The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global inhalation anesthesia market size is expected to reach USD 1.4 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting 3.5% CAGR during the forecast period. Increase in number of surgical interventions requiring anesthesia, rising in awareness about delirium, and predictable nature of these drugs are some of the factors expected to drive the market over the forecast period. These drugs are metabolized through lungs; thus, they have very low chances of interacting with other medicines. Hence, these drugs are the preferred choice for patients who are critically injured and require a shorter duration of anesthesia.
Inhalation anesthesia has an advantage over other intravenous agents and is considered safer by surgeons. Rising adoption of these drugs in major markets such as U.S., Europe, and Japan is expected to drive revenue growth between 2018 and 2025. The global inhalation anesthesia market, by product, was dominated by sevoflurane with a revenue share of 70.0% in 2017. Higher preference for sevoflurane over other agents due to comparatively lower delirium, lower resistance, and cost effectiveness owing to shorter induction and wake up time as compared to intravenous drugs are some of the factors contributing to a larger revenue share.
North America accounted for the dominant revenue share of 40.6% in the global market in 2017, followed by Europe. U.S. accounted for close to 90.0 % of the North America market in 2017 due to higher adoption of these agents and soaring number of surgeries performed in the country. Developing economies such as India, South Africa, Brazil, and China have witnessed lower adoption of these agents due to high price of equipment required to administer inhalation anesthesia, shortage of expertize, and lack of proper healthcare facilities. However, these markets are expected to witness a rise in adoption over the coming years owing to growing healthcare expenditure.
The Asia Pacific market is expected to register a CAGR of 4.0% between 2018 and 2025 owing to factors such as large surgical patient pool, developing healthcare infrastructure, and rising healthcare tourism in countries like India. These factors are expected to promote robust growth and provide lucrative opportunities for manufacturers. Presence of several generic drug manufacturers in local markets is also expected to reduce prices of these drugs in the region.
Further key findings from the report suggest:
- North America held a majority share in the revenue in 2017 due to higher adoption of inhalation anesthesia drugs and increasing number of surgeries
- U.S. accounted for close to 90.0 % of the North America market in 2017 due to higher adoption of these agents and soaring number of surgeries performed in the country
- Asia Pacific is anticipated to be the fastest growing market with a CAGR of 4.0 % between 2018 and 2025
- Some of the key market players in this market are Halocarbon Products Corporation; Baxter; Hikma Pharmaceuticals PLC; Lunan Pharmaceutical Group Co., Ltd.; Piramal Enterprises Ltd.; Jiangsu Hengrui Medicine Co. Ltd.; AbbVie Inc.; and Fresenius Kabi Ag.