Market Overview:
Anesthesia gases are used during surgical procedures or diagnostic medical examinations to induce and maintain anesthesia. They are commonly used in hospitals, ambulatory surgery centers, and clinics. Key products available in the market are nitrous oxide, desflurane, sevoflurane, xenon and others which help in controlling pain, relaxation of muscles, and induce amnesia during surgical procedures.
Market Dynamics:
Increasing number of surgeries owing to rise in aging population and chronic diseases are a key factor driving growth of the anesthesia gases market. For instance, according to the American Society of Anesthesiologists, approximately 52 million surgeries were performed in the United States in 2019 and this rate is expected to increase going forward. Another factor fueling market growth is technological advancements in gas delivery systems and anesthesia machines for efficient gas delivery during surgical procedures. However, high costs associated with anesthesia gases along with risks of pollution while disposing waste gases are expected to hamper market growth over the forecast period.
The global Anesthesia Gases Market Share is estimated to be valued at US$ 1894.37 Mn in 2023 and is expected to exhibit a CAGR of 3.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Anesthesia gases help doctors conduct complex surgeries safely and painlessly. They have a wide range of applications in various surgical procedures. Leading manufacturers offer high-quality gases and equipment.
Weakness: Strict regulations surrounding the production and use of anesthesia gases increase compliance costs. Supplies are vulnerable to price volatility in raw materials. Storage and handling of pressurized gases require special safety norms.
Opportunity: Rising healthcare spending in developing nations is expanding the market reach. Growing geriatric population and rising incidence of chronic diseases are increasing surgical volumes. Technological advances help optimize gas dosages and minimize waste.
Threats: Shift towards alternative techniques like monitored anesthesia care may replace general anesthesia in select procedures. Economic slowdowns can negatively impact discretionary healthcare spending. Stringent environmental norms pose disposal challenges for unused gases.
Key Takeaways
The global anesthesia gases market is expected to witness high growth, exhibiting CAGR of 3.6% over the forecast period, due to increasing disease burden and surge in surgical volumes worldwide. North America dominates the market currently owing to high healthcare spending and technological advancements. However, Asia Pacific is likely to grow at the fastest pace due to rising medical tourism and improving access to healthcare in populous nations.
Regional analysis
The Asia Pacific region is projected to register the highest CAGR during the forecast period. This is attributed to factors such as swiftly developing healthcare infrastructure, increasingpenetration of private health insurers, and rising medical tourism across India and Southeast Asia. China dominates the Asia Pacific anesthesia gases market owing to its huge population size and increasinglocalization of manufacturing activities.
Key players
Key players operating in the anesthesia gases market are Baxter, AbbVie Inc., Piramal Enterprises Ltd., Fresenius SE & Co. KgaA, Drägerwerk AG & Co. KgaA, GE Healthcare, and Mindray Medical International Limited, among others. Major players are focusing on consolidating their distribution networks and expanding to high growth markets through partnerships and acquisitions. technology upgrades and customized product offerings.
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