ANESTHESIA GASES MARKET ANALYSIS

The global anesthesia gases market was valued at US$ 1,765.0 Mn in 2021 and is forecast to reach a value of US$ 2,266.9 Mn by 2028 at a CAGR of 3.6% between 2022 and 2028. The global anesthesia gases market is experiencing strong growth due to the increase in prevalence of chronic diseases and increase in geriatric (aging) population around the world. Moreover, rise in demand for anesthesia gases and increase in number of surgical procedures across the globe is expected to boost the growth of the market. However, factors such as side effects of anesthesia gases and rise in generic anesthesia usage are expected to hamper growth of the market.

Global Anesthesia Gases Market: Regional Insights

Based on geography, the global anesthesia gases market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market over the forecast period owing to the increasing number of surgical procedures and rising geriatric population in the region. For instance, the global population is ageing rapidly, which in turn is increasing the burden or prevalence of chronic diseases. More than 85% of older adults have at least one chronic health condition, and 60% have at least two chronic conditions, according to the U.S. Centers for Disease Control and Prevention (CDC). Therefore, there is an increasing demand for anesthesia gases in this region, driving the growth of the market.

Asia Pacific is also expected to witness robust growth in the global anesthesia gases market due to the rise in number of emergency cases and growing geriatric population in the region. For instance, increase in number of emergency cases and growing geriatric population have created a demand for surgeries, which in turn has increased demand for anesthesia gases. India’s elderly population (aged 60 & above) is expected to reach 194 million in 2031 from 138 million in 2021, 41% increase over a decade, according to the National Statistical Office (NSO)’s Elderly in India 2021 report. This in turn is driving the growth of the market.

Figure 1. Global Anesthesia Gases Market Share (%), by Region, 2022

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Global Anesthesia Gases Market Drivers:

Rise in burden of chronic diseases to boost market growth

One of the key factors expected to augment the growth of the global anesthesia gases market during the forecast period is the increase in prevalence of chronic diseases worldwide. With the increasing burden of chronic diseases, the number of surgical procedures is also increasing, thereby increasing the demand for anesthesia gases. According to the U.S. Centers for Disease Control and Prevention (CDC), six in ten Americans live with at least one chronic disease, such as heart disease and stroke, cancer, or diabetes. These and other chronic diseases are the leading causes of death and disability in the U.S., and they are also a leading driver of health care costs.

Growing geriatric population to underpin market growth

Another factor which is driving the growth of the global anesthesia gases market is the increase in geriatric (aging) population around the world. For instance, elderly population tends to have more critical diseases, and thus, face an increased risk of perioperative morbidity and require continuous monitoring. According to the World Health Organization (WHO), one in six people in the world will be aged 60 years and older by 2030, and the world's population of people aged 60 years and older will double (2.1 billion) by 2050. This in turn is expected to increase demand for anesthesia gases, driving the growth of the global anesthesia gases market.

Global Anesthesia Gases Market Opportunities:

Increase in demand for anesthesia gases across the globe is expected to provide significant growth opportunities for players in the anesthesia gases market. For instance, with the increase in number of emergency cases worldwide, demand for anesthesia gases is also increasing rapidly. In January 2019, Sandoz, a Novartis division, launched Desflurane, Liquid for Inhalation, the first generic of Suprane in the United States, as an inhalation agent for induction and maintenance of anesthesia for inpatient and outpatient surgery in adults, and for maintenance of anesthesia for both inpatient and outpatient surgery in pediatric patients.

Increase in number of surgical procedures is expected to offer significant growth opportunities for players in the anesthesia gases market. For instance, as per the National Center for Biotechnology Information (NCBI) data, around 310 million major surgeries are performed across the world every year, out of which around 40-50 million are performed in the U.S. and 20 million in Europe. The increasing number of emergency cases and increasing geriatric population have created a demand for surgeries. Which in turn has increased the demand for anesthesia gases, driving the growth of the global anesthesia gases market.

Global Anesthesia Gases Market Trends:

Increasing number of emergency cases is a recent trend

Since anesthesia is an essential part of secondary and tertiary care, pharmaceutical companies and hospitals worldwide need to dig deep to maintain high quality services for the benefit of patients. Major challenges need to be tackled within time, such as innovative approaches to identify the lack of resources and obstacles to providing sustainable patient care. This trend is expected to continue over the forecast period, driving the growth of the market.

Increase in demand for isoflurane gases is another trend

Isoflurane is commonly used for induction and maintenance of general anesthesia in the operating room. These gases are often used in emergency rooms and a variety of surgical interventions. With the increase in emergency visits and increase in number of surgical interventions, the demand for isoflurane gases is also increasing or has increased across the world. This trend is also expected to continue during the forecast period, driving the market growth.

Global Anesthesia Gases Market Restraints:

Side effects of anesthesia gases to hinder market growth

One of the key factors expected to hamper the growth of the global anesthesia gases market is the side effects of anesthesia gases. The common side effects of anesthesia gases include temporary confusion and memory loss (more common in the elderly population), dizziness, nausea, vomiting, shivering, difficulty in urinating, and sore throat due to the breathing tube, among others. However, side effects differ based on substance. Inhalation anesthesia drugs currently available in the market may have many side effects upon consumption.

Rise in generic anesthesia usage to hamper the market growth

Another factor which is hampering the growth of the global anesthesia gases market is the increase in usage of generic anesthesia. Desflurane is a general inhalation anesthetic used for inpatient and outpatient surgeries in adults. Desflurane is the only available generic anesthesia, and the cost of generic desflurane is much less. Therefore, with the emergence of generic anesthetics, the use of generic anesthesia is also increasing. This in turn is expected to restrain the growth of the global anesthesia gases market during the forecast period.

Figure 2. Global Anesthesia Gases Market Share (%), by Product Type, 2022

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Global Anesthesia Gases Market Segmentation:

The global anesthesia gases market report is segmented into Product Type, Anesthesia Gases, End User, and Geography.

Based on Product Type, the market is segmented into Anesthesia Gases and Vaporizer Devices. Out of which, Anesthesia Gases Segment is expected to dominate the anesthesia gases market over the forecast period and this is attributed to the increase in demand for anesthesia gases due to increase in number of surgical procedures worldwide.

Based on Anesthesia Gases, the market is segmented into Desflurane, Sevoflurane, Isoflurane, Nitrous Oxide, and Other Anesthesia Gases. Out of which, Desflurane Segment is expected to dominate the market over the forecast period and this is attributed to the rise in use of desflurane. Desflurane is a general anesthetic used for inpatient and outpatient surgeries in adults.

Sevoflurane Segment is also expected to witness significant growth in the near future and this is owing to the increase in number of surgical procedures. Sevoflurane is a general anesthetics drug used for temporary loss of consciousness before and during the surgery.

Based on End User, the market is segmented into Hospital and Ambulatory Surgical Centers. Out of which, Hospital Segment is expected to dominate the market over the forecast period and this is attributed to the increase in use of anesthesia gases in hospitals.

Global Anesthesia Gases Market: Key Developments

In September 2019, Baxter announces the acquisition of Cheetah Medical to expand specialized patient monitoring portfolio.

In July 2019, AbbVie acquired Seattle (US)-based Mavupharma, a biopharmaceutical company focused on novel approaches to target the STING (STimulator of INterferon Genes) pathway for the treatment of cancer.

In March 2019, Adventist Health and GE Healthcare announced their collaboration that may help transform healthcare delivery and patient experience across the 21-hospital system in California, Oregon, and Hawaii.

In November 2018, Sedana Medical received market approval for AnaConDa from the Ministry of Health, Labour, and Welfare (MHLW) in Japan. AnaConDa is used in the administration of volatile anesthetics for mechanically ventilated patients in intensive care.

In March 2018, Baxter and BioMérieux collaborated to improve identification and treatment of acute kidney injury.

Global Anesthesia Gases Market: Key Companies Insights

The global anesthesia gases market is highly competitive. This is attributed to the rise in demand for anesthesia gases across the world, as a result, players in the market are focusing on developing and launching novel products in the market.

Some of the key players in the global anesthesia gases market are Baxter, AbbVie Inc., Piramal Enterprises Ltd., Fresenius SE & Co. KgaA, Drägerwerk AG & Co. KgaA, GE Healthcare, and Mindray Medical International Limited, among others.

*Definition: Anesthetic gases (isoflurane, sevoflurane, desflurane, halothane, and nitrous oxide,), also known as inhaled anesthetics, are administered as primary therapy for preoperative sedation and adjunctive anesthesia maintenance to intravenous (IV) anesthetic agents (such as midazolam and propofol) in the perioperative setting