by Sevoflurane is a general anesthetic widely used for induction and maintenance of general anesthesia for surgery and other medical procedures. It is administered through inhalation using a vaporizer attached to an anesthesia machine. Sevoflurane provides faster recovery and elimination as compared to other volatile general anesthetic agents. It is commonly used in ambulatory surgeries such as cataract removal, colonoscopy, and dental procedures.
The global sevoflurane market is estimated to be valued at US$ 445.24 Mn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing number of surgical procedures performed globally is a major driver for the Sevoflurane Market. According to the Health Affairs Journal, in 2017, over 50 million inpatient surgical procedures were performed in the United States. The advancement of minimally invasive surgeries and ambulatory surgical centers have also increased the number of such elective surgical procedures worldwide. Sevoflurane is commonly used as an anesthetic agent for ambulatory surgeries due to its quick induction and emergence properties allowing surgeries to be performed on an outpatient basis.
The rising patient population base undergoing treatment for chronic diseases will also augment the market growth. Chronic conditions such as cardiovascular, neurological, and orthopedic diseases may require surgical intervention for treatment. The COVID-19 pandemic has also enabled the prioritization of ambulatory surgical centers and outpatient procedures to reduce disease transmission in hospitals. These factors are expected to significantly drive the demand for sevoflurane over the forecast period.
Segment Analysis
The global sevoflurane market is dominated by the hospitals sub-segment. Currently, over 55% of the total sales of sevoflurane is accounted for by the hospitals end use. Sevoflurane sees very high usage in anesthesiology procedures carried out in hospitals. It is a preferred agent for anesthesia induction and maintenance during surgical procedures due to its fast onset of action and quick elimination from the body post-procedure. These properties make it perfectly suitable for ambulatory procedures as well.
PEST Analysis
Political: The global sevoflurane market is impacted by regulations related to the usage and disposal of volatile organic compounds (VOCs) released from anesthetic agents. Stringent norms in developed markets are restraining market growth to some extent.
Economic: Being a relatively low-cost anesthetic drug, sevoflurane demand rises with increasing access to healthcare and surge in the number of surgeries performed. Rising medical expenditures, expanding middle-class in emerging nations bolster market prospects.
Social: Growing global geriatric population prone to various surgeries and anesthetic procedures aids the sevoflurane market. However, shift towards eco-friendly anesthetics with negligible environmental impact poses a threat.
Technological: Technological advancements improving operating room workflow, new application areas and production techniques foster market expansion. Improved precision vaporizers have increased sevoflurane adoption.
Key Takeaways
The Global Sevoflurane Market Size is expected to witness high growth over the forecast period. The global sevoflurane market is estimated to be valued at US$ 445.24 Mn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024 to 2031.
North America region currently dominates the market, accounting for over 30% revenue share in 2024, due to high healthcare spending, strong healthcare infrastructure and increasing number of surgeries in the US and Canada. Asia Pacific region is projected to be the fastest growing market during the forecast period. Factors such as improving access to healthcare facilities, increasing healthcare expenditures, rising incidence of chronic diseases and surge in the number of surgical procedures performed annually are driving market growth in the region. China, India and Japan are expected to be the major revenue contributors in the Asia Pacific sevoflurane market.
Key players:
Key players operating in the sevoflurane market are Kimberly-Clark Corporation, Georgia Pacific LLC (Koch industries), SCA (Svenska Cellulosa Aktiebolaget). These leading players are focusing on new product launches, geographical expansion and strategic collaborations to gain higher market shares and strengthen their global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
