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General anesthesia drugs act as central nervous system (CNS) depressants and are administered prior to surgery or other medical procedures to induce unconsciousness, amnesia, analgesia, muscle relaxation, and controlled blood pressure. The commonly used general anesthetic drugs include propofol, isoflurane and sevoflurane. These drugs are used in major surgeries such as open heart surgery, organ transplants, major orthopedic surgeries and cancer surgeries.
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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing number of surgical procedures globally is the primary driver for the general anesthesia drugs market. According to data published by World Bank, approximately 313 million surgical procedures were performed in 2018 worldwide. Rising incidences of lifestyle-induced disorders like cardiovascular diseases and cancer are also fueling the number of surgical interventions and thereby boosting the market growth. Moreover, new formulations of general anesthesia drugs with enhanced efficacy are being introduced continuously, further propelling the market development. The growing obese population susceptible to several comorbidities is another factor aiding the market expansion. However, some general anesthesia drugs may cause complications like respiratory depression and cardiovascular instability on overdosage which can restrain market growth. Stringent regulations pertaining to these drugs are another challenge.
Segment Analysis
The general anesthesia drugs market can be segmented based on product type, application, route of administration, and end user. Based on product type, the market is categorized into intravenous anesthesia, inhalational anesthesia. Among these, the inhalational anesthesia segment holds the largest market share owing to its easier administration and more availability.
PEST Analysis
Political: Governments worldwide have laid emphasis on providing inexpensive treatment and thus have imposed regulations for reducing drug prices, which has positively impacted the market growth.
Economic: Rising healthcare expenditure globally along with increasing number of surgeries is boosting the market. However, price cuts imposed pressures on companies’ profit margins.
Social: Due to increasing cases of accidents and chronic diseases, the demand for surgeries and thus general anesthesia drugs has increased over the years.
Technological: Developments in drug delivery methods such as use of prefilled syringes and new formulations aiming faster recovery are aiding the market expansion.
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 surgeries worldwide.
The North America region dominates the market currently owing to rising healthcare spending and presence of major players. However, Asia Pacific is projected to witness the highest growth rate during the forecast period with growing medical tourism industry in countries like India and China.
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 key players are involved in new product launches and strategic collaborations to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
