Inhalation Anesthetics Market Size, Share, Industry Trends and Forecast to 2030

Inhalation Anesthetics Market Size & CAGR in 2021

The global inhalation anesthetics market is anticipated to witness a CAGR of 4.5% from 2021 to 2028. As a result, the market is expected to reach USD 5.6 billion by 2028. The increasing number of surgeries and advancements in anesthesia technology are driving the growth of the market.

COVID-19 Impact on the Inhalation Anesthetics Market

The COVID-19 pandemic has significantly impacted the inhalation anesthetics market. Due to the cancellation of elective surgeries and restrictions on healthcare services, the demand for inhalation anesthetics has decreased. However, as the healthcare sector resumes normal operations, the market is expected to recover gradually.

Inhalation Anesthetics Dynamics

The inhalation anesthetics market is driven by factors such as the increasing number of surgical procedures, rising geriatric population, and technological advancements in anesthesia equipment. On the other hand, factors such as stringent regulatory requirements and the high cost of anesthesia machines may hinder market growth.

Segments and Related Analysis

The market for inhalation anesthetics can be segmented based on type, application, and end-user. The major types of inhalation anesthetics include sevoflurane, isoflurane, and desflurane. These anesthetics are widely used in various surgical procedures such as orthopedic, cardiovascular, and neurosurgery. The end-users of inhalation anesthetics include hospitals, ambulatory surgical centers, and clinics.

By Region Analysis

The inhalation anesthetics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America dominates the market due to the presence of well-established healthcare infrastructure and the high prevalence of surgical procedures. The Asia Pacific region is expected to witness significant growth due to the increasing investments in healthcare infrastructure and the rising awareness about anesthesia procedures.

Key Market Players and Competitive Landscape

Some of the key players in the inhalation anesthetics market include Baxter International Inc., AbbVie Inc., Piramal Enterprises Ltd., Lunan Pharmaceuticals Co. Ltd., and Hikma Pharmaceuticals PLC. These companies are focusing on research and development activities to introduce innovative products in the market and gain a competitive edge.

Recent Happenings in the Inhalation Anesthetics Market

In recent years, the inhalation anesthetics market has witnessed several developments such as product launches, collaborations, and acquisitions. For instance, in 2020, Baxter International Inc. launched a new inhalation anesthetic product for use in surgical procedures. Similarly, AbbVie Inc. acquired a leading manufacturer of anesthesia equipment to expand its product portfolio in the market.