Anesthesia gases are essential medical gases that are administered to patients before and during surgical procedures to induce and maintain anesthesia. Nitrous oxide, desflurane, sevoflurane, isoflurane and xenon are some of the commonly used anesthesia gases. They work by depressing the central nervous system, reducing pain signals to the brain and causing relaxation of muscles. The global anesthesia gases market is primarily driven by the growing number of surgical procedures worldwide. According to the Centers for Disease Control and Prevention, over 50 million surgical procedures were performed in the United States in 2020. Rising prevalence of chronic diseases such as cancer, cardiovascular diseases and gastrointestinal disorders is a major factor augmenting the number of surgeries annually. With growing access to advanced healthcare facilities, more and more people are opting for surgical treatments which require administration of anesthesia gases. The global anesthesia gases market 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.
Market Dynamics:
The anesthesia gases market is primarily driven by the rising number of surgical procedures globally. According to the World Bank, over 312 million surgical procedures were performed worldwide in 2019. This number is estimated to grow significantly over the next decade owing to growing access to healthcare services and facilities. Growing geriatric population also contributes to market growth as elderly people have higher risks of developing chronic conditions that often require surgical interventions. Moreover, advancements in anesthesiology practices such as enhanced recovery after surgery (ERAS) protocols are gaining popularity. ERAS emphasizes on early mobilization and discharge of patients post-surgery by using minimally invasive procedures and multimodal analgesia including inhalational anesthetic gases. This is expected to fuel the demand for anesthesia gases during the forecast period.
SWOT Analysis
Strength: The anesthesia gases market benefits from having wellestablished standards of care and treatment protocols for anesthesia. Hospitals and clinics around the world rely on these gases for surgical procedures, which creates consistent demand. The market also has wellknown branded products that are trusted by medical professionals.
Weakness: This market is highly dependent on new surgical procedures and capital equipment investments made by hospitals and clinics. Economic uncertainty or dampened healthcare spending could negatively impact the number of surgeries performed and new anesthesia machine purchases. Some concerns also exist around the storage and handling of compressed medical gases.
Opportunity: Emerging markets are expected to see rising rates of healthcare access and insurance coverage in the coming years. As more patients can afford surgeries, the need for anesthesia gases will grow substantially. New technologies may also allow for more precise gas delivery or improved scavenging of waste anesthetic gases.
Threats: Expiring drug patents could increase competition from generic versions of certain anesthesia drugs, reducing reliance on specific gas formats. Strict regulations around gas purity, production facilities, and waste disposal also increase operating costs. Environmental concerns may lead to more stringent rules around greenhouse gas emissions from these industrial processes.
Key Takeaways
The Global Anesthesia Gases Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by an increasing number of surgeries performed worldwide. The market stands to benefit from ongoing healthcare infrastructure development and expansion in emerging countries. Regional analysis shows that Asia Pacific region currently dominates the anesthesia gases market and is expected to witness the fastest growth supported by factors such as rising medical tourism, increasing disposable incomes, and growing health awareness in the region.
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. These companies are focusing on developing innovative gas delivery technologies and expanding their production capacities to better serve growing demand.
The global anesthesia gases market provides lucrative opportunities for established as well as new entrants. However, factors such as stringent regulations and increasing environmental concerns related to greenhouse gas emissions need to be addressed. Overall market outlook remains positive with projections for a 3.6% CAGR during the forecast period from 2023 to 2030.
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