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The market for inhalation anesthesia is significantly influenced by the increasing number of surgical procedures worldwide. As surgical interventions become more common for various medical conditions, the demand for inhalation anesthesia rises in tandem.
Favorable government schemes designed to enhance the construction of medical infrastructures and access to varieties of surgical interventions has a positive effect on the market growth for inhalation anesthesia. The increased investments in the healthcare sector of developing country and underdeveloped countries is also leads ap to market growth.
Expected growth of disposable income levels, healthcare spending capacity among the global population increases the needs for various medical interventions including surgeries requiring inhalation anesthesia. As people get better jobs and the economy improves, there will be more surgeons, hence increasing the number of surgical procedures resulting to the market growth.
The popularity of noninvasive methods including inhalation anesthesia among patients and those practicing healthcare is also growing. This experience is based on the feeling of safety and faster recovery dynamics that are perceived with this method in comparison with other options.
The inhalation anesthesia market is greatly affected by restrictions such as strict manufacturing, distribution, and administration of the anesthesia merchandize. The market dynamics depend on these regulations as all the players have to abide by them in order to maintain product quality and safety levels necessary.
The COVID-19 pandemic has had both pros and cons for the development of market of inhalation anesthesia with all. Still, among the negative consequences were the postponements of elective surgeries during some periods which had a negative impact on the market. However, the growing attention to the respiratory health and treatment needs of advanced COVID-19 complications through surgical approaches may have pushed consumption of inhalation anesthesia.
The composition of the market is highlighted in terms of competitive landscape where it has key players competing for market share. Mergers, acquisitions, and partnerships among companies in the anesthesia industry contribute to market consolidation, influencing overall market dynamics.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | Â Â 8.3% |
Inhalation Anesthesia Market Highlights:
Global Inhalation Anesthesia Market Overview
The Inhalation Anesthesia Market size is expected to reach USD 1.5 Billion by 2032 at 8.3% CAGR during the forecast period 2023-2032.
Inhalational anesthetics are used for the induction and maintenance of general anesthesia as well as sedation. They are usually preferred for maintenance because they allow more precise control of the anesthetic state and do so at low cost.
The increasing geriatric population is one of the key factors driving the inhalation anesthesia market as they are highly prone to degenerative diseases and chronic illnesses, which eventually leads to a rise in surgeries and therapeutics. According to WHO, it is estimated that the world’s population aged 60 years and older are likely to double from 12% to 22% by 2050.
Various other factors such as the rise in surgical procedures, rising prevalence of cardiovascular and respiratory system-related diseases along with technological advancements, and a rise in regulatory approvals drive the growth of the market.
However, the increasing concern about greenhouse gas emissions will hamper market growth over the forecast period.
Inhalation Anesthesia Market Segment Insights
The global inhalation anesthesia market is segmented based on product, application, and region.
Inhalation Anesthesia Product Insights
The global market for inhalation anesthesia, by product, is segmented into sevoflurane, isoflurane, and desflurane.
Inhalation Anesthesia Application Insights
Based on application, the market is segmented into induction and maintenance.
Inhalation Anesthesia Regional Insights
In the current scope of the study, the segments mentioned above are covered into the four global regions, namely, the Americas, Europe, Asia-Pacific, and the Middle East and African region.
The market of inhalation anesthesia in the America has further been segmented into North America and South America, with the North American market divided into the US and Canada.
The European market of inhalation anesthesia has been segmented into Western Europe and Eastern Europe. Western Europe has been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The market of inhalation anesthesia in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The market of inhalation anesthesia in the Middle East & Africa has been segmented into the Middle East and Africa.
Regional Market Summary
Global Inhalation Anesthesia Market Share (%), by Region
Sources: MRFR Analysis
The Americas dominated the global market for inhalation anesthesia owing to the rising geriatric population within the region. As per the data suggested by the United Census Bureau, by 2060, the US is projected to grow by 79 million people, from about 326 million today to 404 million. The population is projected to cross the 400-million threshold in 2058. Additionally, according to the WHO, in the US, more than 20% of the total population is likely to be aged 65 years or over by 2030. Moreover, rising cases of surgical procedures along with the participation of market players are also strongly impacting the growth of the Americas inhalation anesthesia market. For instance, according to the American Society for Aesthetic Plastic Surgery, around 1, 542, 67 surgical cosmetic procedures were conducted in 2017. Similarly, according to the Center for Diseases Control and Prevention, approximately 46.5 million surgical procedures are performed every year in the US.
In 2018, it was estimated that Europe stood second in the global market of inhalation anesthesia. Technological advancements, along with the availability of funding opportunities in research and innovation, will support market growth.
Asia-Pacific (APAC) is expected to represent the phenomenal market growth throughout the forecast period due to rising prevalence of chronic conditions, growing awareness about medications, and increasing healthcare expenditure. During 2016-2017, Australia spent nearly USD 181 billion on health, which is more than USD 7,400 per person and 10% of overall economic activity.
On the other hand, the Middle East and Africa held the least share in the global inhalation anesthesia market due to the low economic development, especially within the African region.
Key Players
- Baxter International Inc.
- Halocarbon Products Corporation
- Hikima Pharmaceuticals plc.
- Lunan Pharmaceutical Group Co. Ltd
- Piramal Enterprises Limited
- Jiangsu Hengrui Medicine Co. Ltd
- Fresenius Kabi AG
- AbbVie Inc.
Inhalation Anesthesia Market Segmentation
Inhalation Anesthesia Product Outlook
- Sevoflurane
- Isoflurane
- Desflurane
Inhalation Anesthesia Application Outlook
- Induction
- Maintenance
Intended Audience
- Medical devices companies
- Government and private laboratories
- Research and development (R&D) companies
- Research laboratories
- Market research and consulting service providers
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