Anesthesia Gas Scavenging System is Estimated to Witness High Growth Owing to Increasing Number of Surgical Procedures
Anesthesia gas scavenging systems are used during surgical procedures to capture, filter, neutralize and dispose excess waste anesthetic gases that may be hazardous to patients or healthcare workers. With the growing prevalence of chronic diseases such as cancer, cardiovascular diseases etc. the number of surgical procedures performed on a global level have increased substantially over the past decade. This has positively influenced the demand for anesthesia gas scavenging systems from operation theaters worldwide.
The global anesthesia gas scavenging system market is estimated to be valued at US$ 8484.9 Mn in 2023 and is expected to exhibit a CAGR of 9.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing number of surgical procedures remains a key growth driver for the global anesthesia gas scavenging system market over the forecast period. As per estimates by the WHO, around 313 million surgical procedures were performed in 2012 globally. This number is projected to increase substantially over the next decade primarily due to rising obesity levels, road accidents etc. Anesthesia gas scavenging systems play a vital role in ensuring minimal exposure to anesthetic gases for patients and healthcare workers during surgical procedures. Stringent regulatory guidelines pertaining to safe handling and disposal of medical waste gases will further aid market growth. However, high cost of advanced anesthesia gas scavenging solutions and lack of awareness in underdeveloped regions may restrain market expansion to some extent over 2023-2030.
SWOT Analysis
Strength: The anesthesia gas scavenging system market has strong growth prospects due to the increasing number of surgeries worldwide. Stringent regulations regarding healthcare worker safety also boost demand. These systems help limit exposure to harmful gases and create a healthier work environment.
Weakness: High installation and maintenance costs of anesthesia gas scavenging systems can hamper their adoption in budget constrained settings. Additionally, lack of awareness in some developing nations pose challenges.
Opportunity: Rising medical tourism in Asia Pacific and Latin America generates opportunities for players. Development of portable and inexpensive scavenging systems opens new avenues. Growing non-operating room procedural volumes widen the potential market scope.
Threats: Threat of substitute technologies may impact revenues. Alternative ways to manage waste anesthetic gases can replace traditional scavenging units. Economic slowdowns can negatively impact capital equipment purchases.
Key Takeaways
The global anesthesia gas scavenging system market is expected to witness high growth. The global anesthesia gas scavenging system market is estimated to be valued at US$ 8484.9 Mn in 2023 and is expected to exhibit a CAGR of 9.2% over the forecast period 2023 to 2030.
North America currently dominates due to stringent regulations and growing healthcare expenditures. However, Asia Pacific is poised to be the fastest growing region owing to increasing medical tourism and investments in healthcare infrastructure. Asia Pacific is expected to emerge as the fastest growing regional market for anesthesia gas scavenging systems driven by healthcare investments, universal insurance coverage and favorable government policies promoting medical tourism in countries such as Thailand, India and China. North America will continue dominating the global market backed by strict regulatory compliance and large number of surgical procedures.
Key players related content comprises Key players operating in the anesthesia gas scavenging system market are INVISTA, Asahi Kasei Corporation, Hyosung Corporation, Zhejiang Huafon Spandex Co. Ltd., Yantai Tayho Advanced Materials Co. Ltd., Indorama Industries Ltd, TK Chemical Corp., Taekwang Industrial Co., Ltd, Jiangsu Shaungliang Spandex Co., Ltd., and Xiamen Lilong Spandex Co. Ltd.
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