by Sevoflurane acts as an inhalational general anesthetic drug and it is advantageous as its smooth and fast induction of anesthesia, non-pungency and pleasant, sweet smell. It provides rapid onset and offset of anesthesia and avoids complications associated with other volatile anesthetic agents.
The global Sevoflurane Market is estimated to be valued at US$ 386.49 Mn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing prevalence of surgical procedures due to rising cases of road accidents, injuries, cancer, and minimally invasive surgeries across the globe has accelerated the adoption of general anesthesia among patients. Sevoflurane is widely preferred anesthetic agent for general anesthesia and it has properties like rapid onset and offset of anesthetic effect which makes it a preferred choice for day surgeries. According to reports, around 26 million surgical procedures are conducted annually under general anesthesia. Therefore, increasing number of surgical procedures is a major factor driving the growth of sevoflurane market. The growing geriatric population across worldwide who are prone to various chronic diseases is also contributing to market growth as elderly patients prefer less invasive surgical procedures requiring general anesthesia.
Segment Analysis
The global sevoflurane market is segmented on the basis of product form, application, and end-user. Based on product form, the market is segmented into generic and branded. The generic segment dominates the market as these products are relatively more affordable than branded sevoflurane products. Based on application, the market is segmented into induction and maintenance of general anesthesia. The induction of general anesthesia segment dominates as sevoflurane inhalation helps in smooth and rapid induction of anesthesia. Based on end-user, the market is segmented into hospitals and other healthcare facilities. The hospitals segment dominates as majority of surgeries requiring general anesthesia are performed in hospitals.
Key Takeaways
The Global Sevoflurane Market Demand is expected to witness high growth over the forecast period of 2023 to 2030 at a CAGR of around 4.4% and reach a market size of around US$ 386.49 Mn by 2023.
Regional analysis:
North America is expected to dominate the global market during the forecast period. This is attributed to the rise in surgical procedures, presence of major market players, and higher healthcare spending in the region. Europe is expected to register substantial growth due to growth in geriatric population and rising number of surgical procedures.
Key players:
Key players operating in the sevoflurane market are 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. Abbott Laboratories dominates the market owing to its vast product portfolio and strong distribution network across countries.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
