Manufacturers are continuously focusing on prevention of fatal compound formation and thereby enhancing the absorption rate during the surgical process. This is achieved through continuous evolution and new absorbent formulations. Heavy investments by the manufacturing organizations in the field of research and new product development are expected to propel the market growth in near future.
The industry is segmented on the basis of geography as into North America (the U.S., Canada, and Mexico), APAC (China, Japan, and India), Europe (Germany, the U.K., and France), Middle East and Africa and Latin America. North America dominates the anesthesia CO2 absorbent industry with approximately one-third global share. The primary reason for the dominance is developed healthcare sector and supportive government initiatives. Countries including the U.S and Canada have observed increasing flow of patients on account of medical tourism. Patients from around the globe have been glowing in the U.S on account of superior medical treatment and advanced surgery techniques.
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Regional demand is followed by Asia-Pacific on account of increasing private medical institutions. Governments in emerging economies including India, China and South Korea have been focusing on improving the health care facilities to raise the human development index. Europe has been showing a steady growth mainly on account of superior health care facilities coupled with government support and awareness.
South America and Africa are expected to witness a slow growth owing to poor medical facilities and lack of government initiatives. As per the CDC, approximately 50 million procedures were undertaken in 2013 which were associated with cardiology. Key players present in the anesthesia CO2 absorbent market include GmbH, GE healthcare, CareFusion, Smiths Medical, Armstrong Medical and Allied healthcare. The market has been oligopolistic where major players dominate the industry with the help of patenting. These players try to strengthen their portfolio through merger and acquisitions. CareFusion has patented products for respiratory care and anesthesiology for the purpose of single patient use.
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