The General Anesthesia Drugs Market is anticipated to reach a value of US$ 4.7 billion by the end of 2022 and to grow at a CAGR of 3.4% to US$ 6.7 billion by 2032. Propofol is the most popular drug class right now, with a market share of about 25.6% in 2021, according to a recent study by Future Market Insights.
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Increasing geriatric population coupled with rising incidences of chronic illnesses have resulted in a surge in surgeries. With an increasing elderly population, a greater number of surgeries are conducted resulting in a high demand for anesthesia drugs. Furthermore, the healthcare expenditure is rising in developing and developed countries. Since, anesthesia is usually covered by health insurance for all medical procedures, the out-of-pocket cost for anesthesia for patients with medical insurance is around 10% to 50%. Hence, health insurance is advantageous for the general anesthesia market.
Ambulatory anesthesia delivers faster recovery from general anesthesia drugs, patients can leave the hospital earlier while also offering tremendous benefits to third-party payers, hospitals, healthcare providers, and patients. Again, there’s a surge in the number of ambulatory surgeries owing to constant progress in general anesthesia drugs and different techniques, along with the easy availability of short-acting anaesthetics with less side effects. This bodes well for the target market.
The development of specific targeted drugs, the availability of technologically sophisticated drug delivery devices, and rising clinical trials for the development of general anesthesia drugs as well as expanding portfolio of the general anesthesia drugs will lead to the expansion of the general anesthesia drugs market during the forecast period.
“Rising geriatric population coupled with increasing incidences of chronic diseases lead to a surge in the number of surgeries performed which in turn augments the sales of general anesthesia drugs in the global market during the forecast period,” says an FMI analyst.
Key Takeaways:
• Increasing investment in clinical trials for the development of general anesthesia drugs will strengthen the market prospects for the same.
• Side effects like amnesia, respiratory depression, high blood pressure, and others may negatively impact the market growth.
• The U.S general anesthesia drugs market will record a 2.4% CAGR during the projected period.
• Growing cancer cases drives the growth of the general anesthesia drugs market in China.
• Propofol general anesthesia drugs segment will grow at a 4.2% CAGR.
• Intravenous route of administration will grow at a 3.6% CAGR.
Competitive Landscape
Baxter International Inc., AstraZeneca, AbbVie Inc., B. Braun Melsungen AG, Fresenius SE & Co. KgaA, Pfizer, Hospira Inc., Aspen Pharmacare Holdings Limited, Hikama Pharmaceuticals plc, Abbott Laboratories, Avet Pharmaceuticals, Inc, Piramal Enterprises Limited, Par Pharmaceutical, Teva Pharmaceuticals, Viatris/Mylan, Novartis AG, GlaxoSmithKline plc, Gilead Sciences, Inc., Sanofi, Akorn, Apotex, and Heritage Pharmaceuticals Inc., among others are some of the major players in the Neuromuscular Blocking Drugs Market profiled in the full version of the report.
Leading market players are concentrating product development and new product releases to cater to the consumer demand. These businesses employ tactics like mergers, acquisitions, partnerships, and collaborations to expand their consumer base.
Key Market Segments Covered in General Anesthesia Drugs Industry Research
By Drug Class:
• Propofol
• Sevoflurane
• Dexmedetomidine
• Desflurane
• Remifentanil
• Midazolam
• Others – (Sufentanil, Fentanyl, Ketamine, Isoflurane, Thiopental etc.)
By Route of Administration:
• Intravenous Anesthesia
• Inhaled Anesthesia
By End User:
• Hospitals
• Ambulatory Surgical Centers
• Specialty Clinics