General Anesthesia Drugs Market to Surpass US$6.44 Billion by 2030 Drives Due to Cancer is Becoming Prevalent | Persistence Market Research
Global demand for general anesthesia drugs rises with growing chronic disease cases. The United States grapples with shortages of key drugs like dexmedetomidine and midazolam
New York, Jan. 25, 2024 (GLOBE NEWSWIRE) — Market Size & Overview:
The global General Anesthesia Drugs market is poised for substantial growth, with a projected Compound Annual Growth Rate (CAGR) of 3.4%. Anticipated to rise from a value of US$5.10 billion in 2023 to US$6.44 billion by 2030, the market is driven by the increasing prevalence of chronic diseases like cancer, cardiovascular ailments, and osteoarthritis.
The General anesthesia drugs market play a pivotal role in inducing and maintaining unconsciousness, ensuring the absence of pain sensation during medical procedures, ranging from cardiac surgeries and joint replacements to cancer and gastrointestinal surgeries.
The demand for general anesthesia drugs is witnessing an upswing due to factors such as the growing incidence of chronic illnesses, augmented funding from both private and government sectors for pharmaceutical manufacturing, and heightened research and development efforts in formulating these drugs. Inhalation anesthesia, including Sevoflurane and Desflurane, and intravenous general anesthetic drugs like Propofol, Etomidate, and Ketamine, administered in conjunction with other medications, contribute to the expansion of the market.
A significant catalyst for market growth is the emphasis on cardiovascular health, with the World Health Organization’s 2022 report underscoring cardiovascular diseases as a leading global cause of mortality. Patients with conditions such as coronary heart disease, heart failure, and atrial fibrillation, who often undergo open-heart surgery, further propel the demand for general anesthesia drugs. In essence, a confluence of these factors collectively propels the global market for general anesthesia drugs towards significant expansion.
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Market Scope:
| Report Coverage | Details | |
| Market Revenue 2023 | US$5.10 billion | |
| Estimated Revenue 2030 | US$6.44 billion | |
| Growth Rate – CAGR | 3.4% | |
| Forecast Period | 2023-2030 | |
| No. of Pages | 210 Pages | |
| Market Segmentation |
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| Regions Covered |
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| Key Companies Profiled |
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In a nutshell, the Persistence Market Research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at: https://www.persistencemarketresearch.com/market-research/general-anesthesia-drugs-market.asp
Market Growth Drivers:
Increasing Prevalence of Chronic Diseases: The global market for general anesthesia drugs is driven by the rising incidence of chronic diseases such as cancer, cardiovascular diseases, and osteoarthritis. As these conditions often necessitate surgical interventions, the demand for general anesthesia drugs is expected to grow in tandem with the prevalence of these health issues.
Growing Demand for Inhalation Anesthesia: The surge in demand for inhalation anesthesia drugs, including Sevoflurane and Desflurane, contributes significantly to market expansion. These drugs are administered through inhalation routes and are integral in maintaining unconsciousness during various medical procedures.
Funding Support from Private and Government Organizations: Increased funding from both private and government organizations for the development of pharmaceutical manufacturing segments is a crucial driver. This financial support facilitates research, innovation, and the production of high-quality general anesthesia drugs, contributing to market growth.
Research and Development Activities: The emphasis on research and development activities aimed at formulating advanced general anesthesia drugs plays a pivotal role in market expansion. Ongoing efforts to enhance the efficacy, safety, and delivery mechanisms of these drugs contribute to their broader application and adoption in medical procedures.
Global Cardiovascular Health Concerns: The World Health Organization’s recognition of cardiovascular diseases as a predominant cause of global mortality acts as a catalyst for market growth. Patients with cardiovascular conditions, who often require surgical interventions, drive the demand for general anesthesia drugs, especially in procedures like open-heart surgery.
Market Restraints:
Stringent Regulatory Requirements: The general anesthesia drugs market faces challenges due to stringent regulatory requirements imposed by health authorities worldwide. Compliance with complex regulatory frameworks can increase development costs and timelines, acting as a restraint on market growth.
Side Effects and Safety Concerns: The use of general anesthesia drugs is associated with potential side effects and safety concerns. Adverse reactions, complications, and post-operative issues may limit the widespread adoption of these drugs, as both healthcare providers and patients prioritize safety in medical procedures.
Limited Accessibility in Developing Regions: Access to advanced healthcare, including specialized anesthesia drugs, is often limited in developing regions. Infrastructure constraints, economic challenges, and insufficient healthcare facilities hinder the widespread availability and usage of general anesthesia drugs, affecting market growth.
Alternatives such as Regional Anesthesia: The availability and adoption of alternative anesthesia methods, such as regional anesthesia, may act as a restraint. Some patients and healthcare providers prefer regional anesthesia techniques, limiting the market share of general anesthesia drugs in specific medical procedures.
High Cost of Anesthesia Drugs: The cost associated with general anesthesia drugs, including both manufacturing and administration, can be high. This may pose a barrier to adoption, particularly in healthcare systems with budget constraints or in regions where affordability is a significant concern.
Opportunities:
Rising Geriatric Population: The increasing global aging population presents a significant opportunity for the general anesthesia drugs market. Elderly individuals often require surgical interventions for age-related health issues, leading to a higher demand for anesthesia drugs in this demographic segment.
Technological Advancements: Ongoing technological advancements in drug formulations, delivery methods, and monitoring tools present opportunities for innovation within the general anesthesia drugs market. The development of more precise and targeted anesthesia solutions can enhance safety and efficacy, driving market growth.
Expansion in Emerging Markets: Emerging markets with growing healthcare infrastructure and increasing healthcare expenditure provide a substantial growth opportunity. Expanding market presence in regions where accessibility to healthcare is improving can open up new avenues for the adoption of general anesthesia drugs.
Telemedicine and Remote Anesthesia Monitoring: The integration of telemedicine and remote monitoring technologies creates opportunities for the remote administration and monitoring of anesthesia. This can improve healthcare delivery in underserved areas and facilitate the management of anesthesia in non-hospital settings.
Collaborations and Partnerships: Collaborations between pharmaceutical companies, research institutions, and healthcare providers can foster innovation and accelerate the development of new anesthesia drugs. Strategic partnerships may lead to the creation of novel formulations and expanded applications, enhancing market opportunities.
Market Segmentation
Which Drug Class Are Expected to Benefit the Most from Revenue Generation?
Propofol, a widely used general anesthetic, holds significance in surgical and critical care settings, including COVID-19 patients. The FDA’s approval of Fresenius Propoven 2% for sedation in COVID-19 cases emphasizes its crucial role. Key manufacturers like Neon Laboratories Limited, Bharat Serums and Vaccines Limited, and Fresenius Kabi play pivotal roles in the production and distribution of propofol injections, shaping the dynamic landscape of the pharmaceutical industry in anesthesia and critical care sectors.
What Route of Administration Will Be Targeted the Most?
Sensors play a dominant role in the Anesthesia Drugs market, holding the highest percent share. This is attributed to their accuracy, lower rates of postoperative nausea and vomiting, and a reduced risk of blood clots. Intravenous Drugs lead the market due to advantages such as precise dose delivery, enhanced patient safety, and lower incidence rates of complications, including rare side effects like malignant hyperthermia. The use of intravenous drugs is associated with diminished risks, solidifying their preference in the anesthesia pharmaceutical sector. These advantages align with the market’s focus on precision, safety, and minimizing postoperative complications.
Top Regional Markets
Why is Europe Emerging as a Dominating Region?
The United States faced significant shortages of crucial anesthesia drugs, including dexmedetomidine, midazolam, propofol, and neuromuscular blocking agents, during the emergence of COVID-19. In response, companies like Hikma Pharmaceutical introduced new products to meet heightened demand, exemplified by the “Propofol Injectable Emulsion” in May 2020. The anesthesia drugs market’s momentum is further propelled by factors such as increasing surgical procedures, a rising aging population with more chronic conditions, and advancements in anesthesia technologies. The surge in cosmetic procedures, as highlighted by the American Society of Plastic Surgeons, underscores the growing demand for anesthesia drugs, particularly in general surgeries.
What Opportunities Lie in Asia Pacific for Manufacturers?
In China, there’s been a significant rise in cosmetic procedures like facelifts and lip augmentations, particularly among individuals under 28 years old, accounting for around 12 million out of 22 million procedures in 2018. Teenagers comprised 8% of the total procedures. Concurrently, there’s a steady increase in cardiovascular diseases (CVD) in China, with more than 2 in 5 fatalities attributed to CVD, surpassing mortality rates from cancer or other diseases, as reported in a 2018 study.
Key Recent Developments:
Technology Advancements: The anesthesia field has seen advancements in drug delivery systems and monitoring technologies. These innovations aim to enhance the precision and safety of administering anesthesia.
New Drug Approvals: Pharmaceutical companies continue to develop and seek approval for new general anesthesia drugs. Keep an eye on regulatory announcements for any new drugs entering the market.
Focus on Patient Safety: Patient safety is a crucial aspect of anesthesia administration. Recent developments may include the introduction of drugs or techniques that minimize side effects and improve recovery times.
Regional Anesthesia Growth: There has been a growing interest in regional anesthesia techniques, which involve numbing a specific part of the body rather than inducing general anesthesia. This trend may influence the demand for certain types of anesthesia drugs.
COVID-19 Impact: The COVID-19 pandemic has had widespread effects on healthcare systems. It’s essential to consider how the pandemic has influenced the demand for general anesthesia drugs, as well as any changes in manufacturing or supply chain dynamics.
Market Consolidation: Mergers and acquisitions within the pharmaceutical and healthcare industry can impact the landscape of the general anesthesia drugs market. Companies combining resources may lead to new product developments or changes in market strategies.
Some of the market players:
- Baxter International Inc.: Baxter is a global healthcare company that focuses on products related to hospital care, renal and critical care, and medical products. They provide a range of pharmaceuticals and medical devices.
- AstraZeneca: AstraZeneca is a multinational pharmaceutical company engaged in the discovery, development, manufacturing, and marketing of prescription drugs. They have a broad portfolio spanning various therapeutic areas.
- AbbVie Inc.: AbbVie is a pharmaceutical company known for its focus on research and development in areas such as immunology, oncology, neuroscience, and virology. They are recognized for drugs like Humira.
- B. Braun Melsungen AG: B. Braun is a German medical and pharmaceutical company specializing in the production of medical supplies, devices, and pharmaceutical products. They have a diverse range of healthcare solutions.
- Fresenius SE & Co. KgaA: Fresenius is a global healthcare group with core competencies in dialysis, infusion, and transfusion therapy. They operate in various healthcare segments, including pharmaceuticals and medical devices.
- Pfizer: Pfizer is one of the world’s largest pharmaceutical companies, engaged in the discovery, development, and manufacturing of prescription medicines and vaccines.
- Hospira Inc.: Hospira, now a subsidiary of Pfizer, was a global provider of injectable drugs and infusion technologies. It focused on products for hospitals and clinics.
- Aspen Pharmacare Holdings Limited: Aspen is a South African-based multinational pharmaceutical company. It is known for manufacturing and supplying a broad range of pharmaceutical products.
- Hikma Pharmaceuticals plc: Hikma is a multinational pharmaceutical company with a focus on developing, manufacturing, and marketing a wide range of generic and in-licensed pharmaceutical products.
General Anesthesia Drugs Market Research Segmentation
By Drug Class:
Propofol
Sevoflurane
Dexmedetomidine
Desflurane
Remifentanil
Midazolam
By Route of Administration:
Intravenous Anesthesia
Inhaled Anesthesia
By End-User:
Hospitals
Ambulatory Surgical Centers
Specialty Clinics
By Region:
North America
Europe
East Asia
South Asia & Oceania
Latin America
Middle East & Africa
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