Rapid increase in aging population along with their growing susceptibility to chronic ailments such as cancer, heart disease, and respiratory disorders are predicted to promote the demand for inhalation anesthesia market over the coming years. Further, increasing rate of these chronic ailments across the globe is anticipated to benefit the industry in near future. For instance, 65 million population suffers from normal to severe chronic obstructive pulmonary disease and this is a key factor predicted to supplement the revenue growth of the industry. The number of emergency surgeries has increased the amount of patient hospitalizations. As per the Centers for Disease Control and Prevention (CDC), about 130.9 million emergency visits were made to emergency departments (ED) in the U.S. in 2012, and adults contributed about 63% of all ED visits. Private insurance firms paid for 33% of ED visits during this time. Thus, the rising amount of hospitalizations and improved healthcare infrastructure coupled with global healthcare insurance coverage provided by private as well as public insurance firms to patients is likely to drive the market growth over the coming eight years. According to Global Market Insights Inc., “The inhalation anesthesia market size worth USD 1.23 billion in 2015, is anticipated to reach USD 1.66 billion by 2024, growing at a CAGR of 3.5% over the period of 2016-2024.”
Amongst the various kinds of inhalation anesthesia, the sevoflurane inhalation anesthesia market contributed approximately USD 882 million revenue to the global industry in 2015, growing at a CAGR of 3.4% over the period of 2016-2024. Its induction and recovery is fast as compared to other kind of anesthesia. Also, it is characterized by beneficial properties such as low airway irritability and low pungency, which is predicted to supplement its growth over the coming years. The desflurane inhalation anesthesia market worth USD 280 million in 2015, is predicted to record a CAGR of 2.3 % over the coming eight years. Its exceptional features such as moderate potency as well as high volatility will benefit the market revenue growth over the period of 2016-2024.
U.S. Sevoflurane Market Size, by Application, 2012 – 2024 (USD Million)
The Europe inhalation anesthesia market is predicted to witness a noticeable growth over the period of 2016-2024 owing to the growing number of angioplasties and surgeries of respiratory tracts. UK and Germany contributed nearly 54% towards the overall revenue share of the European market in 2015. The UK market share worth USD 66 million in 2015, is predicted to record a CAGR of 2.7% over the period of 2016-2024 and contribute significantly towards the regional growth. Germany, which led the Europe market in terms of revenue in 2015, is predicted to contribute towards a significant portion of industry share over the coming eight years due to the growing number of heart revascularizations and transluminal coronary angioplasties.
The North America market is predicted to witness a substantial surge over the period of 2016-2024 owing to the rising occurrence of chronic ailments, beneficial compensation policies, increase in the number of ambulatory and hospital surgeries, improved healthcare facilities, and growing rate of ailments requiring surgeries. The U.S. market, which accounted for 80% of the overall market share, is predicted to contribute substantially towards the regional growth.
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The Asia Pacific inhalation anesthesia market size is expected to witness significant gains at 4.6% over the period of 2016-2024. China contributed about 30% of the regional revenue share in 2015 and dominated the regional market. It is also predicted to make significant contributions to the revenue share of the region over the period 2016-2024 owing to its rising old-age population along with an increase in the rate of occurrence of chronic disorders. Furthermore, the India inhalation anesthesia industry worth USD 28 million in 2015, is predicted to grow at a CAGR of 5.2% over the period of 2016-2024 due to rise in the proportion of surgeries coupled with large patient base suffering from cardiovascular disorders.
Key market players include Baxter International Inc., Piramal Healthcare, AbbVie, Lunan Pharmaceuticals, and Hikma. Industry players will try to increase their market share as well as global presence through mergers & acquisitions and collaborations.
Author Name : Dhananjay Punekar