Global Sevoflurane Market Is Estimated To Witness High Growth Owing...

Global Sevoflurane Market Is Estimated To Witness High Growth Owing To Increasing Surgical Procedures & Growing Geriatric Population

Posted 2023-09-05 08:01:06

The global Sevoflurane Market is estimated to be valued at US$ 370.2 Mn in 2022 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Sevoflurane is a volatile liquid inhalation anesthetic that is widely used in surgical procedures. It is known for its rapid onset and offset of action, making it a popular choice among anesthesiologists. Sevoflurane offers benefits such as low blood-gas solubility, excellent muscle relaxation, and minimal metabolism in the body. It is commonly used for both induction and maintenance of general anesthesia in pediatric and adult patients.

Market Dynamics:
The global Sevoflurane market is driven by two major factors - increasing surgical procedures and a growing geriatric population. The demand for surgical procedures is rising due to the increasing prevalence of chronic diseases, advancements in healthcare infrastructure, and the availability of minimally invasive surgical techniques. Sevoflurane is extensively used in surgeries, such as cardiovascular, respiratory, and orthopedic surgeries, contributing to the market growth.

Furthermore, the growing geriatric population is propelling the demand for anesthesia services, including Sevoflurane. Elderly individuals often require surgeries and procedures due to age-related conditions, and Sevoflurane is considered safe and effective for use in this population. The increasing geriatric population, especially in developed countries, is expected to drive the market growth.

Segment Analysis:
The Global Sevoflurane Market can be segmented based on application and region. In terms of application, the market can be further divided into induction and maintenance of anesthesia. The maintenance of anesthesia segment is expected to dominate the market due to the continuous administration of Sevoflurane during surgical procedures. It provides smooth and controlled anesthesia maintenance throughout the operation, contributing to its widespread use in various surgeries.

PEST Analysis:
- Political: The regulatory landscape for anesthetics varies across different regions. The approval and licensing process for Sevoflurane may differ based on the country's regulatory policies.
- Economic: The healthcare expenditure in developed countries is substantial, enabling the widespread use of advanced anesthetics like Sevoflurane. However, the cost of Sevoflurane may limit its adoption in developing nations with limited healthcare budgets.
- Social: The increasing awareness about the importance of pain management during surgery is driving the demand for effective anesthetics like Sevoflurane.
- Technological: Advancements in pharmaceutical formulations and delivery systems have improved the safety and efficacy of anesthetics, including Sevoflurane.

Key Takeaways:
- The global Sevoflurane market is expected to witness high growth, exhibiting a CAGR of 4.4% over the forecast period, due to increasing surgical procedures and a growing geriatric population.
- The Asia-Pacific region is projected to be the fastest-growing and dominating region in the market, driven by the increasing healthcare infrastructure, rising disposable income, and a large patient population pool.
- Key players operating in the global Sevoflurane market include 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.

In conclusion, the global Sevoflurane market is expected to experience significant growth in the coming years. The increasing demand for surgical procedures and the expanding geriatric population are the major drivers for this market. The market is segmented based on application, with the maintenance of anesthesia segment dominating the market. The PEST analysis highlights the political, economic, social, and technological factors impacting the market. Overall, the market offers lucrative opportunities for key players to expand their presence and meet the growing demand for Sevoflurane.