Inhalation Anesthetics Market - Growth, Trends, and Forecast (2020 - 2025)
The inhalation anesthetics market is expected to register a CAGR of 3.7% during the forecast period. The market is expected to grow due to the increase in the number of surgeries being performed, globally. For instance, according to the annual estimates of Sedana Medical, there were about 4.57.5 million people ventilated and sedated worldwide in 2017. Furthermore, a rise in population pool, an increase in the number of the geriatric population prone to chronic diseases, growing demand for a lesser duration of hospitalization, and increasing accessibility to health services are some of the other factors responsible for the growth of the inhalation anesthetics market.
Inhalation anesthetics are also majorly used for accident care, where the intravenous route of administration is not an easy task in ambulatory settings. In emergency labors, rapid sequence induction of general anesthesia is performed with intubation of the trachea. Therefore, the increasing number of emergency cases all over the world is driving the inhalation anesthetics market.
As per the UN reports, the global population aged 60 years or over numbered 962 million in 2017, more than twice as large as in 1980, when there were 382 million older people worldwide. The number of older people is expected to double by 2050, projected to reach nearly 2.1 billion. However, side effects associated with the inhalation anesthetics, the lower adoption rate in case of inhaled anesthetics in certain surgical procedures, generic competition for almost all of the halogenated agents, and recent patent expiries are restraining the inhalation anesthetics market.
Key Market Trends
Sevoflurane Holds the Major Share in the Inhalation Anesthetics Market
Sevoflurane is the most widely used inhalational anesthetic, owing to its therapeutic advantages and low cost. Sevoflurane is an ether inhalation anesthetic agent with low pungency, a nonirritant odor, and a low blood, gas partition coefficient. It is found to be ideal for asthma patients or people with sensitized air passages. The drug has captured a major portion of the market, and it is expected to retain its position in the future as well.
The product is also marketed under the following names, Sojourn, Ultane, and Ultane PEN, in the United States, with Ultane being the most popular among all age groups. AbbVie is a key player of the market studied, and it sells Sevoflurane (sold under the trademarks Ultane and Sevorane) worldwide for human use.
AsiaPacific is Expected to be the Fastest Growing Market
AsiaPacific is expected to expand at the fastest CAGR over the forecast period. The key factors contributing to its rapid growth include increasing population, public and private healthcare expenditure, availability of healthcare insurance for masses, and incidence of chronic diseases. AsiaPacific is anticipated to have a significant growth due to the presence of high unmet needs, an increase in health awareness, a large population base, and an increase in the number of surgeries. Moreover, propelling medical tourism due to the availability of costefficient and advanced healthcare treatment options, compared to the other geographical regions, and increasing adoption of novel technologies are bolstering the growth of the inhalational anesthetics market in AsiaPacific.
North America also witnessed a rapid increase in the number of diseases, such as obesity, cardiovascular disease, and different types of cancers, which contributed to the growth of the inhalation anesthetics market in the region.
Market players in the inhalation anesthetics market are focusing on the expansion of their product portfolios by adopting inorganic growth strategies, such as acquisitions, mergers, and partnerships. Only a few companies are coming forward with innovative technologies and new product launches. For example, in January 2019, Sandoz, a Novartis division, launched Desflurane Liquid for Inhalation, the first generic of Suprane, in the United States, as an inhalation agent for induction and maintenance of anesthesia for inpatient and outpatient surgery in adults, and for the maintenance of anesthesia for inpatient and outpatient surgery in pediatric patients.
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