Impact Analysis of Covid-19
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 Drugs Market – Insights
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 account for US$ 5999.7 Mn in terms of value by the end of 2027.
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.
Asia Pacific region held dominant position in the global general anesthesia drugs market in 2018, accounting for 30.4% share in terms of volume, followed by North America.
Figure 1. Global General Anesthesia Drugs Market Value (US$ Mn), by Region, 2018
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: 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.
Propofol segment in the global general anesthesia drugs market was valued at US$ 1,300.6 Mn in 2018 and is expected to reach US$ 1,916.2 Mn by 2027 at a CAGR of 5.7% during the forecast period.
Market Trends/Key Takeaways
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.
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.