Creating and sustaining an unconscious state without pain perception is the general anesthetic medication's goal. It consists of an artificially induced state of unconsciousness followed by a partial or whole absence of defense systems. It is administered along with medications intravenously or orally. In contrast to inhalation anesthetics like Sevoflurane and desflurane, some intravenous general anesthetic drugs include propofol, etomidate, and ketamine. General anesthesia is used throughout various heart treatments, hip and knee replacement surgeries, cancer surgeries, and gastrointestinal procedures. As the world's population ages quickly and individuals with chronic illnesses live longer, the frequency of chronic diseases increases, eventually placing a significant burden on the global healthcare system.
Increasing Number of Surgeries Drives the Global Market
The primary driver of the market under study's expansion is the rise in surgical procedures, which is primarily due to an aging global population and an increase in C-sections and cardiac surgeries worldwide as a result of the high prevalence of cardiovascular diseases and other chronic conditions where the surgery is being advised as a necessity. According to information provided by Eurostat, caesarian sections were the most frequently performed surgical procedure in 2017. It was in charge of about 1.4 million proceedings in EU member states. The local anesthetic most commonly used in spinal anesthesia for preterm birth is bupivacaine. As a result, there is a greater demand for anesthetic drugs as cesarean deliveries rise. Other European surgical treatments included appendectomy, bronchoscopy, and transluminal coronary angioplasty.
New Approvals of Anesthetic Drugs Create Tremendous Opportunities
The expanding acceptance of generic drugs and the top pharmaceutical companies' increasing investments in R&D are helping to expand the market for these drugs. In 2018, B. Braun Medical Inc. released the first local anesthetic approved by the FDA for spinal anesthesia. Clorotekal is a spinal anesthetic without preservatives that acts quickly and wears off quickly. Dexmedetomidine Hydrochloride in 0.9% Sodium Chloride Injection was made available for immediate use by Fresenius Kabi in June 2019. This medication sedates non-intubated patients before and throughout surgical and other procedures.
North America is the most significant revenue contributor and is expected to exhibit a CAGR of 3.60% during the forecast period. Several variables, including an aging population with an increase in chronic diseases and technological developments in anesthesia, are expected to contribute to the rapid growth of the United States, the largest regional market in the world for anesthetic drugs, over the following years. According to the Global Health and Wellness Report, about 40% of Americans aged 18 and over had a cardiovascular diagnosis in 2018. This immediately boosted the demand for quick and highly effective treatments. Due to the factors mentioned above, the United States currently dominates the market for anesthetic drugs, and it is anticipated that this trend will continue during the expected time period.
Europe is expected to exhibit a CAGR of 3.40% during the forecast period. The growth in surgical operations and patients having surgery for orthopedic disorders, hernias, and other general surgical procedures are driving the development of the anesthetic drug market in the United Kingdom. Another element influencing the market for anesthetic drugs is the huge firms launching their products in the European region. For instance, Sevoflurane was first made available in European countries by the Piramal Group in early 2019. Furthermore, the Piramal Group's prescription drug Halothane is unavailable for pediatric usage outside the United Kingdom. This demonstrates that influential parties have taken the United Kingdom seriously.
The global anesthesia drugs market's major key players are AbbVie Inc., Aspen Pharmacare Holdings Limited, Baxter, B. Braun Melsungen AG, Fresenius SE and Co. KGaA, Hikma Pharmaceuticals PLC, Mylan NV, Pfizer Inc., Piramal Enterprise LTD, and Teva Pharmaceutical Industries Limited.