Sevoflurane Market is Estimated to Witness High Growth Owing to Demand for Improved Safety in Anesthesia
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| Sevoflurane Market |
Sevoflurane, an inhaled general anesthetic, is increasingly being used in clinical practices due to its low blood-gas partition coefficient and non-pungent odor. It allows rapid induction and emergence from general anesthesia. Sevoflurane provides an ideal induction characteristic, cardiovascular stability, non-irritation of the airways and organs, and a rapid awakening with minimal side effects.
The Global Sevoflurane
Market is estimated to be valued at US$ 386.49 Mn in 2023 and is expected to
exhibit a CAGR of 9.8% over the forecast period 2023-2030, as highlighted in a
new report published by Coherent Market Insights.
Market Opportunity:
Demand for improved safety in anesthesia- Sevoflurane demonstrates improved
cardiovascular safety compared to other inhalational anesthetics making it
suitable even for high-risk patients. It ensures stable hemodynamics with
lesser tendencies of respiratory depression and airway irritation. The unique
properties make it the preferred choice for ambulatory surgeries and for
procedures conducted among pediatric and geriatric patients. The growth in
ambulatory surgery rates and dominance of sevoflurane in modern anesthetic
practice is estimated to drive the demand over the forecast period.
Porter's Analysis
Threat of new entrants: Low due to high capital requirements and regulatory
barriers.
Bargaining power of buyers: High due to the
availability of substitute products.
Bargaining power of suppliers: Moderate due to the
availability of substitutes.
Threat of new substitutes: Moderate threat due to
substitutes like desflurane and isoflurane being available.
Competitive rivalry: Intense due to the presence of
numerous Global and regional players competing on the basis of pricing and
product offerings.
SWOT Analysis
Strengths: Wide applications in general anesthesia and growing demand from
emerging markets.
Weaknesses: Stringent regulatory approvals and
vulnerability to raw material price fluctuations.
Opportunities: Increasing number of surgeries and
growing medical tourism in developing nations.
Threats: Availability of substitute products and
pricing pressures from local players.
Key Takeaways
Global
Sevoflurane Market Size is expected to witness high growth over the
forecast period of 2023 to 2030. The Global Sevoflurane Market is estimated to
be valued at US$ 386.49 Mn in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast period
2023 to 2030.
The Asia Pacific region currently dominates the Global
market and is expected to grow at the fastest pace during the forecast period
due to rapid increase in surgical procedures and growing healthcare
infrastructure.
By 2030, the Global surgical procedure volume is projected to grow over 25%
from current levels. This represents a substantial growth opportunity for
players in the Sevoflurane Market. Japan, China, and South Korea collectively
account for over 40% of the Global market currently. These nations are ranked
among the top destinations for medical tourism Globally as well. In addition,
major players are expanding production capacity to cater to the rising demand
from emerging Asian economies.
Key players operating in the Sevoflurane Market are focusing on new product launches. For instance, in 2023, LG Chem launched an advanced lithium-ion battery for electric vehicles. The new offering provides 10% higher energy density and longer lifespan compared to conventional batteries. Similarly, Tesla unveiled larger battery packs for its mass market vehicles to improve driving range. Growing collaborations between pharmaceutical companies and healthcare providers also bodes well for the Sevoflurane Market.
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