by Sevoflurane is an inhalational general anesthetic used to induce and maintain general anesthesia for surgery and other medical procedures. Sevoflurane allows faster induction and emergence from general anesthesia. It is widely used in ambulatory surgery centers due to advantages such as quick induction and recovery. Sevoflurane enables same day surgeries and reduces hospital stays, which reduces healthcare costs.
The Global Sevoflurane Market is estimated to be valued at US$ 386.49 Mn in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing acceptance of ambulatory surgery centers is one of the key drivers fueling the growth of Sevoflurane Market during the forecast period. Ambulatory surgery centers provide cost effective and convenient surgery options to patients. With advancing technologies, many complex surgeries are now being performed in ambulatory surgery centers. This has increased the demand for anesthetic agents like sevoflurane that allow quick induction and recovery, enabling same day discharge. Furthermore, sevoflurane provides stable hemodynamics and cardiovascular stability, which makes it a preferred anesthetic agent for ambulatory surgeries.
Growing geriatric population prone to various health issues also contributes to the increasing demand for sevoflurane. Elderly patients are at high risk of anesthesia during complex surgeries and prefer short-acting anesthetic agents for quick recovery. Sevoflurane with its low blood-gas partition coefficient ensures ultra-fast recovery, increasing its adoption among the elderly population undergoing surgery.
Segment Analysis
The Global Sevoflurane Market is segmented on the basis of application and end user. Based on application, the market is segmented into induction and maintenance of general anesthesia. The induction of general anesthesia segment dominated the market in 2022, owing to higher sevoflurane consumption during induction phase of anesthesia. During maintenance, other anesthetic gases are preferred over sevoflurane due to their cost effectiveness. Based on end user, the market is segmented into hospitals and other healthcare facilities. The hospitals segment held the largest market share in 2022 due to high patient volume undergoing surgeries and diagnostic procedures in hospitals.
PEST Analysis
Political: The market is positively impacted by various government initiatives and investments to modernize and increase the number of healthcare facilities. However, stringent regulations pertaining to the use and production of anesthetic gases pose a challenge.
Economic: The market experiences steady growth owing rising healthcare spending, increasing surgical procedures, and growing geriatric population worldwide propelling the demand for anesthetic gases including sevoflurane. However, price fluctuations of raw materials may negatively impact the market.
Social: Growing awareness about minimally invasive surgeries and preference for anesthetic gases over general anesthesia agents is fueling the adoption of sevoflurane. Technological advancements leading to the development of advanced anesthesia machines and monitoring devices also support the market growth.
Key Takeaways
Global Sevoflurane Market Size is expected to witness high growth over the forecast period. The Global Sevoflurane Market is estimated to be valued at US$ 386.49 Mn in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast period 2023 to 2030.
Regional analysis
North America held the largest share in 2022 due to the increasing prevalence of chronic diseases, rise in healthcare expenditure, surge in the number of ambulatory surgery centers, and well-developed reimbursement structure in the region.
Key players
Key players operating in the Sevoflurane Market are ABB Ltd., LG Chem, Ltd., Samsung SDI Co., Ltd, General Electric Company, and Tesla Inc. ABB Ltd. is one of the leading players offering a wide range of anesthesia machines integrated with sevoflurane for induction and maintenance of general anesthesia.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
