July 21, 2024
Sevoflurane Market

Sevoflurane is Estimated to Witness Growth owing to Increased Use in Ambulatory Surgery Centers

Sevoflurane is an inhalational anesthetic used during surgery and procedural sedation to induce and maintain general anesthesia. It is majorly used in surgeries requiring general anesthesia due to its rapid onset and offset of surgical anesthesia along with stable cardiovascular parameters during induction and maintenance. The rising number of surgeries along with the increased adoption of ambulatory surgery centers where sevoflurane is widely used are driving its demand.

The global sevoflurane market is estimated to be valued at US$ 386.49 Mn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

Increased use of ambulatory surgery centers offers significant growth opportunity for the sevoflurane market. Ambulatory surgery centers are standalone healthcare facilities focused on providing same-day surgical care, including diagnostic and preventive procedures. They are preferred over hospitals due to faster recovery, lower costs, and less risk of hospital-acquired infections. The number of ambulatory surgical centers has increased significantly over the past few years owing to their various advantages. As sevoflurane provides rapid induction and recovery, it is widely used for surgeries performed in ambulatory surgical centers. Further growth in ambulatory surgical procedures will augment the demand for sevoflurane during the forecast period.

Porter’s Analysis:
Threat of new entrants: Low economies of scale in manufacturing and stringent regulations pose barriers for new companies.
Bargaining power of buyers: Large hospitals and ASCs have significant bargaining power due to their bulk buying ability. However, need for anesthesia limits their influence.
Bargaining power of suppliers: Major suppliers like Maruishi and Abbott have established supply networks and technical expertise lowering threat from forwards.
Threat of new substitutes: Alternatives include desflurane and isoflurane but sevoflurane is popular due to quick induction and recovery attributes.
Competitive rivalry: Presence of large multinational corporations like Baxter and Abbott results in intense competition.

SWOT Analysis:
Strengths: Fast induction and recovery. Efficacy and safety established over decades of use.
Weaknesses: Higher cost compared to alternatives. Strict sourcing and manufacturing regulations.
Opportunities: Expanding anesthesia procedures in developing markets. Co-administration with other inhaled agents.
Threats: Threat from newer intravenous induction agents. Economic slowdowns potentially decreasing surgical volumes.

Key Takeaways:
The Global Sevoflurane Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market was valued at US$ 386.49 Mn in 2023 and is anticipated to reach US$ 623.49 Mn by 2030, expanding at a CAGR of 4.4%.

Regional analysis shows North America will continue dominating due to large healthcare spending and widespread adoption of advanced anesthesia techniques. The Asia Pacific region is poised to experience the fastest growth owing to rising medical tourism, increasing healthcare investments and a huge patient population undergoing surgeries.

Key players operating in the sevoflurane market are Abbott Laboratories, Baxter, Piramal Pharma Solutions, Manus Aktteva Biopharma LLP, Maruishi Pharmaceutical Co.,Ltd., Lunan Pharmaceutical Group, Abbvie, Wellona Pharma, Rewine Pharmaceutical, and Troikaa Pharmaceuticals Limited. Major players are focused on capacity expansions and new product launches to strengthen their regional presence.