Global Inhalation anesthesia market is expected to reach USD 1.50 billion by 2022, according to a new study by Grand View Research Inc. Inhalation anesthesia market is expected to witness lucrative growth over the forecast period.
Key factors attributing to its rapid growth include increasing geriatric population prone to chronic diseases such as cardiovascular, respiratory, cancer, neurological and other health ailments such as gastro, orthopedic and spinal problems.
Increasing number of emergency cases and growing demand for short stay ambulatory day care surgical procedure are amongst critical success factors accounting for rapid market growth.
Growing penetration of universal health insurance coverage to wider population and constant improvements in healthcare infrastructure in various developing countries are expected to positively impact the number of surgeries performed thus, increasing the usage rates of inhalation anesthetics over the next seven years.
The inhalation anesthesia market comprises products such as sevoflurane, isoflurane and desflurane. These are used for induction and maintenance of anesthesia for patients during surgical procedures.
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Further key findings from the study suggest:
- Sevoflurane market was the largest product group, accounting for over 70.0% demand in 2014, owing to its therapeutic advantages, low cost and higher potency for the induction of anesthesia. However, isoflurane is expected to witness lucrative growth of nearly 12.0% over the forecast period owing to its usage in the maintenance of anesthesia.
- In 2014, North America inhalation anesthesia market accounted for nearly 43.0% of the total revenue. Key factors accounting for its large share include increasing prevalence of chronic diseases and geriatric population and presence of advanced healthcare facilities in the region.
- Asia Pacific is identified as the fastest growing regional market. The increasing public and private healthcare expenditure and demand for medical tourism are some primary growth contributing factors.
- The market is dominated by players such as Abbvie and Baxter. Emerging players such as Piramal Healthcare, Hikma, Lunan Pharmaceuticals are expected to intensify the generic competition and play a significant role in shaping the market dynamics.
- The anesthesia recycling market is likely to gain momentum over the forecast period, due to, heightening environmental concerns. Currently, anesthesia recycling systems are developed by two companies namely Anesthesia reclamation LLC, and Deltasorb Technologies (Blue Zone Technology)
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