by 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.
Market Overview:
Anesthesia gases are used during surgical procedures to induce and maintain anesthesia in patients. The commonly used anesthesia gases include nitrous oxide, desflurane, sevoflurane, xenon and isoflurane. These gases are administered using anesthesia machines that regulate gas concentration and flow rates. Anesthesia gases find widespread applications across hospitals, clinics and ambulatory surgical centers for general anesthesia during surgical and diagnostic procedures.
Market Dynamics:
The rapid rise in number of surgeries globally is a major factor fueling the demand for anesthesia gases. According to WHO, an estimated 312.9 million major surgical procedures were performed worldwide in 2012. Growing prevalence of chronic and lifestyle diseases necessitating surgical interventions is driving the surgical volumes higher. Moreover, the increasing trend of establishing ambulatory surgical centers to perform low risk and less complex surgeries is supporting the growth of anesthesia gases market. The shortage of skilled anesthesiologists and high set up and maintenance costs of anesthesia machines in developing regions presents lucrative opportunities for market players to expand their business. However, stringent regulations pertaining to the safe handling and disposal of waste anesthetic gases may challenge the industry growth to some extent.
Segment Analysis
The anesthesia gases market is dominated by the oxygen segment, which accounts for over 40% share of the global market. Oxygen is the most widely used medical gas in anesthesia as it is economical and easily accessible gas that is colorless, odorless and forms one-fifth of the earth’s atmosphere. It plays a vital role in oxygenating tissues during surgery.
PEST Analysis
Political: Changes in regulations pertaining to the use of certain gases along with stringent approval process for new entrants will influence the market dynamics.
Economic: Growing healthcare expenditure powered by rising disposable incomes in developing nations will propel the market growth.
Social: Increasing volume of surgeries performed worldwide along with growing geriatric population susceptible to chronic illnesses will drive the demand for anesthesia gases.
Technological: Advancements in equipment and monitoring devices have made anesthesia safer and enabled complex surgeries to be performed, thus augmenting the market.
Key Takeaways
The global anesthesia gases market size was valued at US$ 1894.37 Mn in 2023 and is expected to reach over US$ 3500 Mn by 2030, expanding at a CAGR of 3.6% during the forecast period. The rising volume of surgeries performed worldwide coupled with increasing incidence of chronic and lifestyle diseases are fueling the demand for anesthesia gases.
Regionally, North America dominated the anesthesia gases market and accounted for over 35% share in 2023 led by well-developed healthcare system and technological supremacy in the region. Asia Pacific is poised to be the fastest growing market registering a CAGR of around 5% during the assessment timespan on back of surging medical tourism, favorable policies and expansion of private healthcare sector in developing countries of 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. Major players are focused on inorganic strategies like acquisitions and expansions to solidify their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
