Inhalation Anesthesia Market Size to hit $1.5 billion by 2026, Top Prominent Players: AbbVie Inc., Baxter International Inc., Fresenius SE & Co. KGaA., Halocarbon Products Corporation
The global inhalation anesthesia market size is expected to reach $1,549 million by 2026, registering a CAGR of 4.2% from 2019 to 2026, in terms of value.
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Surge in the cases of emergency incidences and road accidents, rise in prevalence of several disorders such as cancer, respiratory diseases, and gastrointestinal, and surge in number of surgical procedures are the major factors driving the inhalation anesthesia market. However, risks associated with certain therapeutic and diagnostic devices for neonate and environmental concerns regarding vigorous usage of inhalation anesthesia restrain the growth of the inhalation anesthesia market. On the contrary, significant rise in geriatric population across the globe and increase in healthcare expenditures in developing economies are anticipated to provide lucrative growth opportunities for the market in the future.
By product, the sevoflurane segment accounted for majority of the market share in 2018 and is expected to exhibit a prominent growth rate in the future. This is attributed to several advantages offered by it, such as favorable blood gas solubility coefficient and pleasant odor.
By application, the maintenance segment dominated the inhalation anesthesia market in 2018, and is anticipated to maintain its dominance during the forecast period. This is attributed to the increased use of inhalation anesthesia for maintenance of general anesthesia as they enable a more specific control of the anesthetic state at a low cost.
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Region wise, North America accounted for majority of the global inhalation anesthesia market share in 2018, and is anticipated remain dominant during the forecast period. The increase in prevalence of different types of cancers, neurological, and respiratory diseases such as Parkinson's, Alzheimer's, glaucoma, cataract, and AMD, make way for growth opportunities for major manufacturers for anesthetics in the region. However, Asia-Pacific is anticipated to grow at the fastest rate during the forecast period, owing to increased disposable income in developing economies such as India and China.
The Major Key Players Are:
AbbVie Inc., Baxter International Inc., Fresenius SE & Co. KGaA., Halocarbon Products Corporation, Hikma Pharmaceuticals PLC., Jiangsu Hengrui Medicine Co., Ltd., Lunan Pharmaceutical Group Co. Ltd, Novartis AG, Piramal Enterprises Ltd, and Troikaa Pharmaceuticals Ltd are provided in this report.
Key Findings of the Study:
o By product, the sevoflurane segment accounted for the highest market share of 58% in 2018 and is anticipated to grow at the fastest rate during the forecast period.
o By region, North America was the major shareholder and accounted for the highest share of 46% in 2018.
o By application, maintenance segment is expected to grow at a CAGR of 4.3% during the forecast period.
o By end user, the hospital segment dominated the market in 2018 and is anticipated to maintain its dominance during the forecast period.
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