SEVOFLURANE MARKET ANALYSIS

Sevoflurane MarketSize and Trends

The global sevoflurane market is estimated to be valued at USD 400.7 Mn in 2024 and is expected to exhibit a CAGR of 4.4% during the forecast period (2024-2031).

Figure 1. Global Sevoflurane Market Value (USD MN), by Region, 2024

The increasing number of surgeries is the major factor that is expected to drive the growth of global sevoflurane market over the forecast period.

The emerging number of surgeries is expected to drive the growth of the global sevoflurane market. For instance, according to European Statistical System, 2021, per 100,000 inhabitants, 1094.3 cataract surgeries, 259.6 transluminal coronay angioplasty, 232.5 cholecystectomay, 219.5 inguinal hernia repair surgeries were performed in Belgium in 2018.

Prevalence of Chronic Disorders

Increasing number of chronic disorders like cancer, respiratory diseases, etc.  is expected to aid in the growth of the global sevoflurane market over the forecast period. For instance, according to GLOBOCAN 2020, an estimated 19.3 million new cancer cases (18.1 million excluding non-melanoma skin cancer) were diagnosed worldwide, with around 10.0 million cancer deaths (9.9 million excluding non-melanoma skin cancer) in 2020. With an anticipated 2.3 million new cases 11.7% were of female breast cancer followed by lung cancer (11.4 %), colorectal cancer (10.0%), prostate cancer (7.3 %), and stomach cancer (5.6 %) globally.

Global Sevoflurane Market - Impact of the Coronavirus (COVID-19) Pandemic

Coronavirus (COVID-19) outbreak was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19 as pandemic on March 11, 2020. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 521 million cases and 6.27 million deaths due to coronavirus disease (COVID-19) were reported till May 20, 2022, across the globe.

Impact of COVID-19 on Demand and Supply of Sevoflurane

The COVID-19 pandemic and lockdown in various countries across the globe have impacted the financial status of businesses across all sectors including private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry mainly due to strict lockdown in several regions. The COVID-19 pandemic has affected the economy of various regions across the globe in three main ways; 1) by directly affecting the production and demand; 2) by creating disruptions in distribution channels; and 3) through its financial impact on companies and financial markets. Many countries such as Thailand, Indonesia, and Singapore are facing problems with regards to transportation and distribution of healthcare products.

However, there was no strong impact of COVID-19 on sevoflurane market as several inhalation anesthetic agents were used to sedate severely ill COVID-19 patients who required endotracheal intubation and mechanical ventilation. For instance, according to an article published in Lancet, April 2020, in both low- and high-income countries, the use of inhalational anesthetic medicines such as sevoflurane and isoflurane for ventilated COVID-19 patients is both practicable and cost-effective. These medications allow for precise and rapid management of sedation levels, and drug administration does not necessitate the use of electronic infusion pumps, which are in short supply.