Inhalation Anesthesia Market size is estimated to reach USD 1.66 billion by 2024; as per a new research report by Global Market Insights, Inc.
Geriatric population is more susceptible to chronic diseases such as cancer, cardiovascular, neurological and respiratory disorders. As per AHRQ, patients older than 65 years represented 40% of hospitalized adults in the U.S. in 2008. Hospitalizations for older adults are expected to rise in future, thus driving inhalation anesthesia market size.
Prevalence of chronic diseases such as cancer, neurological, cardiovascular and respiratory disorders is on rise. For instance, 65 million people suffer from moderate to severe COPD globally, which is also forecast to fuel inhalation anesthesia industry revenue in the coming years.
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The number of emergency surgeries has driven the count for hospitalization admissions. As per CDC, 16.2 million emergency visits resulted in hospital admissions in 2011. The increased number of hospitalizations along with favorable public and private insurance will drive usage in hospitals. Growing adoption of universal health coverage and healthcare infrastructure development in emerging regions will contribute to demand in public as well as private healthcare setups.
Dominating sevoflurane share is due to its several advantages over other anesthetics such as lower pungency, faster induction and lower air way irritability. Sevoflurane was valued at USD 882 million in 2015 with grow expectations of 3.4% CAGR during forecast period. The desflurane market is expected to grow at 2.3% CAGR and forecasted to exceed USD 300 million by 2024.
The demand for recycling of anesthetic gases will experience significant growth owing to increased awareness and their impact on global warming. Industry players are focusing on developing scavenging technologies for effective recycling of these gases. A standard practice of installation of Waste Anesthetic Gas Disposal Systems (WAGD) in hospitals will drive the global demand for recycling systems.
North American revenue is driven by U.S. inhalation anesthesia market share, due to rising prevalence of chronic diseases and increase in surgical procedures among hospitalized patients. The favorable reimbursement policies and presence of developed healthcare infrastructure will stimulate growth. China dominates the Asia Pacific industry, and occupied over a quarter of the regional revenue in 2015. This growth is credited to growing older age population and increasing prevalence of chronic diseases.
Browse key industry insights spread across 126 pages with 148 tables & 8 market data figures & charts from the report, “Inhalation Anesthesia Market Size By Product (Sevoflurane, Desflurane, Isoflurane), By Application (Induction, Maintenance Anesthesia), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Spain, Italy, China, Australia), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Key insights from the report include:
· Global inhalation anesthesia market size was USD 1.2 billion in 2015, and projected to reach USD 1.69 billion by 2024, slated to grow at 3.5% CAGR from 2016 to 2024.
· In terms of volume, the global anesthesia market was 10.5 million bottles (250 ml each) in 2015, and projected to grow at 4% CAGR to reach 14.9 million bottles by 2024.
· Sevoflurane is expected to dominate the overall revenue throughout the forecast timeline. Germany and UK together contributed 54% to the Europe inhalation anesthesia market share in 2015.
· Maintenance anesthesia is responsible for over 85% of the global sevoflurane, desflurane and isoflurane revenue.
Key players include AbbVie, Halocarbon products, Lunan Pharmaceuticals, Hikma, Piramal Healthcare, Baxter International Inc., etc. The key strategy adopted by these companies include mergers and acquisitions in order to consolidate inhalation anesthesia market share.Editor's Details
Last updated on: 01/09/2016
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