The anesthesia drugs market was found witnessing a CAGR of 4.20% over the forecast period. The key factors propelling the growth of this market are the increasing number of surgeries and new approvals of anesthetic drugs.
There are wide ranges of surgeries based on the length of stay for surgeries. These include elective surgery and emergency surgery. Based on procedures, there are wide ranges of surgeries, where open surgery is most common. Others include keyhole surgery, laparoscopic surgery, microsurgery, and cosmetic surgery. In recent years, several articles have reported a significant rise in the number of day care procedures (ambulatory surgery), and diagnostic and therapeutic services. This is primarily due to the increased dependence on advances made in anesthesia, surgical, and medical technologies.
Furthermore, the rise in surgeries is attributed to the increasing risk of various accidents, sports injuries, and diseases, globally. According to the Center of Disease Control and Prevention (CDC), more than 51 million inpatient surgeries and 53 million outpatient surgeries were performed in the United States in 2017. In the European region, in England, nearly 4.7 million patients were admitted for surgeries in 2014, as per the Royal College of Surgeons. This indicates the rising number of surgeries, which ultimately results into the rising demand for the anesthesia drugs and propels the growth of the anesthesia drugs market.
Key Market Trends
Propofol Sub-segment is Expected to Show the Fastest Growth in the General Anesthesia Drugs Segment
Propofol is a common general anesthetic drug, and it is utilized for the starting and maintenance of general anesthesia, procedural sedation, etc. The drug has been used for a long time for various surgical procedures requiring anesthesia. Some of the companies who manufacture the propofol injections are Neon Laboratories Limited, Bharat Serums and Vaccines Limited, and Fresenius Kabi.
Hence with the increasing incidences of emergency surgeries, growing geriatric population, extensive usage of the drug, short-acting characteristic and a growing number of surgical procedures worldwide, are the major factors propelling the growth of the market.
North America Dominates the Market and is Expected to Follow the Same Trend Over the Forecast Period
North America currently dominates the anesthesia drugs market and is expected to continue its stronghold for a few more years. The United States anesthesia is the largest regional market in the world. This market is driven by factors, such as the increasing number of surgeries, rising aging population with increasing chronic conditions, and advancements in anesthesia technologies.
The demand for various anesthetics goes hand-in-handwith surgical procedures that are being performed. The application of anesthetic drugs in general surgeries are expected to continue to contribute significantly to the growth of the market.
The anesthesia drugs market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with rising drug approvals, mid-size to smaller companies are increasing their market presence by introducing new ingredients with fewer prices. Companies, like Baxter, Abbott Laboratories, AstraZeneca, Roche Holding AG, and B. Braun Melsungen AG, hold substantial market shares in the anesthesia drugs market.
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