New York, United States, Oct. 19, 2022 (GLOBE NEWSWIRE) -- According to a research report, published by Spherical Insights & Consulting, the Global Sevoflurane Market Size to grow from USD 370.2 billion in 2021 to USD 1252.2 billion by 2030, at a CAGR of 4.5% during the forecast period. It is anticipated that inorganic activities such as collaborations, agreements, acquisitions, and others will be among the primary growth drivers of the global sevoflurane market throughout the forecast period.
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Sevoflurane is one of the general anesthetics included in the drugs referred to as anesthetics. Sevoflurane is frequently used to deliver general anesthesia (awareness loss) before and during surgical procedures. For sevoflurane, inhalation is the preferred delivery mechanism. Although sevoflurane can be provided independently, it is usually combined with several other anesthetics. In some persons, this may help produce anesthetics with greater potency. Sevoflurane makes it easier to keep the patient's blood pressure and heart rate stable during the surgery. Other growth drivers include rising research and development activities, rising product launches and approvals, and rising product launches. For example, in November 2021, the diversified healthcare services company Tenet Healthcare Corporation and its subsidiary United Surgical Partners International (USPI) declared that they had struck a binding agreement with the owners of Surg Center Development (SCD) to buy SCD. Tenet Healthcare Corporation would be able to purchase Surg Center Development thanks to this deal. Tenet/USPI will, following the terms of the agreement, buy SCD's ownership interests in 92 ambulatory surgical centers (ASCs) and associated ambulatory support services. According to the World Journal of Surgery published in 2021, 3646 operations were conducted to satisfy the surgical requirements of the population in India. This number compares to the global average of 5000 surgeries per 100,000 people. The most prevalent types of surgical procedures performed were cesarean sections, cataract operations, fracture repairs, and hernia repairs. In April of 2021, the University of Malaya, a public research university located in Kuala Lumpur, Malaysia, began a Phase 4 study to compare sevoflurane and propofol sedation in end-stage renal failure (ESRF) patients undergoing transposition of brachiocephalic fistula repair. The study aimed to determine which sedation method was more effective in restoring patients' quality of life.
The Maintenance segment to account for the largest market size during the forecast period
The sevoflurane market is categorized into induction and maintenance based on the application type. The maintenance segment accounts for the largest market size during the forecast period. It involves sterilizing sevoflurane through ethylene oxide and irradiation as procedures; the maintenance segment will be responsible for the highest share of the market's revenue. In addition, the sector's expansion is driven by the growing interest in preserving sevoflurane.
Hospital Pharmacies segment to hold higher CAGR during the forecast period
Based on distribution channel, the sevoflurane market is categorized into hospital pharmacies, online pharmacies and retail pharmacies. In 2021, the hospital pharmacies segment dominated the largest market share. Due to a rise in the number of sevoflurane products they sell, hospital pharmacies have been responsible for most of the market's income. In addition, the expanding market for sevoflurane contributes to the expansion of the hospital pharmacy sector.
Browse key industry insights spread across 215 pages with 102 market data tables and figures & charts from the report “Global Sevoflurane Market Size, Share, and COVID-19 Impact Analysis, By Application (Induction and Maintenance), By Distribution Channel (Hospital Pharmacies, Online Pharmacies, and Retail Pharmacies), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030” in detail along with the table of contents
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North America is expected to be the largest market.
The Sevoflurane Market has been segmented into five major regions: North America, Europe, APAC, Latin America, and MEA. The market for global Sevoflurane in the North American region has been expanding owing to the increasing R & D activities by several small and medium enterprises to develop medical healthcare facilities in the healthcare sector. Because of the rising quality of surgical care in the United States, it is anticipated that the sevoflurane market in North America will continue to occupy a leading position throughout the forecasted period. Asia Pacific to hold a higher CAGR during the forecast period.
The Asia Pacific market is expected to grow at the fastest CAGR between 2021 and 2030, owing to the increasing demand for several applications such as catheters & cannulas, drug delivery systems, bulk medical tubing, and other special applications (smoke evacuation tubing and peristaltic pump tubing). The multiplying middle-class population in China and India increases the demand for minimally invasive techniques. There is an advancement in the efficient medical devices in the region coupled with the increasing interest of people in taking care of elderly people at home with easy & simple products. In addition, the increase in healthcare accessibility and the rapidly growing demand for minimally invasive medical procedures adds impetus to the market’s growth in the region.
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Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major global sevoflurane market vendors include: Abbott Laboratories, Baxter, Manus Aktteva Biopharma LLP, Piramal Pharma Solutions, Lunan Pharmaceutical Group, Wellona Pharma, Troikaa Pharmaceuticals Limited, Maruishi Pharmaceutical Co., Ltd., Abbvie, and Rewine Pharmaceutical and Other Prominent Key Players.
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