The global Anesthesia CO2 Absorbent Market size was valued at USD 43.7 million in 2015 and is expected to reach USD 79.1 million by 2022. Global anesthesia CO2 Absorbent demand is expected to grow at a high rate on account of its increasing application in medical science. The major factors contributing to the market growth is increasing incidence of accidents, chronic diseases, the ageing population and a high number of surgeries. Rising occurrences of chronic health diseases are expected to contribute to increasing demand for surgeries. This in turn is expected to contribute to growing volume of anesthesia, therefore propelling the overall market growth. Further, safety parameters and guidelines imposed the governing institutes help in driving the demand. These institutes include the CEA, CDC and Anesthesia Patient Safety Foundation.
Trends have shown that there have been an increasing number of people suffering from diseases which include neurological conditions, respiratory disorders, cardiac arrest and diabetes. These kind of incidences has resulted in surgical requirements which in turn has propelled the industry growth. As per the world health organization, approximately 8 % of the global population has been suffering from respiratory disorders. Aging population and geriatric populations has significantly contributed in driving the overall industry growth.
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Healthcare sector largely depends on government policies and initiatives. Government regulatory bodies help in establishing best practices for modern healthcare facilities. Medical institutions and manufacturing companies depend on the government in terms of financial support and best practice methods. Recent trends have shown that regulatory bodies have been supporting the healthcare for anesthesia disposables. This has fueled the anesthesia CO2 absorbent industry. Hospitals expansion and investments in modern infrastructure have helped the medical institutions in establishing grass root level medical networks. The European Investment Bank announced a financial aid of USD 150.9 million towards the establishment of Midland Metropolitan Hospital in Great Britain. This healthcare center is anticipated to provide services to patients related to trauma and accident. It aims at establishing itself as the biggest emergency department in the UK.
Segmentation is done on the basis of product used which includes Medisorb, Dragersorb, Amsorb, Litholyme and Soda Lime. The majority of the market share is being captured by Medisorb, Amsorb and Dragersorb. These products are widely used on account of their superior characteristic over the counterparts. Products including SpiraLith have been showing a steady penetration in the market in recent years. Similarly, this kind of newer formulations is expected to change the market scenario in the near future. Medisorb has been dominating the market and it is expected to continue its lead over the forecast period on account of its vast network and product goodwill. Around one-fourth of the market share is held by Medisorb. Amsorb follows the demand and has shown a tremendous increase in recent years. Amsorb plus, a product from the Amsorb segment has been manufactured to eliminate toxic products formation which includes carbon monoxide and compound A. This kind of initiative by the manufacturers offers great opportunities for the growth of Amsorb segment.
Manufacturers are continuously focusing on prevention of fatal compound formation and thereby enhancing the absorption rate during the surgical process. This is achieved through continuous evolution and new absorbent formulations. Heavy investments by the manufacturing organisations in the field of research and new product development are expected to propel the market growth in near future. The industry is segmented on the basis of geography as into North America (the U.S., Canada, and Mexico), APAC (China, Japan, and India), Europe (Germany, the U.K., and France), Middle East and Africa and Latin America. North America dominates the anesthesia CO2 absorbent industry with approximately one-third global share. The primary reason for the dominance is developed healthcare sector and supportive government initiatives. Countries including the U.S and Canada have observed increasing flow of patients on account of medical tourism. Patients from around the globe have been glowing in the U.S on account of superior medical treatment and advanced surgery techniques.
Regional demand is followed by Asia-Pacific on account of increasing private medical institutions. Governments in emerging economies including India, China and South Korea have been focusing on improving the health care facilities to raise the human development index. Europe has been showing a steady growth mainly on account of superior health care facilities coupled with government support and awareness. South America and Africa are expected to witness a slow growth owing to poor medical facilities and lack of government initiatives. As per the CDC, approximately 50 million procedures were undertaken in 2013 which were associated with cardiology. Key players present in the anesthesia CO2 absorbent market include GmbH, GE healthcare, CareFusion, Smiths Medical, Armstrong Medical and Allied healthcare. The market has been oligopolistic where major players dominate the industry with the help of patenting. These players try to strengthen their portfolio through merger and acquisitions. CareFusion has patented products for respiratory care and anesthesiology for the purpose of single patient use.
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Global Anesthesia CO2 Absorbent Product Outlook (Revenue, USD Million, 2012 – 2022)
• Soda lime
Anesthesia CO2 Absorbent Regional Outlook (Revenue, USD Million, 2012 – 2022)
• North America
• Asia Pacific
• Latin America
• South Africa
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/medical-devices
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