General anesthesia drugs are administered during surgical procedures to induce sleep or unconsciousness, relieve pain and provide muscle relaxation. These drugs include propofol, sevofluranue, desflurane and nitrous oxide which are used alone or in combination for general anesthesia. General anesthesia allows the performance of complex surgical procedures involving organs like brain, heart or abdomen which require immobility and lack of pain sensation in patients.
The General Anesthesia Drugs market is estimated to be valued at US$ 4.95 Bn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growth of the General Anesthesia Drugs market is majorly driven by increasing number of surgical procedures performed globally. As per WHO data, over 313 million major surgical procedures are performed annually worldwide. Rising prevalence of chronic and lifestyle diseases has increased the need for surgical interventions for treatment and diagnosis. Additionally, growing geriatric population which is more prone to injuries and diseases also supports the demand for general anesthesia drugs. Furthermore, technology advancement in anesthesia delivery equipment and monitoring devices has improved patient safety and outcomes during surgeries which is encouraging more patients to opt for surgeries. However, stringent regulations for drug approvals pose a challenge for market growth.
SWOT Analysis
Strength: General anesthesia drugs have wide therapeutic applications in various surgical procedures such as cardiovascular, neurological, opthalmic, gynecological, and cosmetic surgeries. They provide unconsciousness, analgesia, amnesia, and akinesia during surgical procedures reducing pain and anxiety. Leading players are focusing on developing advanced and long-acting anesthesia drugs with minimal side effects.
Weakness: Adverse effects associated with general anesthesia such as nausea, vomiting, drowsiness, sore throat, headache are major concerns. Strict regulatory norms for approval of new general anesthesia drugs increases costs and time taken to launch new products.
Opportunity: Increasing geriatric population suffering from chronic diseases drives the demand for surgical procedures requiring general anesthesia. Growing healthcare infrastructure and investment in developing countries provide lucrative growth opportunities. Emergence of ambulatory surgical centers and short hospital stay surgeries present new opportunities.
Threats: Slowdown in elective surgical procedures due to COVID 19 pandemic negatively impacted the market revenues. Availability of alternative modes of anesthesia such as local anesthesia and conscious sedation poses competition. Stringent regulations delays market entry of new products.
Key Takeaways
The global general anesthesia drugs market is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period, due to increasing number of surgical procedures. The market size for 2023 is estimated to be US$ 4.95 Bn.
Regional analysis
North America dominates the global market and is estimated to continue its dominance during the forecast period. This is attributed to increasing healthcare spending, rising prevalence of chronic diseases, and technological advancements in surgical and anesthesia practices in the region. The Asia Pacific region is expected to exhibit the fastest CAGR during the forecast period driven by growing medical tourism, improving healthcare infrastructure, and rising healthcare spending in emerging economies like India and China.
Key players
Key players operating in the general anesthesia drugs market are Baxter Healthcare, Dr. Reddy's Laboratories, Novartis International AG, Hospira, Maruishi, Hengrui, Lunan, Fresenius Kabi, Pfizer Inc., Hikma Pharmaceuticals, Sagent Pharmaceuticals, Teva Pharmaceuticals, Par Pharmaceutical, Viatris Inc., AbbVie, Piramal Critical Care, Aspen Global Incorporated, B. Braun SE, Abbott and Cosmo pharmaceuticals. Key players are focusing on new product development and adopting partnership strategies for sustained growth in the market.
General anesthesia drugs are administered to a patient to bring state of reversible unconsciousness and unresponsiveness before and during surgery.
Sometimes based on the condition, both the routes are used simultaneously to anesthetize the patient.
General anesthesia drugs are intended to bring about analgesia or pain relief, amnesia, reversible unconsciousness, motionlessness, and inhibition of autonomic nervous system such as increased blood pressure, heart rate, and sweating, and to perform easier and safer surgery.
Read Report Overview – https://www.transparencymarketresearch.com/general-anesthsia-drugs-market.htmlCurrently, there is a lack of standardization for technique in general anesthesia management.
Further, the technological advancements in drug delivery devices, development of specific targeted drugs and patient monitoring devices for monitoring physiological parameters of patients during and after anesthesia, and minimized side effects of anesthetic drugs are drivers which are likely to boost the market growth during the forecast period.
However, lack of health care facilities in underdeveloped countries and in remote areas and few anesthetic doctors and certified anesthetic nurses per capita of population are anticipated to restrain the growth of the general anesthesia drugs market.
The rising prevalence of cancer, rapid growth in geriatric population, and increasing number of emergency surgeries are some of the major factors driving the growth of the US general anesthesia drugs.The US general anesthesia drugs market size is projected to reach USD 2.4 billion by 2025 from USD 2.0 billion in 2020, at a CAGR of 3.4% during the forecast period.Ask for PDF Brochure: - https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=713Market Segmentation: -Intravenous anesthesia drugs accounted for the largest share in the US general anesthesia drugs market in 2019.Based on the route of administration, US general anesthesia drugs market is categorized into inhalational anesthesia drugs and intravenous anesthesia drugs.
The inhalational anesthesia drugs is further categorized into sevoflurane, desflurane, isoflurane and nitrous oxide.
Similarly, intravenous anesthesia drugs are further categorized into propofol, benzodiazepines, ketamine, methohexital sodium and others intravenous general anesthesia drugs.
The intravenous segment accounted for the largest share of the market.
General intravenous anesthesia drugs are less expensive and do not require expensive machines for administration which contributes to the high market share of the segment.Hospitals accounted for the largest share in the US general anesthesia drugs market in 2019Based on end user, the US general anesthesia drugs market has been segmented into hospitals and ambulatory surgery centers.
The hospitals segment accounted for the largest share of the US general anesthesia drugs market in 2019.
