Newark, Feb. 15, 2023 (GLOBE NEWSWIRE) -- The brainy Insights estimates that the global inhalation anaesthetics market will grow from USD 1.78 billion in 2022 and reach USD 2.76 billion by 2030. The market for inhalation anaesthetics is driven by an increase in demand for elective surgeries. The prevalence of chronic diseases and an ageing population contribute to increasing demand for surgeries. Product innovations and increased government spending on healthcare infrastructure will advance the global inhalation anaesthetics market. Increased public awareness of surgical treatments and favourable reimbursement policies of governments making these treatment options affordable will bode well for the inhalation anaesthetics market. The need to enhance treatment services and healthcare service quality is likely to spur the development of innovative inhalation anaesthetics, augmenting the market’s growth in the future.
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Key Insight of the Inhalation Anaesthetics Market
The Asia Pacific market is expected to grow the fastest during the forecast period.
The Asia Pacific market is anticipated to develop the fastest during the projected period. China is expected to dominate the Asia Pacific market. The significant and ever-growing population is expected to augment the regional market's growth. The increasing healthcare expenditure and government initiatives aimed at expanding healthcare coverage for every citizen will bode well for the development of the market. China and India's large, well-established, and highly advanced pharmaceutical industries also contribute to developing the inhalation anaesthetics market.
The sevoflurane segment will augment the inhalation anaesthetics market during the forecast period.
The drug segment is divided into sevoflurane, isoflurane, desflurane, halothane, nitrous oxide and others. The sevoflurane segment dominated the market with a revenue share of around 39% in 2022.
The induction segment dominated the global inhalation anaesthetics market in 2022.
The application segment is divided into induction and maintenance. The maintenance segment dominated the market with a revenue share of around 56% in 2022.
The hospital segment will augment the inhalation anaesthetics market during the forecast period.
The end-user segment is divided into hospitals, ambulatory surgical centres and others. The hospital segment dominated the market with a revenue share of around 53% in 2022.
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Advancement in market
Sedana Medical AB announced the introduction of Sedaconda (isoflurane) in Germany in February 2022. In July 2021, the European DCP approved Sedaconda (isoflurane). In 14 nations, the product has also acquired national approval. The same year, more marketing approval requests were made, and in 2022, the business anticipates obtaining national approvals in Italy, Poland, Switzerland, and the United Kingdom.
Market Dynamics
Driver: the increasing incidence of chronic and acute diseases
The rising need for cardiac surgery has been attributed partly to the rising incidence of cardiovascular disease caused by inadequate exercise and an unhealthy diet. Numerous people have developed eye ailments due to the increasing number of hours spent on laptops or long screens. The need for numerous surgeries, including ENT, heart, and cataract surgery, is also being driven by the growing elderly population. The rising cancer incidence is also impacting the surgical market. Surgery is now more widely available and less expensive due to rising government healthcare spending and population disposable income. Patients now feel more confident about these treatment options, given the improved surgical outcomes brought about by technological improvements. As a result, the global market for inhalation anaesthetics will be driven by the rising number of patients choosing surgical treatments for several chronic and acute diseases.
Restraint: inhalation anaesthetics are potent greenhouse gases
Chlorofluorocarbons with halogens are used as inhalation anaesthetics. They harm the environment and contribute to the ozone layer's deterioration. As a result, the temperature rise leads to global warming. The increase in global temperature is bringing about catastrophic climate change. There have been various projects aimed at lowering the greenhouse gases in the atmosphere to stop the rise in temperature as a result of the mounting concerns about climate change in recent years. Since inhalation anaesthetics are strong greenhouse gases that remain in the atmosphere for a long time and contribute to climate change, their use is also under discussion. As a result, the environmental issues related to inhalation anaesthetics will restrain the market's expansion.
Opportunities: increasing expenditure to develop better products
The need for surgery has increased along with the global rise in cancer diagnoses and other chronic diseases. The rise in surgical demand drives the global market for inhalation anaesthetics. Government and international organizations expect that as medical technology improves, demand for surgical procedures will also increase. To take advantage of the growing surgical market, public and private sector stakeholders are heavily investing in developing improved inhalation anaesthetics. The product advancements are intended to make it simple to administer inhalation anaesthetics while improving their accuracy and safety. With the help of innovations, the world can reduce the negative environmental impacts of inhalation anaesthetics. During the projection term, such breakthroughs and advances will present profitable prospects.
Challenge: surgical procedures are governed by stringent guidelines and regulations
Surgery is only chosen after careful consideration because it is invasive and has no guarantee of success. Given the various factors involved in the pre-op, post-op, or during the actual surgery, the risks associated with surgeries are increased. The risks can be managed by lowering the dangers resulting from surgeon error and using tried and tested medications. Inhalation anaesthetics must be approved after careful review because they directly impact the patient's health. They also impact the surgical success of the operation. Even surgical procedures are governed by a set of standards and regulations established by authorities for the patient's benefit. As a result, the market's expansion will be hampered by the strict regulatory permits for anaesthetics and their application in medicine.
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Some of the major players operating in the inhalation anaesthetics market are:
• AbbVie Inc.
• Abbott Laboratories
• Baxter International Inc.
• Fresenius SE & Co.
• Halocarbon Products Corporation
• Hikma Pharmaceuticals PLC
• Jiangsu Hengrui Medicine Co. Ltd.
• Lunan Pharmaceutical Group Co. Ltd.
• Piramal Enterprises Ltd.
• Sandoz International GmbH (Novartis)
Key Segments cover in the market:
By Material
• Sevoflurane
• Isoflurane
• Desflurane
• Halothane
• Nitrous Oxide
• Others
By Application
• Induction
• Maintenance
By End User
• Hospitals
• Ambulatory Surgical Centers
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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