by The global General Anesthesia Drugs Market is estimated to be valued at US$ 4.95 Bn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
General anesthesia drugs are mainly used during surgical procedures to induce controlled sleep or loss of sensation. Some key categories of general anesthesia drugs include propofol, volatile liquid, and intravenous anesthetics. Propofol is one of the commonly used drugs for induction and maintenance of general anesthesia. It is known to cause less post-operative nausea and vomiting as compared to inhalational anesthetics. Volatile liquid anesthetics such as isoflurane, sevoflurane, and desflurane are generally used to maintain anesthesia by inhalation. Intravenous anesthetics including ketamine and etomidate are also used for induction of general anesthesia. Rising number of surgical procedures is the primary factor driving the demand for general anesthesia drugs. According to WHO, over 312 million surgeries were performed in the world in 2012. This number is estimated to increase significantly by 2030.
Market key trends:
One of the key trends in the general anesthesia drugs market is the rising adoption of target-controlled infusion systems. Target-controlled infusion systems allow precise computerized administration of drugs, especially intravenous anesthetics such as propofol based on patients’ demographic data such as weight, height, gender, etc. This helps maintain a defined blood concentration of the drug and anesthetic state in patients. Growing awareness among anesthesiologists about benefits of target-controlled systems compared to traditional infusion is fueling their adoption. In addition, new drug formulations and combination products are being introduced to optimize anesthesia administration and reduce procedural time. For instance, in July 2021, Baxter received FDA approval for a new ready-to-use premixed formulation of propofol and remifentanil, to be used with Baxter’s ExactaMed ETSTM automated delivery platform. This is likely to further augment the market growth during the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements and existing patents make entry difficult for new companies.
Bargaining power of buyers: Large healthcare facilities can negotiate lower prices but individual patients have little influence.
Bargaining power of suppliers: A few major pharmaceutical companies dominate production of anesthesia drugs giving them strong bargaining position.
Threat of new substitutes: Development of new anesthetic techniques poses a potential threat but drug innovations still driving market growth.
Competitive rivalry: Intense competition among leading manufacturers to develop newer formulations and drug delivery methods.
Key Takeaways
The Global General Anesthesia Drugs Market Size is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period, due to increasing number of surgical procedures worldwide.
Regional analysis: North America dominates the general anesthesia drugs market currently due to high healthcare expenditure and significant number of surgical procedures in the US. Asia Pacific is projected to grow at the fastest pace during the forecast period with China and India being the major markets.
Key players: Key players operating in the general anesthesia drugs market are Baxter Healthcare, Dr. Reddy’s Laboratories, Novartis International AG, Hospira, Maruishi, Hengrui, Lunan, Fresenius Kabi, Pfizer Inc., Hikma Pharmaceuticals, Sagent Pharmaceuticals, Teva Pharmaceuticals, Par Pharmaceutical, Viatris Inc., AbbVie, Piramal Critical Care, Aspen Global Incorporated, B. Braun SE, Abbott and Cosmo pharmaceuticals.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
