The sevoflurane, isoflurane and desflurane Market is expected to reach USD 1.5 billion by 2022 in comparison to USD 1.2 billion in 2014. These three chemicals are inhalation agents and have been used by anesthesiologists, nurse anesthetists, and anesthesiology assistants on a consistent basis. They are very strong and cost less, with minimum damage to the ozone layer.
One of the primary factors, triggering expansion in the sevoflurane, isoflurane and desflurane market includes cardiovascular and respiratory diseases affecting the geriatric population. Rising cancer, orthopedic, spinal and gastro-intestinal cases have also furthered the market. Cataract surgery is a major contributor to the global market and will need a higher production of these chemicals.
Growing accidents and emergency cases also add income to the inhalation anesthesia market. Universal insurance coverage as well as constant improvements in medical infrastructure also ensure the development of the sevoflurane, isoflurane and desflurane market. These agents are administered to patients prior surgery, making the induction of general anesthesia much simpler.
A major factor hindering the market is the quantity of CO2 released in the environment, leading to global warming. Actually, only about 5 percent of the gases are consumed by patients. The rest are released into the atmosphere and make it unhealthy. The most practical solution for this problem is the anesthetic recycling of products used during the administration of general anesthesia.
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Asia Pacific is likely to witness the fastest growth at a 9.1% CAGR over the projected period owing to the tremendous untapped potential of the manufacturing sector in the region. Increasing use of synthetic diamonds in various manufacturing processes owing to their relatively low cost and ease of availability.
Polished synthetic diamond market is anticipated to grow at a CAGR of 8.3% over the projected period on account of their relatively low demand in industrial application. However, the increasing use of these stone in jewelry coupled with the rising consumer awareness regarding fashionable accessories is expected to open new avenues for the growth of the market.
Electronics was the largest application segment and is expected to witness growth at a CAGR of 8.7% over the projected period. Increasing demand for consumer electronics including washing machines, refrigerators, HVAC, smartphone, and tablets is expected to drive the market for synthetic stones subsequently.
Centaurus Technologies Inc., Applied Diamond Inc., Element Six, New Diamond Technology, and ILJIN are some of the prominent players in the market. These companies are focusing on R&D to develop stones with a higher carat. For instance, using the HPHT process, New Diamond Technology (NDT) unveiled a 10.07 carat blue stone in September 2016.
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