The global Sevoflurane Market is estimated to Propelled by Increasing Prevalence of Chronic Diseases
Sevoflurane is an inhalational general anesthetic used for induction and maintenance of general anesthesia. It has advantages like rapid induction, smooth emergence from anesthesia and less respiratory irritability. The rising prevalence of chronic diseases and increasing number of surgeries is propelling the demand for sevoflurane. It allows flexible anesthesia administration and precise dose control along with better patient recovery.
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:
The increasing prevalence of chronic diseases is one of the key trends driving the growth of the sevoflurane market. Chronic diseases such as cancer, cardiovascular diseases, diabetes etc. require surgical interventions which increases the demand for general anesthetic drugs like sevoflurane. According to the World Health Organization (WHO), chronic diseases accounted for approximately 60% of the global deaths in 2016. It is estimated that over 50% of the United States population has at least one chronic disease. The growing geriatric population also contributes to the increasing prevalence of chronic diseases as aging is one of the major risk factors. The aged population is more susceptible to chronic conditions and disabilities which propels the demand for surgical procedures and consequently sevoflurane drug. Chronic diseases impose a significant economic burden on countries with treatment and management cost running into billions each year.
SWOT Analysis
Strength: Sevoflurane is ideal for inhalation anesthesia induction and maintenance in pediatric and adult patients undergoing surgery or procedures. It has a rapid onset of action and recovery.
Weakness: Sevoflurane causes respiratory depression in a dose-dependent manner which can be dangerous especially in pediatric patients. It is also highly volatile and flammable which necessitates special precautions during administration.
Opportunity: Rising number of surgeries performed globally along with increasing adoption of advanced anesthesia techniques provides significant growth opportunities for the sevoflurane market.
Threats: Strict regulatory requirements and product approval process along with presence of alternative anesthetic agents poses threats to the market.
Key Takeaways
The Global Sevoflurane Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 386.49 Mn in 2023 and register a CAGR of 4.4% during the forecast period.
Regional analysis: North America dominates the global market currently owing to high awareness regarding advanced anesthesia techniques and large volume of surgeries performed in the region. Asia Pacific is expected to witness the highest growth rate over the next few years due to rapid expansion of healthcare infrastructure and growing medical tourism industry in the region.
Key players: 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. These companies are focusing on new product development and launches to strengthen their market presence.
Get more insights on this topic: https://perfectinsights.blogspot.com/2023/12/the-global-sevoflurane-market-is.html
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian