Growing Cosmetic Surgeries Silverline For Market Growth
Anaesthesia as defined by the Food and drug administration (US) refers to reversible state of unconsciousness leading to lack of pain and muscle relaxation. The type of anaesthesia recommended by doctors depends on various parameters including health status of person, age, type of surgery and clinical tests results. Inhalation Anaesthesia is a novel method for providing anaesthesia to a patient via inhalation of some chemical compound. The main advantage of inhalation anaesthesia is that this technique offers a superior degree of control of aesthetic depth and rapid immediate recovery from anaesthesia these benefits has leveraged huge adoption of Inhalation Anaesthesia for providing general anaesthesia. The global inhalation anaesthesia market is expected to grow with the CAGR of over 3.5% during the forecast period of 2019-2026. Rising number of cosmetics surgeries have supplemented huge growth opportunity in the global inhalation anaesthesia market. As per International Society of Aesthetic Plastic Surgery (ISAPS) a total of 9.6 million cosmetic surgical procedures were performed globally in 2015 which hiked to 10.4 million in 2016 representing a year on year increase of over 8%. Further, growing geriatric population, escalating number of emergency cases and accident and reduction in the recovery time subsequently surgery with the use of inhalation anaesthesia coupled with the growing prevalence of chronic diseases are the other major factors driving the global inhalation anaesthesia market.
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ASIA PACIFIC: THE MOST LUCRATIVE REGION
Asia Pacific inhalation anaesthesia market is expected to grow at the highest rate over the forecast period of 2019-2026. The primary drivers for the high growth of Asia Pacific inhalation anaesthesia market are the rising prevalence of chronic diseases, increasing healthcare expenditure coupled with rising medical tourism and growing geriatric population. According to United Nations Economic and Social Commission for Asia and the Pacific (UN-ESCAP), Asia Pacific accounted for 60% (4.5billion) of the world’s total population as of 2016. By 2050, total number of people living within Asia Pacific will reach 5 billion. Further, Asia Pacific accounts for more than 60% (547million) of the world’s total geriatric population according to UN-ESCAP in 2016. By 2050, total geriatric population across Asia Pacific is anticipated to reach 1.3billion according to UN-ESCAP estimate. Aging population increases incidence probability of chronic & infectious diseases. High prevalence rate would drive demand for better healthcare management & treatment services driving demand for inhalation anaesthesia market for the forecasted period. Additionally, China spent 5.48% of its GDP on healthcare in 2014 which rose to 5.98% of the GDP in 2015, similarly net $104 billion was spent on healthcare in India in 2015 which rose to $110 billion in 2016 as per Indian brand equity foundation (IBEF) which is ~4.8% of the GDP aiding the inhalation anaesthesia market.