An anesthesia gas scavenging system is a medical gas pipeline system which safely gathers exhaled gases from patient breathing circuits and safely disposes expired gases via active scavenging from the air in the operating room or patient area. Advantages associated with anesthesia gas scavenging systems include reduced fire hazards, lower exposure to waste anesthetic gases for medical staff, and improved patient safety. The global anesthesia gas scavenging system market plays a key role in ensuring hospitals and ambulatory surgical centers meet regulatory standards regarding environmental safety and patient and staff health.
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: Improved Patient Safety
One of the major market opportunities for anesthesia gas scavenging systems is improved patient safety. Inhaling exhaled gases from previous patients can potentially expose subsequent patients to infectious diseases. Anesthesia gas scavenging systems help prevent cross-contamination between patients by efficiently capturing and disposing of exhaled waste anesthetic gases. They eliminate the risks associated with trace amounts of waste anesthetic gases accumulating in operating rooms. By ensuring safe handling and disposal of patient exhaled gases, anesthesia gas scavenging systems play a key role in infection prevention and offer improved safety measures for patients undergoing surgical procedures. The systems ability to promote higher standards of patient safety during anesthesia procedures will continue driving the anesthesia gas scavenging system market during the forecast period.
Porter's Analysis
Threat of new entrants: The anesthesia gas scavenging system market requires high capital investment for manufacturing facilities and distribution network establishment. So threat of new entrants is moderate.
Bargaining power of buyers: The buyers have moderate bargaining power as the market has few global players and buyers have alternatives for key components.
Bargaining power of suppliers: Suppliers have high bargaining power due to intellectual property involvement and differentiated products and components.
Threat of new substitutes: There is low threat from substitutes due to absence of close substitutes and compliance with regulatory guidelines.
Competitive rivalry: The market witnesses high competitive rivalry due to the presence of few global players.
SWOT Analysis
Strength: The anesthesia gas scavenging system offers safety, adherence to medical protocols, and compliance. Growing healthcare infrastructure favors market growth.
Weakness: High cost of devices, infrastructure requirements, and lack of expertise in developing countries.
Opportunity: Rising number of surgeries, growing healthcare spending, and technological advancements present opportunities.
Threats: Economic slowdowns, stringent regulations, and healthcare reimbursement policies act as threats.
Key Takeaways
The global anesthesia gas scavenging system market is expected to witness high growth during the forecast period owing to the growing number of surgical procedures performed globally. 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 dominates the market currently due to the well-established healthcare infrastructure and increasing healthcare spending in the region. The regional analysis indicates that Asia Pacific is expected to be the fastest growing market during the forecast period due to growing medical tourism, increasing disposable incomes, expanding healthcare infrastructure, and rising medical insurances in emerging countries such as China and India.
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.
