+1-206-701-6702
+44-020-8133-4027
+050-5539-1737
+91-848-285-0837
Press Release: General Anesthesia Drugs Market is forecast to reach a value of US$ 6,240.4 Mn by 2028
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
General anesthesia is a condition of unconsciousness induced using general anesthetic agents drugs. The primary objective of general anesthesia is to induce unconsciousness, analgesia, and loss of reflexes of the autonomic nervous system (ANS). General anesthesia administered through intravenous route is categorized as IV anesthetics and is used for induction and for short surgery to relieve anxiety and induce amnesia. IV drugs are widely used in cardiovascular disease (CVD) and chronic renal disease (CRD) surgeries.
The global general anesthesia drugs market is estimated to be valued at US$ 4,706.1 million in 2021 and is expected to exhibit a CAGR of 3.8% over the forecast period (2021-2028).
Recent Developments:
Researchers are extensively focusing on research and development activities for anesthetic medications which can be attributed to drive the growth of general anesthesia market over the forecast period. For instance, in August 2021, researchers from the University of Michigan and Washington University School of Medicine in St. Louis conducted studies for determining the common anesthetic drugs that will offer improved clinical outcomes and best patient recovery experiences. The study included well-established anesthetic drugs such as inhaled anesthetic drugs and intravenous propofol.
In addition, companies operating in the market are receiving positive results for potential effect of compounds as general anesthesia which can further boost the market growth. For instance, in June 2021, PAION AG, a specialty pharmaceutical company, got positive results in the European Phase III trial for Remimazolam. It is an ultra-short-acting intravenous benzodiazepine sedative/anesthetic which is approved in the U.S., Europe and China for procedural sedation and as general anesthesia in South Korea and Japan. PAION AG is planning to submit an extension variation to the Marketing Authorization for remimazolam as general anesthesia by the end of 2021. Hence, such initiatives by the company will expand the market horizon in various regions, contributing in the market growth.
Furthermore, U.S. Food and Drug Administration is granting approval for various intravenous general anesthetic drugs which is further boosting the market growth. For instance, in September 2020, U.S. FDA approved propofol injectable emulsion manufactured by Pfizer Inc. for general anesthetic applications.
Figure 1. Global General Anesthesia Drugs Market Value (US$ Mn), by Region, 2020
North America (Region) held dominant position in the global general anesthesia drugs market in 2020, accounting for 29.4% share in terms of volume, followed by Europe and Asia Pacific, respectively. The growth of the market is driven by increasing product approvals.
Global General Anesthesia Drugs Market: Drivers
Increasing prevalence of CVD is expected to boost growth of the global general anesthesia drugs market over the forecast period. For instance, according to American Heart Association’s Heart Disease and Stroke Statistics 2018, around 92.1 million adults in the U.S. are suffering from some form of CVD or the after-effects of stroke.
Ageing population is at high risk of suffering from chronic diseases such as CRD, CVD and diabetes, which leads to increasing demand for surgical interventions. Therefore, increasing geriatric population is also expected to boost growth of the market. For instance, according to the World Health Organization, geriatric population is expected to reach 2 billion by 2050, up from 900 million in 2015.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2020 | Market Size in 2021: | US$ 4706.1 Mn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR: | 3.8% | 2028 Value Projection: | US$ 6,240.4 Mn |
| Geographies covered: |
|
||
| Segments covered: |
|
||
| Companies covered: |
Baxter International Inc., AstraZeneca, AbbVie Inc., B. Braun Melsungen AG, Fresenius SE & Co. KGaA, and Hospira Inc. |
||
| Growth Drivers: |
|
||
| Restraints & Challenges: |
|
||
Global General Anesthesia Drugs Market: Opportunities
Increasing funding to expand care for patients with disabilities is expected to offer lucrative growth opportunities for market players. For instance, in December 2019, The Rutgers School of Dental Medicine announced that it is expected to receive a US$ 250,000 funding for extra staffing and additional surgical resources for the treatment of special care patients who need general anesthesia.
Moreover, increasing R&D in general anesthesia is also expected to propel growth of the market. For instance, in April 2019, researchers from Duke University Medical Center reported that diverse drugs that induce general anesthesia activate a brain circuit that brings on sleep.
Market Trends:
The market is witnessing increasing adoption of alternatives to general anesthesia. For instance, in November 2019, The U.S. Food and Drug Administration approved Tubes Under Local Anesthesia (Tula) System for the delivery of tympanostomy tubes. The approval offers patients an option for the treatment of recurrent ear infections that does not require general anesthesia.
Increasing preference for minimally invasive alternative to open-heart surgery is expected to decrease adoption of general anesthesia drugs. For instance, in December 2019, HCA Houston Healthcare Kingwood successfully completed a minimally invasive alternative to open-heart surgery using transcatheter aortic valve replacement procedures.
Figure 2. Global General Anesthesia Drugs Market Share, By Molecule Type, 2020
Key Takeaways of the Graph:
The propofol held dominant position in the market and accounted for 31.8% share in the global general anesthesia drugs market in 2020. The segment is expected to reach US$ 2,242.3 million in 2028. Growth of the segment is driven by high adoption of propofol owing to rapid return of consciousness, minimal residual effects on the central nervous system (CNS) and quick induction as general anesthesia.
Global General Anesthesia Drugs Market: Restraints
Use of general anesthesia drugs may lead to vomiting, nausea, irregularity in heart rhythm, body temperature, blood pressure, and respiratory rate, sore throat and irritation in the respiratory system, which is expected to hinder growth of the global general anesthesia drugs market.
Moreover, general anesthetic drugs can lead to complications such as allergic reactions. Moreover, the drugs may also be ineffective in some cases. Some fatal complications include allergic reactions, cardiovascular collapse, drug interactions, prolonged apnea, respiratory depression, jaundice, and anesthesia awareness. Such scenario is also expected to hamper the market growth.
Global General Anesthesia Drugs Market: Competitive Landscape
Major players operating in the global general anesthesia drugs market include, Baxter International Inc., AstraZeneca, AbbVie Inc., B. Braun Melsungen AG, Fresenius SE & Co. KGaA, and Hospira Inc.
Global General Anesthesia Drugs Market: Key Developments
Key players in the market are focused on raising funds to expand their product portfolio. For instance, in June 2019, PAION AG, a Germany-based pharmaceutical company specialized in anesthesia and sedation drugs announced that it will receive a funding of around US$ 20 million from The European Investment Bank.
Key players in the market are focused on adopting partnership strategies to expand their product portfolio. For instance, in June 2019, SunGen Pharma partnered with Athenex Pharmaceuticals for launching Bivalirudin for Injection in the near future.
General anesthetics is one of the major classes of drugs used for general anesthesia. General anesthetics can be administered for a number of medical conditions including but not limited to the following: respiratory problems, such as lung cancer and asthma; cardiac problems, such as congenital heart disease and myocardial infarction; neurological disorders, such as seizures and Parkinson's disease; severe burns and traumatic brain injury. General anesthesia can also be given for cosmetic reasons, such as breast augmentation and nose surgery.
Market Dynamics:
Increasing funding for R&D in anesthetic drugs is expected to propel growth of the general anesthesia drugs market over the forecast period. For instance, in August 2021, researchers at Washington University School of Medicine in St. Louis and the University of Michigan received a US$ 33 million grant from the Patient-Centered Outcomes Research Institute to compare intravenous propofol to inhaled anesthetic drugs to determine which of the common anesthetic drugs offers better patient recovery experiences and improved clinical outcomes.
Product recall is expected to limit growth of the general anesthesia drugs market over the forecast period. For instance, in May 2021, Hospira announced to recall one lot each of the injectable hospital anesthetics bupivacaine HCL and lidocaine HCL due to mislabeling of product.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
*Browse 36 market data tables and 34 figures on “General Anesthesia Drugs Market - Global forecast to 2028”.
Joining thousands of companies around the world committed to making the Excellent Business Solutions.
Contact Us
