Sevoflurane Market is expected to Driven by Rising Anesthesia Procedures for Surgeries

Sevoflurane Market is expected to Driven by Rising Anesthesia Procedures for Surgeries

Sevoflurane is an inhalational general anesthetic agent used for induction and maintenance of general anesthesia. It has a low blood-gas partition coefficient, which allows for fast induction and emergence from anesthesia. Sevoflurane has advantages such as none inflammable, nonpungent, blood-gas partition coefficient about 2.45 and minimal hepatotoxicity. It is widely used in pediatric procedures owing to its low potential for respiratory and cardiovascular depression which make it safer for children and infants.

The global sevoflurane market is estimated to be valued at US$ 386.49 Mn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends witnessed across the global sevoflurane market includes rising demand for minimally invasive surgical procedures. Minimally invasive surgeries such as laparoscopic procedures are gaining major popularity over conventional open surgeries owing to benefits such as reduced hospital stay, less post-operative pain, and superior cosmetic outcomes. Sevoflurane is highly preferred among anesthesiologists for induction and maintenance of anesthesia during minimally invasive surgeries due to its fast onset and offset of action. This is expected to significantly contribute towards the market growth over the forecast period.

Porter’s Analysis
Threat of new entrants: The sevoflurane market requires high initial investments in R&D and manufacturing operations which poses moderate threat of new entrants.

Bargaining power of buyers: The sevoflurane market has moderate bargaining power of buyers as it caters to hospitals, clinics and ambulatory surgical centers for anesthesia.

Bargaining power of suppliers: The suppliers have moderate bargaining power due to presence of well-established suppliers and high dependence of manufacturers on imports of raw materials.

Threat of new substitutes: Substitutes like desflurane, isoflurane and nitrous oxide pose low to moderate threat as sevoflurane maintains its efficacy and safety profile.

Competitive rivalry: The sevoflurane market witnesses high competition between the top players due to their wide product portfolio and global presence.

Key Takeaways
The Global Sevoflurane Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The global sevoflurane market is estimated to be valued at US$ 386.49 Mn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030.

North America is expected to dominate the global sevoflurane market over the forecast period owing to increasing number of surgeries and growing geriatric population in the US and Canada requiring surgical procedures. Asia Pacific is expected to witness fastest growth during the forecast period on account of increasing medical tourism and improving healthcare infrastructure in countries like China and India.

Key players operating in the sevoflurane market are Abbott Laboratories, Baxter, Piramal Pharma Solutions, Manus Aktteva Biopharma LLP, Maruishi Pharmaceutical Co.,Ltd., Lunan Pharmaceutical Group, Abbvie, Wellona Pharma, Rewine Pharmaceutical, and Troikaa Pharmaceuticals Limited. Abbott Laboratories captured highest market share in 2021 owing to its wide portfolio of anesthetic drugs including sevoflurane and strong global presence across North America, Asia Pacific and Europe.

Get more insights on this topic: https://www.insightprobing.com/sevoflurane-market-growth-demand-and-overview/

Editorial Team