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Depth of Anesthesia Monitoring Market Worth $170 Million by 2024 - Exclusive Report by MarketsandMarkets™
CHICAGO, June 26, 2019 /PRNewswire/ -- According to the new market research report "Depth of Anesthesia Monitoring Market by Product (Devices, Consumables), Device (Module, Standalone), Mode of Purchase (Group Purchasing Organization, Direct Purchase), End User (Hospitals, Ambulatory Surgery Center, Clinic) - US Forecast to 2024", published by MarketsandMarkets™, the US Depth of Anesthesia Monitoring Market was valued at USD 141 million. This market is projected to reach USD 170 million by 2024, at a CAGR of 3.2% during the forecast period.
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The growing patient pool in hospitals and the increasing number of surgeries are the major factors that are driving the growth of this market. However, the high installation and maintenance costs of depth of anesthesia monitoring devices are expected to restrain the growth of this market in the coming years.
Consumables segment accounted for the largest share of the US Depth of Anesthesia Monitoring Market, by product type, in 2018
Based on product type, the US Depth of Anesthesia Monitoring Market is segmented into devices and consumables. In 2018, the consumable segment accounted for the largest share of the market owing to the need for repeat purchase of consumables and the high adoption of single-use sensors. On the other hand, the average life span of depth of anesthesia monitoring devices is around 10 years, and these devices can be provided at no cost if a long-term contract is signed for the purchase of consumables.
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Modules segment accounted for the largest share of the US Depth of Anesthesia Monitoring Market, by device type, in 2018
On the basis of device type, the US Depth of Anesthesia Monitoring Market is segmented into modules, bundled devices, and standalone devices. The modules segment accounted for the largest share of this market in 2018 majorly due to their widespread use in different clinical settings as they can be integrated into different DOA devices.
Hospitals are the largest end-users of depth of anesthesia monitoring products in the US
Based on end user, the US Depth of Anesthesia Monitoring Market is segmented into hospitals and ambulatory surgical centers & Clinics. The hospitals segment accounted for the largest share of this market in 2018 and is estimated to grow at a higher CAGR during the forecast period majorly due to the growing patient pool in hospitals and the increasing number of surgeries. As the installation and maintenance costs of depth of anesthesia monitoring devices are very high, large hospitals usually can afford to invest in these devices as compared to small clinical settings.
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The prominent players operating in this market are Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), Medtronic Public Limited Company (Ireland), GE Healthcare (US), Mennen Medical Ltd. (Israel), Masimo Corporation (US), and Philips Healthcare (Netherlands).
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