The sevoflurane market is estimated to be valued at USD 400.7 Mn in 2024, growing at a CAGR of 4.4% over the forecast period (2024 – 2031). Rising adoption of sevoflurane in general anesthesia during surgical procedures due to its low blood-gas partition coefficient resulting in rapid induction and recovery is boosting the market growth.
Market Dynamics:
The growth of the sevoflurane market is driven by the increasing prevalence of chronic disorders globally as well as the rising number of surgical procedures performed annually. According to theAmerican Society for Metabolic and Bariatric Surgery, over 252,000 bariatric surgeries were performed in the U.S in 2020. Chronic conditions such as cardiovascular diseases and diabetes have been on the rise over the past few years. This has significantly increased the demand for various surgical procedures which require anesthesia such as sevoflurane for induction and maintenance of general anesthesia during the operation. Furthermore, technological advancements in anesthesia delivery systems have improved the efficiency and safety of sevoflurane administration during surgery, thereby fueling the market growth.
Increasing Number of Surgeries Being Performed Globally is Driving the Sevoflurane Market
One of the key drivers fueling the growth of the sevoflurane market is the rising number of surgical procedures taking place worldwide. Sevoflurane is commonly used as an inhalational anesthetic for inducing and maintaining general anesthesia in patients undergoing surgery. With growing healthcare infrastructure and expanding population base in both developing and developed regions, the demand for surgical interventions has witnessed a substantial uptick in recent years. Various factors such as rising prevalence of chronic diseases, injuries, trauma cases and technological advancements in minimally invasive surgeries have contributed to the increased number of surgical procedures. This factor has directly boosted the consumption of sevoflurane as an anesthetic during surgeries.
Growing Geriatric Population is augmenting the Demand for Sevoflurane
Another major driver for the sevoflurane market is the rapid growth of the elderly population worldwide. As age advances, individuals are more susceptible to various medical ailments and comorbidities that require surgical management. Since elderly patients are considered as high-risk patients, sevoflurane remains a preferred choice of anesthesia for surgeries in the geriatric population owing to its favorable safety profile. The rising geriatric demographic is thus fueling the uptake of sevoflurane in anesthesia procedures involving older patients. According to WHO, the number of people aged 60 years and older is expected to grow by 56% in the next decade. This surging base of elderly will propel the demand for sevoflurane in the coming years.
Stringent Regulatory Environment Pertaining to Anesthetics Acts as a Restraint
One of the key challenges for the sevoflurane market is the strict regulatory framework governing the manufacturing and usage of anesthetic gases. Various regulatory agencies such as the U.S. FDA and EU Commission have established stringent criteria for quality standards, safety, efficacy and labeling of inhaled anesthetics. Any non-compliance can lead to delays in product approval or market removal, which negatively impacts the market scenario. Additionally, frequent changes in guidelines and policies for anesthetic manufacturing pose regulatory compliance issues for market players. The rigorous regulatory environment thus remains a major roadblock to the smooth expansion of the sevoflurane industry.
Industry Consolidation Reduces Competition in the Market
Consolidation of market players through mergers and acquisitions is acting as another restraint on the sevoflurane industry. In recent years, the volatile market conditions have compelled several small and mid-sized sevoflurane manufacturers to shut operations or get acquired by industry giants. As a result of industry consolidation, the number of competitors has reduced significantly. Less competition means fewer player vying for greater market share. This consolidation trend creates an oligopolistic market structure which poses threats from large corporations and reduces room for innovation. The declining competition prevents swift advances in technology and development of novel products in this space.
Untapped Potential in Emerging Markets Opens New Avenues
The sevoflurane marketplace possesses untapped growth prospects in emerging economies across Asia Pacific and Latin America. These regions have demonstrated high demand for anesthetics owing to expanding healthcare access and increasing preference for minimally invasive procedures. However, the market penetration of sevoflurane remains relatively low in most developing Asian and Latin American countries compared to developed regions of North America and Europe. The underserved emerging markets offer lucrative opportunities for key players to capture new customer bases and achieve higher profitability. Investing resources in these high growth territories can help vendors augment their global foothold.
Adoption of Ambulatory Surgery Centers Shows Positive Outlook
The rising popularity of ambulatory surgery centers (ASCs) as alternatives to hospital-based surgeries has opened new opportunities for sevoflurane vendors. ASCs offer outpatient surgical services to patients on a same-day basis with shorter stay and recovery times. A vast majority of procedures performed in ASCs are low-risk in nature involving minimal or moderate anesthesia. Sevoflurane, due to its rapid induction and emergence properties, is well-suited for ambulatory surgical settings. Moreover, the preference for minimally invasive methods has increased the scope of sevoflurane in ASCs. With more patients opting for convenient ASC services over expensive hospital stays, the demand for sevoflurane is projected to surge from ASCs over the forecast period.
Link - https://www.coherentmarketinsights.com/market-insight/sevoflurane-market-5031
Key Development
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Key Players: 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.
