Sevoflurane Market is Estimated to Witness High Growth Owing to Demand for Improved Safety in Anesthesia

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 ABB Ltd., LG Chem, Ltd., Samsung SDI Co., Ltd, General Electric Company, and Tesla Inc. The companies are focused on expanding their production facilities and regional presence to leverage growth opportunities.

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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