The rise in geriatric population and their vulnerability towards various chronic diseases is boosting the Global Sedation in ICU Setting Market, predicts Fortune Business Insights in their new study. The study is titled,” Sedation in ICU settings market Size, Share and Global Trend by Drug/Drug Class (Propofol, Benzodiazepams (Midazolam, etc.), Dexmedetomidine, Remifentanil), & Geography Forecast till 2026: Global Market Analysis, Insights, and Forecasts 2019-2026”.
The report foresees the market to witness promising growth during the forecast period on account of the rising number of patient pool with serious medical conditions.
Some of the players operating in the Global Sedation in ICU Setting Market include;
- Astra Zeneca
- GlaxoSmithKline Pharma GmbH
- Mylan N.V.
- Fresenius Kabi
- Teva Pharmaceuticals
- Braun Medical
- Aspen Holdings Inc
- Other prominent players
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According to the report, the global sedation in ICU setting market is presumed to grow at a CAGR of 5.7% and reach a valuation of US$ 3683.7 Mn by the end of 2026. The previous valuation of the market as per 2018 records was US$ 2385.2 Mn in 2018 depicting a remarkable growth in the forecast duration between 2019 to 2026.
As per the segmentation of the market on the basis of drugs or drugs class, the market was dominated by propofol in the year 2018 and is anticipated to continue dominating in the coming years. This is because of the surge in adoption of propofol for pain and agitation control in mechanical ventilation. This, coupled with the new generic product launches that improves the patient’s stay in intensive care unit and critical care unit may boost the growth of propofol in the market in coming years.
“Betterment of Hospital and Private Healthcare Center Facilities to Boost Market”
A major driver for the growth of the global sedation in ICU setting market is the rise in geriatric population. The advent of comorbid diseases in aged population is helping to increase the number of patient pool taking admission in intensive care units and critical care units. An article by a medical journal ‘Annals of Intensive Care’ has stated that, aged people comprise nearly 10% to 20% of all ICU admissions in Europe. Another article published in 2015 by the Journal of Hospital Administration states the percentage of aged people taking admission in critical care units in Australia has increased from 8.6% to 14.5%. The aforementioned factors indicate that the increasing number of geriatric population is a major factor propelling growth of the sedation in ICU setting market in the future.
The upgradation of healthcare facilities and introduction of innovation such as better ventilation, better drainage systems, larger space for allowing more visiting members, and others are also creating better growth opportunities for the global sedation in ICU setting market. Additionally, the rise in disposable income of people have urged them to opt for better medical assistance and proper facilities for their near and dear ones. This will also help the market witness higher revenues in the coming years.
“Rising Cases of Respiratory Disorders Helping Market in North America to Emerge Dominant”
Fortune Business Insights foresees the global sedation in ICU setting market to be dominated by North America. This is owing to the rising cases of comorbid illness amongst the aged population and the rising number of critical care beds in the developed nations of Canada and the U.S. The ICU admissions in North America was estimated to be 6,890,471 in 2017 and projected to increase by 2025 to reach at 9,273,559. Additionally, the increasing number of infectious diseases namely sepsis, and respiratory diseases resulting in admission in ICU is also propelling growth in the region.
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