General Anesthesia Drugs Market Poised to Grow at a Robust Pace Owing to Rising Number of Surgeries
The global general anesthesia drugs market is estimated to be valued at US$ 4.95 Bn in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030. General anesthesia drugs helps induce sleep or general insensibility to pain during surgical procedures and other medical interventions. It is administered based on the type of surgery as well as the physical condition and response of the patient. The increasing number of surgeries such as cardiac, neurological, eye, abdominal and cosmetic surgeries is one of the primary factors driving the adoption of general anesthesia drugs.
Key Takeaways
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. The major players are focusing on new product developments and approvals, collaborations and mergers & acquisitions to expand their presence and gain competitive advantage in the market.
The growing need to minimize pain during medical procedures, shorten hospital stays and expedite post-operative recovery presents significant opportunities for players operating in the general anesthesia drugs market. Furthermore, increasing global healthcare expenditure, rising awareness about advanced anesthesia administration techniques and favorable government initiatives are supporting the adoption of general anesthesia.
The market is set to witness increased opportunities across emerging economies due to growing unmet medical needs, rising disposable incomes and expanding health insurance coverage in countries such as India, China, Brazil and Mexico. Key players are investing aggressively in emerging markets through collaborations with local vendors to tap into lucrative growth opportunities.
Market Drivers and Restrain
The rapid increase in the geriatric population globally susceptible to chronic diseases and age-related surgeries is a major factor fueling the demand for general anesthesia drugs. According to the United Nations, the number of people aged 65 years and above is projected to grow from 703 million in 2019 to 1.5 billion by 2050. This ageing demographic is more likely to undergo surgeries requiring general anesthesia.
However, the high costs associated with general anesthesia medicines and equipment coupled with adverse effects associated with general anesthesia including nausea, vomiting and emergence delirium may impede market growth to a certain extent. Additionally, the risks and complications involved in general anesthesia administration such as hyperthermia, neurological impairment and respiratory difficulties also restrain market expansion.
Segment Analysis
The General anesthesia drugs market is segmented based on product type, end user and geography. Based on product type, the market is segmented into Propofol, Sevoflurane, Dexmedetomidine, Remifentanil, Midazolam and Others. Propofol segment holds the dominating share in the market due to its wide acceptance among anesthesiologists for general anesthesia induction and maintenance. It has a fast onset and offset of action along with minimal side effects.
Geographically, the general anesthesia drugs market is analyzed across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the market owing to increasing prevalence of chronic diseases, rising number of surgical procedures and presence of key market players in the region. Asia Pacific is projected to witness the highest CAGR over the forecast period with growing medical infrastructure and improving healthcare facilities in developing countries like China and India.
Global Analysis
Regionally, North America is expected to lead the global general anesthesia drugs market during the forecast period. The growth in this region can be attributed to the rising healthcare expenditure, increasing surgical procedures and growing demand for safer anesthetic drugs. Europe is anticipated to hold the second largest market share owing to developed healthcare infrastructure and government support for research & development activities. However, Asia Pacific is projected to witness fastest growth rate on account of improving access to healthcare services, growing medical tourism industry and rising prevalence of chronic diseases. Latin America and Middle East & Africa also offer lucrative opportunities for market players due to developing healthcare infrastructure in the regions.
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
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