Anesthesia gases are used to induce and maintain anesthesia in patients undergoing surgical procedures. Some key anesthesia gases include nitrous oxide, desflurane, sevoflurane, xenon and others. These gases provide analgesia, amnesia and akinesia to patients during surgery. The increasing number of surgeries such as orthopedic, cardiovascular and cosmetic surgeries is fueling the demand for anesthesia gases.

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 Opportunity:

The increasing number of surgeries presents a lucrative opportunity for the anesthesia gases market. As per the National Inpatient Sample survey conducted in the United States, the number of inpatient surgeries has increased from around 28.2 million in 2010 to 30.7 million in 2018. The rising incidence of chronic diseases and trauma injuries have emerged as major drivers for this rising surgical volume. With growing geriatric population worldwide that is more prone to chronic diseases and injuries, the demand for various surgical procedures is expected to grow substantially in the coming years. This will positively impact the utilization of anesthesia gases during surgeries and propel the market growth over the forecast period.

Porter's Analysis

Threat of new entrants: Low economies of scale and capital requirements in production reduces threat of new entrants. However, stringent regulatory approvals and established brand loyalty increases barriers.

Bargaining power of buyers: Large number of buyers and availability of substitutes increases their bargaining power. However, indispensable need for anesthesia during surgeries limits impact.

Bargaining power of suppliers: Key raw materials like inert gases are supplied by few specialized players increasing their bargaining power. However, availability of alternatives balances it.

Threat of new substitutes: Alternatives like total intravenous anesthesia are gaining traction but have limitations. Inhalational anesthesia still remains standard of care reducing threat in short term.

Competitive rivalry: Large players dominate the market intensifying competition. However, need for brand reliability and quality limits aggressive price wars.

SWOT Analysis

Strengths: Indispensable medical need. Established production facilities and brand loyalty.

Weaknesses: Regulatory compliance increases costs. Supply chain disruptions can impact production.

Opportunities: Emerging economies provide high growth avenues. Technological advancements allow improved monitoring.

Threats: Stringent regulations delay product approvals. Price control measures in certain regions.

Key Takeaways

The Global Anesthesia Gases Market Size is expected to witness high growth driven by increasing surgical procedures, infrastructure developments and awareness in emerging economies. North America currently dominates the market due to high healthcare spending and regulatory approvals for new entrants. However, Asia Pacific is expected to be the fastest growing region owing to rising medical tourism and government focus on hospital infrastructure.

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. They are focusing on capacity expansion, portfolio diversification and mergers & acquisitions for long term sustenance and leadership. Manufacturers are investing in automation and digital technologies to minimize production downtimes and costs.

Regional analysis of the Asia Pacific anesthesia gases market indicates high growth prospects in China and India. Rapid urbanization, increasing healthcare expenditure, favorable regulations and presence of medical device clusters are promoting localized production in these nations. China represents around one third of the Asia Pacific market due to large population and healthcare reforms. However, regulatory changes and pricing controls remain key challenges for stakeholders.

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