure.