The general anesthesia drugs market is estimated to be valued at US$ 4.95 Bn or Mn 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 involves the use of one or more drugs to induce a state of unconsciousness during surgical procedures or medical examinations. It allows patients to undergo surgery and medical procedures painlessly by temporarily affecting the central nervous system. Some commonly used general anesthesia drugs include propofol, sevoflurane, desflurane and isoflurane. General anesthesia is administered by anesthesiologists to provide amnesia, analgesia, immobility and unconsciousness during surgical procedures, imaging tests or pain management interventions.
Market Dynamics:
One of the key drivers aiding the growth of the general anesthesia drugs market is the rising number of ambulatory care centers. These centers provide scheduled medical and surgical care on an outpatient basis, allowing patients to return home the same day. Surgeries performed in ambulatory care settings have reduced risks and costs compared to inpatient hospital procedures. This has boosted the adoption of general anesthesia drugs for minor and less invasive procedures in ambulatory care settings. Additionally, technological advancements enabling the development of newer and safer general anesthesia drugs with improved recovery profiles is also fueling market growth. However, stringent regulations for the approval of new anesthesia drugs may hamper market growth during the forecast period.
Segment Analysis
The Global General Anesthesia Drugs Market Size can be segmented based on product type, therapeutic application, route of administration, and end use. The inhalational anesthesia drugs segment currently dominates the market owing to its widespread use during surgical procedures. Inhalational anesthesia agents such as sevoflurane, desflurane and isoflurane are commonly used owing to their faster onset and offset of action along with fewer side effects.
PEST Analysis
Political: Government regulations regarding the use and production of anesthesia drugs are becoming more stringent to ensure patient safety. Economic: The growing volumes of surgeries performed globally is expected to drive the growth of the anesthesia drugs market. Social: Increasing awareness among patients about modern anesthesia techniques and postoperative pain management options is supporting market growth. Technological: Significant focus on the development of newer anesthesia formulations with enhanced efficacy, safety profiles and cost effectiveness is seen.
Key Takeaways
The global general anesthesia drugs market is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period, due to increasing number of surgeries performed worldwide. Regionally, North America dominated the market in 2023 owing to the high volume of surgical procedures in the region along with rising Obesity rates driving bariatric surgeries. Also, the Asia Pacific region is expected to witness the highest growth over the forecast period supported by rapidly growing healthcare infrastructure and increasing medical tourism in countries like India and China.
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. Regional analysis related content comprises Regional analysis related content: North America dominated the market in 2023 owing to the high volume of surgical procedures in the region along with rising Obesity rates driving bariatric surgeries. Also, the Asia Pacific region is expected to witness the highest growth over the forecast period supported by rapidly growing healthcare infrastructure and increasing medical tourism in countries like India and China.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it