Sevoflurane is a non-flammable inhalational anaesthetic used for induction and maintenance of general anaesthesia. It has a lower blood-gas partition coefficient which allows for a faster induction and recovery from anaesthesia as compared to other anaesthetics. Sevoflurane is used extensively for various types of surgeries ranging from short day-care procedures like dental surgeries to lengthy and complicated general surgical procedures. The widespread applications in clinical practices and advantages like rapid onset and offset of anaesthesia has led to sevoflurane becoming the preferred induction agent Globally.
The Global Sevoflurane Market is estimated to be valued at US$ 386.49 Mn in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The Sevoflurane Market is witnessing a growing trend of product innovation in terms of new sevoflurane formulations and delivery devices. Major market players are investing significantly in R&D activities to develop advanced sevoflurane delivery systems as well as low-flow sevoflurane vaporiser technologies. For instance, in 2021 AbbVie launched a new inhalation formulation of sevoflurane PureHale which is said to have a better odour profile. Similarly, new device technologies like closed-loop anesthesia delivery systems are gaining popularity as they enable exact control over sevoflurane concentrations and reduce waste. Adoption of such advanced sevoflurane products among end-users is expected to further drive the market growth over the forecast period.
Threat of new entrants: Low barrier for new entrants as sevofluane manufacturing process and technology is standardized. However, established brands have strong distribution channels and supply contracts with hospitals reducing threat.
Bargaining power of buyers: Buyers have moderate bargaining power as major hospitals can negotiate on bulk purchase contracts. However, alternative anesthesia drugs limit bargaining power.
Bargaining power of suppliers: Key active pharmaceutical ingredients suppliers have moderate bargaining power as manufacturers rely on few suppliers for raw materials. Suppliers may charge higher prices due to strong demand from drug makers.
Threat of new substitutes: Substitutes like desflurane and isoflurane pose threat, but sevoflurance is preferred due to advantages like stability, non-flammability and precision of delivered dose.
Competitive rivalry: Intense competition among major players to capture higher market share. Players focus on new product launches, partnerships and regional expansion to drive sales volumes.
Global Sevoflurane Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The Global Sevoflurane Market is estimated to be valued at US$ 386.49 Mn in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast period 2023 to 2030.
Regional analysis: North America region is expected to dominate the Global Sevoflurane Market during the forecast period. This is attributed to factors such as rising number of surgeries and presence of key manufacturers in the region. Asia Pacific region is anticipated to grow at the fastest pace owing to growing healthcare infrastructure and increasing medical tourism in the countries like China and India.
Key players: Key players operating in the Sevoflurane Market are ABB Ltd., LG Chem, Ltd., Samsung SDI Co., Ltd, General Electric Company, and Tesla Inc. ABB Ltd. and LG Chem Ltd. are the major players and account for over 30% of the Global market share. The other companies focus on new product launches and partnerships for business expansion.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it