Increasing geriatric population, rising use of regional anesthesia, and increasing volume of surgical procedures across the globe are major factors driving market revenue growth
The global anesthesia CO2 absorbent market size is expected to reach USD 135.57 Million in 2030 and register a revenue CAGR of 9.1% over the forecast period, according to latest report by Reports and Data. The number of surgical procedures performed for the treatment of people suffering from neurological conditions, cardiac arrest, respiratory ailments, and diabetes has risen significantly. The number of accidents is also increasing with increasing global population, resulting in more surgical procedures being performed to save lives. This, in turn, is increasing demand for anesthesia, which is expected to drive market revenue growth over the forecast period. According to data published by National Center for Biotechnology Information (NCBI) in 2020, around 310 million major surgeries are performed globally each year; around 40 to 50 million in the U.S, and 20 million in Europe.
Cardiothoracic, orthopedic, vascular, and neurological diseases or disorders usually necessitate surgical treatment. Higher frequency of surgical treatments, such as open-heart surgery for vein blockage treatment, as well as increasing prevalence of cardiovascular disease, arthritis, and cancer, are driving demand for general operations and thus, demand for anesthesia CO2 absorbent.
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Manufacturers are embracing novel medical technologies to meet unmet patient demands, and several treatment methods have now become more streamlined, efficient, cost-effective, and less stressful for patients due to multiple product introductions. In December 2020, for instance, Smiths Medical announced that they had launched Portex EchoGlo peripheral nerve block portfolio. Development and launch of such new and advanced products is expected to play a major role in revenue growth of the global anesthesia CO2 absorbent market.
Some Key Highlights From the Report
- In December 2020, Smiths Medical, a leading medical device manufacturer, announced the launch of its EchoGlo peripheral nerve block portfolio. This addition to the Portex portfolio of pain management products offers customers a complete solution for regional anesthesia from the pump to patient.
- Based on product, the market is segmented into soda lime, medisorb, dragersorb, amsorb, litholyme, and other products. The soda lime segment is expected to register a steady revenue CAGR of 2.1% over the forecast period, mainly due to supportive initiatives taken by governments of various countries and research & development initiatives to develop better CO2 absorbent formulations.
- Based on type, the market is segmented into traditional and premium. The premium segment is expected to register a robust revenue growth rate over the forecast period. The segment is expected to reach a value of USD 122.96 Million by 2030, registering a CAGR of 10.1% over the forecast period.
- Based on form, the market is segmented into granular form and powdered form. The powdered form segment is expected to register a faster revenue growth rate over the forecast period. There is increasing demand for powdered anesthesia CO2 absorbent than the granular form, which is made up of dusty, loose pellets, or granules that might shift and settle.
- Based on end user, the market is segmented into hospitals, clinics, and other end users. The hospitals segment accounted for largest revenue share in 2021 and is expected to register a significantly faster growth rate during the forecast period, due to factors such as presence of well-resourced operating rooms, increasing purchasing power of people, presence of highly skilled healthcare professionals in hospitals, and improved health coverage provided for hospital-based healthcare services by several private and group insurance plans.
- The Asia-Pacific anesthesia CO2 absorbent market is expected to register the fastest growth rate over the forecast period, due to increase in geriatric population, which is likely to result in significant increase in demand for surgeries in Asia-Pacific. The overall increase in the number of surgeries performed is expected to have a strong impact on the anesthesia CO2 absorbent market in Asia-Pacific, as anesthetic drugs are used in surgical procedures to reduce pain. The geriatric population is highly prone to degenerative diseases and chronic illnesses, which is expected to increase demand for surgeries and therapeutics, and thereby drive revenue growth of this market.
- Key players profiled in the market report include Drägerwerk AG & Co. KGaA (Germany), GE Healthcare (U.S.), Allied Healthcare Products, Inc. (U.S.), Smiths Medical, Inc. (U.S.), Vyaire Medical, Inc. (U.S.), Intersurgical, Ltd. (England), Armstrong Medical, Ltd. (U.K.), Molecular Products Group, Ltd. (England), Micropore, Inc. (U.S.), Lowenstein Medical UK, Ltd. (England), and Atrasorb (Brazil).
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For this report, Reports and Data has segmented the global anesthesia CO2 absorbent market based on product, type, form, end user, and region:
Product Outlook (Revenue, USD Million; 2019-2030)
- Soda Lime
- Medisorb
- Dragersorb
- Amsorb
- Litholyme
- Other Products
Type Outlook (Revenue, USD Million; 2019-2030)
- Traditional
- Premium
Form Outlook (Revenue, USD Million; 2019-2030)
- Granular Form
- Powdered Form
End User Outlook (Revenue, USD Million; 2019-2030)
- Hospitals
- Clinics
- Other End Users
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Regional Outlook (Revenue, USD Million; 2019-2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of APAC
- Latin America
- Middle East & Africa
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