The surging prevalence of heart & respiratory ailments & surgical procedures, incidentally, is a major driving force for inhalation anesthesia market. In recent times, the occurrence rate of road accidents has soared to an indefinite extent, necessitating the requirement of critical care during surgical procedures, and by extension, leading to the generation of a profitable avenue for inhalation anesthesia industry. According to the ASIRT (Association for Safe International Road Travel), close to 20 million to 50 million people are disabled or injured from road accidents on an annual basis. The U.S. alone holds a record of around 2.35 million of its populace being injured from roadside fatalities. In fact, a reliable forecast claims that road traffic injuries are likely to emerge as the fifth leading cause of death by 2030. Set amidst a milieu as critical as this, inhalation anesthesia market size may, in all probability, chart out a profitable growth map in the ensuing years, given that accident injuries demand the deployment of low cost anesthesia during surgical treatment.
The ever-increasing competition in the healthcare space has led to inhalation anesthesia market players vying with one another to strengthen their presence across this business sphere. Considering the critical significance of the product in question, it goes without saying that product differentiation has emerged as the go-to growth tactic for the players partaking in inhalation anesthesia industry share. For instance, Galen US Inc., had recently declared its takeover of the exclusive rights to ADASUVE® - basically an orally inhaled form of antipsychotic loxapine, from the California-based Alexza Pharmaceuticals, Inc. Reportedly, the ADASUVE inhalation powder is the first orally inhaled medication that the FDA has granted approval to, for schizophrenia and bipolar I afflicted patients. The only one of its kind, ADASUVE is likely to brew a revolution in inhalation anesthesia market. The launch of this innovative product has typically challenged the big shots of the inhalation anesthesia industry, prompting them to come up with a unique product portfolio that would challenge the likes of ADASUVE.
Myriad geographies across the globe have been witnessing a substantial rise in their geriatric population in the recent years, which has been touted to be a major driver of inhalation anesthesia market. In the United States alone, the population above 65 has been projected to cross the 98 million benchmark by 2060, while the share of this 65-and-above group in the overall population is expected to rise to almost 24%. As per the United Nations, the global geriatric population has been accelerating at a rapid pace. Forecasts claim that by 2030:
With the robust escalation in the elderly population across the globe, the prevalence of respiratory diseases, chronic obstructive pulmonary disorders (COPD), cataract surgeries, cardiovascular disorders, and neurological diseases has increased on an exponential basis. In consequence, this has created the demand for innovative anesthesia products that would need to be deployed in critical surgical procedures. The extensive utilization of these devices in hospitals and ambulatory surgical centers is thus, certain to augment inhalation anesthesia market. As per estimates, inhalation anesthesia industry size, driven by the rapidly growing geriatric populace prone to numerous disorders, will accumulate a valuation of close to USD 1.6 billion by 2024.
The United States is one of most remunerative avenues for the growth of inhalation anesthesia market. In 2016 in fact, analysts claim the United States to have accounted for the largest regional share of inhalation anesthesia industry, with a valuation of USD 488 million. This predominance can be attributed to a plethora of factors, such as the excellent healthcare infrastructure, increased medical care spending, and most importantly, the rising prevalence of COPD and plastic surgeries. As per the American Society of Plastic Surgeons (ASPS), close to 16 million minimally-invasive and surgical cosmetic procedures were performed in the U.S. alone, in 2015. Since the last 1.5 decades, it has been reported that plastic surgeries have observed a mammoth rise of 115% in the country. Driven by the robust prevalence of cosmetic procedures in the region, aided by the fact that the country houses organizations that maintain standards in anesthesiology, U.S. inhalation anesthesia industry share is likely to observe an appreciable growth rate over 2017-2024.
Inherently characterized by product differentiation strategies, the competitive hierarchy of inhalation anesthesia market is inclusive of Hikma Pharmaceuticals PLC, Lunan Pharmaceutical Group Company Limited, Abbott Laboratories, The Piramal Group, and Baxter International Incorporation – acclaimed biggies that have been striving to come up with a range of highly innovative products. In order to increase the commercialization scope of inhalation anesthesia market, these companies have been adopting one-of-a-kind as well as run-of-the-mill growth strategies that commendably help in augmenting the revenue graph of this business sphere. Propelled by the launch of innovative technologically advanced products, increased healthcare expenditure, and the adoption of value-based medical care models, inhalation anesthesia industry outlook is set to witness a dynamic transformation in the years to come.
Written By : Saipriya Iyer