General anesthesia administered through inhalation route is categorized as IH anesthetics and is used for maintaining sedative stage during surgical procedure. IH drugs are preferred for pediatric and geriatric surgery.
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 chronic renal disease (CRD) is expected to boost growth of the global General Anesthesia Drugs market over the forecast period. For instance, according to European Renal Association – European Dialysis and Transplant Association’s data in 2018, over 850 million people worldwide have some form of kidney disease
Global General Anesthesia Drugs Market: Opportunities
Increasing R&D in general anesthesia is expected to offer to offer lucrative growth opportunities for market players. For instance, in October 2019, a study published in the Journal of the American Medical Association (JAMA) by researchers from Aarhus University Hospital found that the use of protocol-based general anaesthesia in acute ischaemic stroke patients undergoing thrombectomy was significantly associated with less disability at three-months, compared with procedural sedation.
Global General Anesthesia Drugs Market: Restraints
However, lack of skilled anesthetists and nurse anaesthetist is expected to hamper growth of the global General Anesthesia Drugs market.
The 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$ 2127.9 Mn by 2025 at a CAGR of 5.7% during the forecast period.The growth of the segment is attributed to increasing incidence and prevalence of chronic diseases.
Key players in the market are focused on product development and approval to expand their product portfolio. For instance, in October 2019, SunGen Pharmaceuticals, a privately held specialty pharmaceutical company, received its eighth ANDA approval from the US Food and Drug Administration (FDA) for Lidocaine Ointment USP used for production of anesthesia of accessible mucous membranes of the oropharynx.
Use of ketamine has increased as a pain management alternative due to the opioid epidemic in the U.S. However, use of ketamine is also associated with side effects such as hallucinations and visual disturbances.
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 adopting partnership strategies to expand their product portfolio. For instance, in December 2019, Nephron Pharmaceuticals Corporation partnered with National Medical Products Inc. to offers patients quality care through virtually pain-free anesthetics.
Key players in the market are focused on adopting MA& strategies to expand their product portfolio. For instance, in November 2019, Sandoz, the generics unit of Novartis, acquired Aspen Global Incorporated, a subsidiary of Aspen Pharmacare Holdings to expand its presence in Asia Pacific. Aspen offers off-patent branded medicines with a focus on anesthetics and specialty brands.
“*” marked represents similar segmentation in other categories in the respective section.