by General anesthesia drugs are administered to patients before and during surgery or other medical procedures to induce insensibility, amnesia, analgesia, muscle relaxation, and immobility.
Rising number of surgical procedures being performed globally is a prime factor driving the market growth. General anesthesia allows complex surgical procedures to be performed by rendering the patient unconscious and insentient to pain, with no memory of the events. Given its advantages, it is widely used for gynecological, neurological, cardiovascular and other surgeries. The rising disease prevalence coupled with the growing geriatric population which is more prone to chronic diseases and injuries have resulted in an uptick in the number of surgeries performed globally. This in turn is propelling the demand for general anesthesia drugs from hospitals and ambulatory surgical centers.
The global general anesthesia drugs market is estimated to be valued at US$ 5.37 Bn in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the General Anesthesia Drugs 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. These players are focusing on new product launches, mergers and acquisitions to expand their global footprint.
The rising geriatric population globally poses lucrative General Anesthesia Drugs Market Demand. According to the UN, the population aged 60 years and above is projected to double from 12% to 22% between 2015 and 2050 globally. This burgeoning geriatric demographic presents a strong growth opportunity for general anesthesia drugs.
North America dominated the global general anesthesia drugs market in 2019 owing to the region’s highly developed healthcare infrastructure and presence of major market players. However, Asia Pacific is expected to witness the highest CAGR during the forecast period due rising healthcare expenditure, health awareness and growing medical tourism in the region.
Market Drivers
Rising number General Anesthesia Drugs Market Size And Trends of surgical procedures being performed globally – According to estimates, over 312.9 million major surgical procedures were performed worldwide in 2012. This number is expected to steadily increase owing to the growing disease prevalence and the aging population prone to medical conditions that often require surgeries.
Increasing healthcare spending worldwide – Growing disposable incomes in developing nations have augmented healthcare budgets that increasingly cover costs of costly surgeries. Between 2010-2017, global healthcare spending grew by 4% annually to reach USD 7.8 trillion in 2017.
Growing population – United Nations data states world population crossed 7 billion mark in 2011 and is projected to reach nearly 10 billion by 2050 end. Larger population base indicates greater disease occurrence, thus elevating surgical needs.
PEST Analysis
Political: The FDA’s strict approval process for new drugs and changes to approved drugs can impact the timeliness of new product launches and clinical testing. Generic drugs face fewer regulations which can impact brand name drug sales.
Economic: Changes in the economy that impact healthcare expenditures can affect demand for general anesthesia drugs. A recession may lead to lower discretionary spending on elective surgical procedures that utilize general anesthesia.
Social: An aging population undergoing more surgeries and procedures drives increased demand for general anesthesia. Growing public awareness of pain management options also contributes to the use of general anesthesia for various interventions.
Technological: Advancements in drug delivery methods, targeted drug therapeutics, and integrated monitoring systems allow for more precise dosing and control of anesthesia, reducing risks and side effects. Computerized physician order entry and EMR systems help optimize usage and reduce errors.
North America has the largest general anesthesia drugs market in terms of value. The easy accessibility and affordability of healthcare along with the high volume of surgeries performed drive significant demand in the region. Reimbursement policies also favor the usage of general anesthesia for surgical and diagnostic procedures.
The Asia Pacific region is expected to grow the fastest for the general anesthesia drugs market. The increasing medical tourism along with economic growth is driving greater accessibility to surgical interventions. Population growth and incomes are enabling more patients in India, China and other Asian countries to receive treatment that utilizes general anesthesia techniques. Government initiatives are also helping expand healthcare infrastructures and coverage in emerging markets.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
