Anesthesia gas scavenging systems help remove waste anesthetic gases from the patient's breathing circuit during surgeries. These systems play a vital role in ensuring minimum environmental pollution and safety of healthcare workers by eliminating traces of inhalational anesthetic gases in the operating room atmosphere. Rapid expansion of the healthcare infrastructure across developing nations along with increasing number of surgeries being performed globally is propelling the demand for anesthesia gas scavenging systems.
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 Opportunity:
Rising demand for minimally invasive surgical procedures like laparoscopy requiring use of anesthetic gases is fueling the growth of the anesthesia gas scavenging system market. These systems help eliminate waste anesthetic gases ensuring a safe operating room environment for both patients and healthcare workers during such procedures. Stringent regulations regarding disposal of waste anesthetic gases are further driving the adoption of anesthesia gas scavenging systems across healthcare facilities globally. With the increasing preference for minimally invasive surgeries, the anesthesia gas scavenging system market is expected to witness lucrative opportunities over the forecast period.
Porter’s Analysis
Threat of new entrants: Low costs of equipment and supplies allows for easy entry into the market. However, established relationships with hospitals and regulatory barriers prevents significant threats from new entrants.
Bargaining power of buyers: Individual patients have limited bargaining power, but large hospital networks can negotiate pricing and contracts with anesthesia gas scavenging system providers to reduce costs.
Bargaining power of suppliers: A few major manufacturers dominate the supply of anesthesia gas cylinders, machines, and accessories. This gives them significant power to influence pricing in the market.
Threat of new substitutes: Currently there are no viable substitutes for scavenging waste anesthetic gases during surgery. New technologies would need to completely replace the function of current systems to pose a threat.
Competitive rivalry: Major players compete on product quality, service, innovation and pricing. This fierce competition has pushed providers to continuously enhance their product portfolio to attract and retain hospital customers.
SWOT Analysis
Strengths: Advanced technology, quality certifications, strong brand reputation and established relationships with hospitals.
Weaknesses: High RD and manufacturing costs, need for frequent training and education of hospital staff.
Opportunities: Expanding into emerging markets, providing value added services like maintenance contracts.
Threats: Economic slowdowns decreasing hospital budget, price negotiation power of major hospital groups.
Key Takeaways
The global Anesthesia Gas Scavenging System Market is expected to witness high growth over the forecast period of 2023 to 2030. Strict regulatory standards mandating the safe disposal of waste anesthetic gases and the growing number of surgeries performed annually are primary drivers of demand. 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.
Regional analysis: North America currently dominates the market due to strong reimbursement policies and regulatory compliance in the region. However, Asia Pacific is projected to be the fastest growing market led by countries like China and India. Rising healthcare infrastructure, growing medical tourism and increasing per capita income are fueling the demand for advanced anesthesia gas scavenging systems in Asia Pacific.
Key players: 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. These players are focusing on new product launches and partnerships with hospitals to further strengthen their market position.
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