The rise in geriatric population and their vulnerability towards various chronic diseases are boosting the global sedation in ICU setting market, predicts Fortune Business Insights in their new study. The study is titled, “Sedation in ICU settings market: Global Market Analysis, Insights, and Forecasts 2019-2026”. The report predicts the market to witness promising growth during the forecast period on account of the rising number of patient pool with serious medical conditions.
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According to the report, the global sedation in ICU setting market is expected to grow at a CAGR of 5.7% and reach a valuation of US$ 3683.7 Mn by the end of 2026. The market was valued at US$ 2385.2 Mn in 2018.
On the basis of drugs or drugs class, the market was dominated by propofol in the year 2018. The segment is anticipated to continue dominating the market through the forecast period. This is because of the surge in adoption of propofol for pain and agitation control in mechanical ventilation. This, coupled with the generic product launches will boost the growth of propofol in the market in coming years.
Some of the Main Key Players Covered in the Report
- Astra Zeneca
- GlaxoSmithKline
- Mylan N.V.
- Fresenius Kabi
- Teva Pharmaceutical Industries
- Braun Medical
- Aspen Holdings
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Investment Towards Betterment of Hospital and Private Healthcare Center Facilities to Boost Market
A major driver of the global sedation in ICU setting market is the rise in geriatric population. The increasing cases of comorbid diseases in aged population are increasing the patient pool taking admission in intensive care units and critical care units. This in turn is boosting the market. An article by a medical journal, called ‘Annals of Intensive Care’ has stated that, aged people comprise nearly 10% to 20% of all ICU admissions in Europe.
Another article published in 2015 by the Journal of Hospital Administration states the percentage of aged people taking admission in critical care units in Australia has increased from 8.6% to 14.5%. The aforementioned factors indicate that the increasing number of geriatric population is a major factor propelling growth of the sedation in ICU setting market in the future.
Investment towards improvement of healthcare facilities and introduction of innovation such as better ventilation, better drainage systems, larger space for allowing more visiting members, and others are creating growth opportunities for the global sedation in ICU setting market. Additionally, the rise in disposable income of people have encouraged them to opt for better medical assistance and facilities for their near and dear ones. This will also help the market witness growth in the coming years.
However, stringent regulation imposed by the governments in terms of use of sedation on patients and on certain product launches may hamper the overall growth of the market. Furthermore, the fact that till date a clean sedentary drug has not been invented may also restrict growth of the market in the near future.
Rising Cases of Respiratory Disorders Will Help North America Emerge Dominant
Fortune Business Insights foresees the global sedation in ICU setting market to be dominated by North America. This is owing to the rising cases of comorbid illness amongst the aged population and the rising number of critical care beds in the developed nations such as Canada and the U.S. The ICU admissions in North America was estimated to be 6,890,471 in 2017 and projected to increase by 2025 to reach at 9,273,559. Additionally, the increasing number of infectious diseases namely sepsis, and respiratory diseases resulting in admission in ICU is also propelling growth in the region.
Some of the players operating in the global sedation in ICU Setting market include Aspen Holdings, Teva Pharmaceutical Industries, Mylan N.V., Astra Zeneca, B. Braun Medical, Fresenius Kabi, GlaxoSmithKline, and others.
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