Product ID: SQSG30B2035
Global General Anesthesia Drugs Market Size, Share, Growth Analysis, By Type of Drug(Propofol, Sevoflurane), By Route of Administration(Intravenous, Inhalation), By Surgery Type(Knee, hip replacements), By End-User(Hospital, Ambulatory Surgical Centres) - Industry Forecast 2024-2031
Report ID:
SQSG30B2035 |
Region:
Global |
Published Date: February, 2024
Pages:
260
|
Tables:
118 |
Figures:
77
Global General Anesthesia Drugs Market Insights
General Anesthesia Drugs Market size was valued at USD 5.4 billion in 2019 and is poised to grow from USD 5.59 billion in 2023 to USD 7.7 billion by 2031, growing at a CAGR of 3.5% in the forecast period (2024-2031).
General anaesthesia is a state of unconsciousness caused by the use of anaesthetic medications. The fundamental goal of general anaesthesia is to produce unconsciousness, analgesia, and lack of autonomic nervous system responses (ANS). IV anaesthetics are general anaesthetics that are delivered intravenously and are used for induction and short-term surgery to ease anxiety and produce amnesia. IV medications are commonly utilised in operations for cardiovascular disease (CVD) and chronic renal disease (CRD). The increased number of operations and new anaesthetic medication approvals are the key factors driving the growth of this market. According to the American Society of Plastic Surgeons, in the United States in 2019, 2.3 million cosmetic surgical treatments, 13.2 million cosmetic minimally invasive procedures, and 6.8 million reconstructive procedures will be performed, marking a 3% increase over 2019. This shows an increase in the number of procedures, which leads to an increase in the demand for anaesthetic medicines.
Furthermore, a startling 310 million major operations are conducted globally each year, according to the article 'Trauma of Major Surgery' published in the National Centre for Biotechnology Information (NCBI) in July 2020. Similarly, according to the article titled 'Incidence and Cumulative Risk of Major Surgery in Older Persons in the United States', which was published in July 2021, in the United States, nearly nine major surgeries were carried out annually for every 100 older persons, and more than one in every seven Medicare recipients underwent a major surgery over five years, portraying nearly 5 million unique older people.
Furthermore, the development and approval of innovative local anaesthetic medications is proving to be a new source of revenue for market participants. For example, in February 2021, PainPass announced the first Cannabidiol (CBD)/lidocaine product line aimed for treating chronic pain and externally numbing muscles. Hikma Pharmaceuticals PLC (Hikma) introduced Bupivacaine HCl Injection, USP in December 2021 through its US subsidiary, Hikma Pharmaceuticals United States Inc. The business has introduced 0.25%, 0.5%, and 0.75% concentrations in 10mL and 30mL dosages. Furthermore, PAION AG got permission from the United Kingdom Medicines and Healthcare products Regulatory Agency (MHRA) in June 2021 for Byfavo (remimazolam besylate) in adults for procedural sedation. As a result, all the aforementioned factors, such as the rising number of surgical operations and product introductions, will drive the market throughout the projection period.
US General Anesthesia Drugs Market is poised to grow at a sustainable CAGR for the next forecast year.
Global General Anesthesia Drugs Market Report Snapshots
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