Anesthetic gases are administered as primary therapy for the preoperative sedation and adjunctive anesthesia maintenance to intravenous (IV) anesthetic agents (such as midazolam and propofol) in the perioperative setting. Anesthetic gases (such as isoflurane, sevoflurane, desflurane, halothane, and nitrous oxide), also known as inhaled anesthetics, are often used in the emergency departments and a variety of surgical interventions, and thus, there is an increasing demand for anesthesia gases.
Market Statistics:
The global Anesthesia Gases Market is estimated to account for US$ 1,828.2 Mn in terms of value by the end of 2022.
Drivers:
Increase in demand for anesthesia gases/devices around the world is expected to propel the growth of the global anesthesia gases market during the forecast period. For instance, with the increase in number of surgical procedures, the demand for anesthesia gases/devices is also increasing rapidly. In February 2022, Sedana Medical announced the launch of Sedaconda (isoflurane) in Germany. Sedaconda (isoflurane), delivered via a medical device Sedaconda ACD (Anaesthetic Conserving Device), is the only approved inhaled sedation therapy for use during the intensive care. Since the European DCP approval in July 2021, Sedaconda (isoflurane) has received national approvals in 14 countries and additional applications for marketing approval have also been submitted.
Opportunities:
Increasing prevalence of chronic diseases and increase in geriatric population across the globe is expected to offer significant growth opportunities for players in the global anesthesia gases market. For instance, ageing population tends to have a higher prevalence of chronic diseases worldwide, which in turn has increased the number of surgical procedures worldwide. According to the Centers for Disease Control and Prevention (CDC), around 85% of older adults in the United States have at least one chronic health condition, and 60% have at least two chronic conditions. Thus, with the increase in number of surgical procedures, the demand for anesthesia gases is also increasing with a rapid pace, driving the growth of the global anesthesia gases market.
Restraints:
Side effects of anesthesia gases and increase in usage of generic anesthesia are some major factors expected to hamper the growth of the global anesthesia gases market. For instance, some potential effects of exposure to anesthetic gases are fatigue, headaches, dizziness, nausea, and irritability, as well as birth defects, miscarriages, sterility, cancer, and liver and kidney disease, among operating room staff or their spouses (in the case of miscarriages and birth defects). Anesthetic gases are not recommended during pregnancy, due to their teratogenic potential and effects on the uterus. Owing to such side effects, the use of inhalation anesthetics in certain surgical procedures has decreased, which in turn is hindering the growth of the market.
Global Anesthesia Gases Market- Impact of Coronavirus (Covid-19) Pandemic:
The outbreak of COVID-19 had a severe impact on the anesthesia gases market due to the decrease in surgical intervention (elective procedures). Due to the rising number of cases of COVID-19 in the early stages of the pandemic, all hospitals around the world canceled all elective procedures. According to the research published in the British Journal of Surgery, more than 585,000 elective procedures were postponed in India alone during the 12-week shutdown, and 23.4 million elective surgeries were likely to be canceled worldwide by May 2020. However, the increasing emergency visits and surgeries are expected to increase the use of anesthesia gases worldwide.
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Key Takeaways:
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.
Among product type Anesthesia Gases segment held dominant position in the global anesthesia gases market in 2021, accounting for 86.7% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
One of the major trends fueling the growth of the global anesthesia gases market is the increasing number of emergency cases and surgical interventions worldwide. The increasing emergency visits and surgeries have increased or are expected to increase the demand for the anesthesia gases over the forecast period. Thus, market players are focusing on developing and launching novel products in the market. This trend is expected to continue during the forecast period, driving the growth of the global anesthesia gases market.
Competitive Landscape:
Major players active in the global anesthesia gases market include Baxter, AbbVie Inc., Piramal Enterprises Ltd., Fresenius SE & Co. KgaA, Drägerwerk AG & Co. KgaA, GE Healthcare, and Mindray Medical International Limited, among others.
Recent 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.
