Inhalation Anesthetics Market To Reach $2,144.6 Million Value by 2030
In 2021, the inhalation anesthetics market was worth around $1,356.0 million, which is predicted to hit $2,144.6 million in the next 8 years, growing at a 5.2% CAGR from 2021 to 2030. This is because of the surging elderly population, which is prone to chronic ailments, growing trauma prevalence, and snowballing access to surgeries and other health services.
Key Market Insights
- Anesthetic drug manufacturers are in a fierce rivalry with one another, with the majority having already made generic versions of their products; additionally, price competition between them is severe.
- Inhalable anesthetics are frequently used for general anesthesia because life-saving medical operations, such as open-heart surgery, brain surgery, and organ transplantation, would not be feasible without complete sedation.
- Additionally, due to desflurane's low blood gas solubility, the inhalation anesthetics market revenue is predicted to escalate in the future. Moreover, due to its faster recovery time, the drug is frequently used to maintain general anesthesia during ambulatory procedures in patients over the age of 18.
North America Has Highest Demand for Inhalation Anesthetic Drugs
Geographically, the market is dominated by North America, which is mostly attributable to the improvements in anesthetic and surgical techniques, as well as the availability of new medicines in the region.
The APAC inhalation anesthetics market will grow at the highest CAGR in the coming years. The main causes of the surging use of anesthetic medications include the growing population, rising investments in healthcare infrastructure, increasing use of new technology in surgeries, and snowballing healthcare spending per person.
With a share of 75.0%, sevoflurane dominates the market, and its usage, in terms of revenue generation, is predicted to grow at a compound annual growth rate of 5.1% in the coming years. This is because sevoflurane leads to rapid induction of anesthesia and quicker wear-off.
Additionally, during the forecast period, the need for isoflurane medications will grow at the highest rate. Isoflurane medications cost two-to-three times less than sevoflurane, which is why it is the favored general anesthesia agent in emerging economies, including Brazil, South Africa, India, and Indonesia.