by Sevoflurane is an inhalational general anesthetic used for induction and maintenance of general anesthesia in surgical procedures. It has advantages such as rapid induction, smooth emergence from anesthesia with minimal cardiovascular and respiratory depression. The need for sevoflurane has increased in major surgical procedures due to its safety profile.
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 key trends:
The growing demand in the healthcare industry has been a major trend propelling the sevofulrane market. Healthcare facilities across major countries have witnessed increased infrastructure development and advancement in surgical and diagnostic capabilities. This has led to rise in number of surgeries performed annually requiring anesthetics like sevoflurane. Further, rising geriatric population who are more prone to Chronic diseases and conditions has augmented the demand for different surgical procedures. As sevoflurane provides rapid and smooth anesthetic effect, it is widely used in majority of surgical settings driving its market growth. The increasing healthcare expenditure also boost the market of sevoflurane during the forecast period.
SWOT Analysis
Strength: Sevoflurane has advantages in terms of stability, low blood-gas partition coefficient and non-pungency which makes it suitable for anesthesia induction and maintenance in adults and pediatrics.
Weakness: High cost of sevoflurane can restrict its use in cost-sensitive regions. Potential harmful effects on environment as it is greenhouse gas.
Opportunity: Increasing number of surgeries worldwide especially in emerging markets offers significant growth opportunities. Growing demand for advanced anesthesia systems further opens up opportunities.
Threats: Stringent regulatory approvals and safety standards for anesthesia drugs pose challenges. Alternative technologies for anesthesia delivery can emerge as threat.
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.
The North America region currently dominates the market owing to growing number of surgical procedures and presence of major players. The Asia Pacific region is expected to grow at fastest pace due to improving healthcare infrastructure, large population undergoing surgeries and rising medical tourism.
Key players like ABB Ltd., LG Chem, Ltd., Samsung SDI Co., Ltd, General Electric Company dominate the market. These players are focusing on expansion in high growth regions and new product launches. For instance, ABB expanded its production facility in China to cater to electric vehicle battery demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
