Anesthesia Gases Market - Growth, Trends, Covid-19 Impact, and Forecasts (2022 - 2027)

Anesthesia Gases Market - Growth, Trends, Covid-19 Impact, and Forecasts (2022 - 2027)

The Anesthesia Gases market is expected to grow with an anticipated CAGR of 4%, during the forecast period.

The emergence of the COVID-19 pandemic had an adverse effect on the world economy and the healthcare system. Due to the rising number of cases of COVID-19 in the early stages of the pandemic, all hospitals around the world canceled all elective procedures. According to a research paper published in the British Journal of Surgery, an estimated 585,000 elective procedures were postponed in India alone during the 12-week shutdown, and 23.4 million elective surgeries were likely to be canceled globally by May 2020. Due to the high use of anesthesia during surgeries, the delay in surgical procedures is likely to impact the studied market. Hence, the pandemic had an adverse impact on the market.

In addition, the increasing geriatric population prone to chronic diseases and the rising number of emergency cases are actively affecting the growth of the studied market.

According to the June 2021 update of the World Health Organization, cardiovascular diseases (CVD) are the leading cause of mortality around the world, with 17.9 million deaths in 2019. Hence, due to high mortality from CVDs, heart interventional procedures are increasing around the world where anesthesia gases plays a crucial role. Also, an estimated 6.2 million Americans aged 65 and older are living with Alzheimer's dementia in 2021 and are projected to reach 13.5 million by 2050. Such a high prevalence of geriatric population prone to chronic disease is anticipated to bolster the demand for anesthesia gases over the coming years.

Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period. However, increasing generic anesthesia usage and side effects of anesthesia gases are likely to impede the market growth.

Key Market TrendsIsoflurane Gas is Expected to Witness Growth Over The Forecast Period

Isoflurane is commonly used for induction and maintenance of general anesthesia in the operating room.

The increasing number of emergency department cases and surgical interventions, the rising geriatric population prone to chronic diseases, and a growing number of lesser duration in hospitalization are expected to drive the segment growth.

For instance, according to an article titled "COVID-19 hospitalization and emergency department statistics" published in the Canadian Institute of Health Information in August 2022, from April 2021 to March 2022, more than 262,700 emergency department (ED) visits for COVID-19 patients were reported. From January 2020 to March 2021, there were more than 65,615 hospital stays and 158,860 ED visits. Anesthesia gases are used in emergency rooms and surgeries. The increasing emergency visits and surgeries are expected to increase the demand for the isoflurane gases over the coming years and drive the segment's growth.

Volatile agents are effective in patients who need complex and high- sedation, with significant reduction or removal of intravenous sedatives. For instance, the article titled "Inhalational volatile-based sedation for COVID-19 pneumonia and ARDS" published in June 2020, stated that isoflurane offers the highest potency with low dosing requirements for ICU patients and these volatiles are delivered to the patients through either an anesthesia machine or ICU ventilator with an in-line miniature vapourizer. The article concluded that delivery of inhaled volatile sedation regimens with a good sedation profile offers benefits in the lungs while easing pressure on essential sedative medications. The advantages of isoflurane gas is projected to augment the segment growth.

Companies offering the area are innovating and launching new products, and engaging in business expansion initiatives such as mergers and acquisitions, collaborations, and partnerships. For instance, in January 2022 the company Dechra Pharmaceuticals acquired Isoflurane USP from Halocarbon Life Sciences. This indicates the demand for Isoflurane among pharmaceutical companies. These activities are further expected to augment the growth of the isoflurane segment during the forecast period of study.

Thus adoption of isoflurane gas is expected to increase during the forecast period of study, and isoflurone gas segment is likely to grow.

North America is Expected to Dominate the Anesthesia Gases Market Over The Forecast Period.

North America is expected to dominate the overall market, throughout the forecast period. This is due to the rising geriatric population and increased surgical procedures in the region.

Owing to the high prevalence of the disease, the North America Region has become the hub of the major players. According to the American Heart Association's Heart & Stroke Statistics 2020 update, more than 356,000 out-of-hospital cardiac arrests (OHCA) in the United States each year, with over 90% of these being fatal. The annual incidence of non-traumatic OHCA is estimated to be 356,461, or about 1,000 people daily. This will lead to increased adoption of anesthesia gases in the region, thereby expected to drive the growth of the market.

The advancements in the products, launches, approvals, partnerships, and acquisitions are likely to augment North America's growth. For instance, in July 2020 Baxter International Inc. signed a definitive agreement with ZeoSys Medical to commercialize technology to capture and recycle anesthetic gases. The agreement provides Baxter exclusive rights to purchase ZeoSys Medical as well as worldwide distribution rights, an exclusive license to market the technology outside of Europe, and worldwide commercialization rights.

Therefore, owing to the above-mentioned factors, the growth of the studied market is anticipated in the North America Region.

Competitive Landscape

The anesthesia gas market is fragmented due to the presence of many companies operating globally and regionally. The competitive landscape includes an analysis of a few international and local companies that hold market shares and are well known. Some of the companies in the market are AbbVie Inc., Baxter, Drägerwerk AG & Co. KGaA, Fresenius SE & Co. KGaA, General Electric Company (GE Healthcare), Mindray Medical International Limited, and Piramal Enterprise Ltd among others.

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