Global General Anesthesia Drugs Market

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

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.

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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).

The market for general anaesthesia drugs is extremely fragmented, with multiple rivals in the development of general anaesthetic drugs. These firms are employing techniques such as mergers and acquisitions, partnerships and collaborations, and new product releases to match consumer demand and increase their client base. Furthermore, firms operating in the market are obtaining favourable findings for the potential effect of chemicals such as general anaesthesia, which might raise market growth even further. For instance, In June 2021, PAION AG, a speciality pharmaceutical firm, received favourable findings in the European Phase III trial for Remimazolam. It is an ultra-short-acting intravenous benzodiazepine sedative/anesthetic that is licenced for procedural sedation in the United States, Europe, and China, as well as general anaesthesia in South Korea and Japan. By the end of 2021, PAION AG intends to file an extension modification to the Marketing Authorization for remimazolam as general anaesthesia. As a result, the company's actions will broaden the market perspective in numerous areas, adding to market growth. 'AbbVie Inc.', 'AstraZeneca', 'Fresenius SE & Co. KGaA', 'Hikma Pharmaceuticals PLC', 'Hospira Inc. (Pfizer Inc.)', 'Jiangsu Nhwa Pharmaceutical Co. Ltd.', 'Merck & Co. Inc.', 'Mylan N.V.', 'Novartis AG', 'Piramal Healthcare', 'Roche Holding AG', 'Teva Pharmaceuticals', 'B. Braun Melsungen AG', 'Baxter International Inc.', 'Cardinal Health Inc.', 'Maruishi Pharmaceutical Co. Ltd.', 'Nippon Zenyaku Kogyo Co. Ltd.', 'Shandong Baolai-Leelai Bio-Tech. Co. Ltd.', 'Sun Pharmaceutical Industries Ltd.', 'Wockhardt Ltd.'

Cancer is becoming more prevalent

Researchers are heavily focused on anaesthetic drug research and development, which can be contributed to driving the growth of the general anaesthesia market throughout the forecast period. For example, in August 2021, researchers from the University of Michigan and the Washington University School of Medicine in St. Louis conducted experiments to determine which common anaesthetic medications will provide the best clinical outcomes and patient recovery experiences. The study comprised well-known anaesthetic medications such inhaled anaesthetics and intravenous propofol.

North America currently dominates the anaesthetic drugs industry and is anticipated to maintain its dominance over the forecast year. The United States has the world's largest regional market. With the introduction of COVID-19, the United States experienced severe shortages of critical anaesthetic medicines, including midazolam, dexmedetomidine, propofol, and neuromuscular blocking agents. As a result, numerous corporations are increasing their anaesthetic medication manufacturing. For instance, Hikma Pharmaceutical introduced a brand-new medicine, "Propofol Injectable Emulsion," in the United States. Furthermore, this market is being pushed by an increase in the number of operations, an ageing population with an increase in chronic illnesses, and developments in anaesthetic technology.

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Global General Anesthesia Drugs Market

Product ID: SQSG30B2035