Sevoflurane Market Sales And Adoption To Rise On Account Of Its Wide Application In Inhalation Induction And Maintenance Of General Anesthesia
Market Dynamics:
The growing prevalence of chronic diseases and the need for surgical treatment is the primary driver augmenting the growth of the Global Sevoflurane Market over the forecast period. According to the data published by the WHO, around 234 million major surgical procedures are performed Globally every year. Additionally, rising geriatric population and government initiatives to increase healthcare access are further expected to propel the market growth during the forecast period. Its wide application in inhalation induction and maintenance of general anesthesia, better cardiovascular stability, non-pungency and lack of irritation also contributes to its increased adoption. However, the availability of alternative inhaled anesthetics and high costs related to sevoflurane equipment may hamper the market growth during the assessment period.
Key Takeaways
Global Sevoflurane Market Size is expected to witness high growth. The Global Sevoflurane Market is estimated to be valued at US$ 386.49 Mn in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the market and is expected to witness the fastest growth over the forecast period. This can be attributed to factors such as growing healthcare expenditure, large patient population undergoing surgeries and increasing number of hospitals.
Key players operating in the Sevoflurane Market include ABB Ltd., LG Chem, Ltd., Samsung SDI Co., Ltd, General Electric Company, and Tesla Inc. These players are focusing on new product launches and expanding their Global footprint through partnerships and collaborations to gain market share.
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