Global Inhalation Anesthesia Market is projected to grow at a CAGR of 3.8% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Inhalation Anesthesia Market by Product (Sevoflurane, Isoflurane, Desflurane), Application (Induction, Maintenance), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.
The global inhalation anesthesia market is expected to grow from USD 1.19 billion in 2019 to USD 1.6 billion by 2027, at a CAGR of 3.8% during the forecast period 2020-2027. North America region dominated the market in the year 2019. This growth was due to the rising prevalence of chronic diseases, changing lifestyles, unhealthy dietary habits, and increasing healthcare sector investment. The presence of advanced healthcare facilities and increasing demand for surgical products are the other factors propelling the market. The Asia-Pacific region is anticipated to witness significant growth, due to growing awareness regarding health issues, the presence of a large patient pool opting for surgical procedures, and public and private healthcare expenditure.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Some of the notable players in the market are Fresenius Kabi¸ Abbott, Baxter International, Halocarbon Products, Jiangsu Hengrui Medicine, Hikma Pharmaceuticals, Piramal, Abbvie, Mylan, Lunan Pharmaceutical, and Eisai. In May 2016, a pharmaceutical manufacturer Julphar from the Middle East and Africa region entered into a partnership with Piramal in Saudi Arabia to distribute Sojourn. This partnership was aimed at enhancing company’s business in Middle East and Africa region.
The type segment includes sevoflurane, isoflurane, and desflurane. Sevoflurane holds the largest market share, owing to the certainty that the induction of anesthesia with sevoflurane is favorable in neonates compared to desflurane and isoflurane, as it lacks airway irritation. The isoflurane segment holds the least share, owing to induction and patient recovery time as compared to sevoflurane is long. On the basis of application, the market is segmented into induction and maintenance. The maintenance segment holds the largest market share, due to the increasing demand for inhalation anesthetic due to a fast recovery and airway safety compared to injectable anesthetics. The induction segment is anticipated to witness significant growth, owing to increasing demand for inhalation anesthetics and a higher concentration of drugs than the amount required for maintenance.
The factors influencing the market are an increasing number of surgeries, an increase in the number of severe road accidents, a rise in the number of world population, and a large number of individuals suffering from cardiovascular, cancer, orthopedic, spinal, respiratory, and neurological gastrointestinal, and various other diseases. Increasing innovations in the inhalation devices and rising governmental support will fuel the market growth. The factors restraining the market growth are risks associated with the therapeutic and diagnostic devices, low adoption rate of new technologies, and strict regulatory scenario. Rise in healthcare expenditure in emerging economies and the rise in the elderly population will provide market growth opportunities.
About the report:
The global inhalation anesthesia market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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