A rise in the geriatric population is likely to result in a significant increase in the demand for surgeries in the Asia-Pacific region. The overall increase in the number of surgeries performed has a strong impact on the anesthesia drugs market in Asia-Pacific, as anesthetic drugs are used in surgical procedures to reduce the pain. The geriatric population is highly prone to degenerative diseases and chronic illnesses, which has caused an increased verge on surgeries and therapeutics. This demands continuous monitoring, and it is thus expected to drive the growth of the anesthesia drugs market.
Increasing investments in the market, supporting research and development in anesthesia drugs and management, are having a major impact on market growth, enabling faster deployment in the healthcare industry.
Key Market Trends
Application in General Surgeries is Expected to Dominate the Market
During surgery, some form of anesthesia is given to relieve pain and sensation. For minor surgery, a local anesthetic can be given via injection to the site or allowed to absorb into the skin. Regional anesthesia is used to numb only the portion of the body that will undergo the surgery. Usually, an injection of local anesthetic is given in the area of nerves that provide feeling to that part of the body.
As per a 2019 article by Jin Xu et al., published in the BMJ journal, hospitals in Asia-Pacific continue to expand rapidly. From 2008 to 2017, the number of visits to hospitals increased by 93.1% compared with an increase of 49.5% to primary care facilities. Hospital admissions rose by 2.4 times from 2008 to 2017 (10% on average annually). An increase in admissions have resulted in more demand for anesthesia drugs for surgeries, which is helping the growth of this market in the Asia-Pacific region.
Most of the countries in Asia-pacific are developing countries. These developing economies have a high number of people with unattended disease and injuries which could be treated in hospitals. As a result, these countries have a high potential for anesthesia drugs and hence, are highly lucrative for global players to enter the market. Hence, this region enjoys the presence of most of the global players in the market. Moreover, there are also some regional players that have also established their presence in the region.
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