Anesthesia gases are essential in different surgical procedures to anesthetize the patient and provide relief from pain during medical examinations or surgical operations. Some key advantages of anesthesia gases include rapid onset and offset of anesthesia along with lower costs. Rising numbers of surgeries such as critical care therapies, cancer treatment and organ transplant have been driving the demand for anesthesia gases to ensure smooth medical procedures.
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 key trends:
Increasing awareness about patient safety during surgical procedures has been propelling the usage of anesthesia gases during operations. Anesthesia gases allow precise control over sedation levels and help reduce risks associated with over-sedation. They enable smooth induction and emergence from anesthesia with rapid onset and offset of action. This ensures optimum safety and comfort for patients during medical examinations or surgeries. Growing focus on patient safety amid rising surgical volumes has been fuelling the demand for anesthesia gases.
Strength: The anesthesia gases market possesses strengths such as the rising number of surgical procedures worldwide and increasing demand for minimally invasive surgeries.
Weakness: However, stringent regulations for the manufacture and transportation of gases and high costs associated with gas handling and procurement are major weaknesses in this market.
Opportunity: The opportunities for growth lie in the rising geriatric population susceptible to various diseases and the untapped potential in emerging economies.
Threats: On the other hand, the threats include complications and risks associated with anesthesia use and availability of alternative technologies for pain management.
The Global Anesthesia Gases Market Size is expected to witness high growth over the forecast period owing to the rising number of surgeries performed globally. North America dominates the market currently due to the high healthcare expenditures and technological advancements in the region. The rising geriatric population susceptible to various chronic diseases and increasing investments in healthcare infrastructure are factors fueling the growth of the anesthesia gases market in North America.
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 players are focusing on new product innovations, mergers & acquisitions and geographic expansions to gain a competitive edge in the market. For instance, in 2022, GE Healthcare launched a new anesthesia machine called AisysVista, which uses 40% less energy and 20% less compressed gas compared to previous machines.
The Asia Pacific anesthesia gases market is expected to grow at the fastest CAGR during the forecast period due to the growing medical tourism sector, rising healthcare expenditure and increasing focus of international players on regional expansion opportunities. Countries such as China, India and Japan are witnessing rapid economic growth and significant improvements in their healthcare facilities. This is supporting the increased adoption of advanced anesthesia gases in the region.