April 13, 2024

General Anesthesia Drugs Market With Analysis Of New Business Opportunities After Covid-19 Impact

The global general anesthesia drugs market offers a wide range of medications that induce and maintain a state of unconsciousness during surgical procedures or other medical interventions. Some of the commonly used general anesthesia drugs include propofol, sevoflurane, desflurane, and dexmedetomidine. These drugs are administered intravenously or by inhalation and work by depressing the central nervous system. They provide benefits such as analgesia, amnesia and immobility, allowing surgeons to perform complex operations painlessly. The rising number of surgical procedures worldwide due to the increasing incidence of chronic diseases and road accidents has boosted the demand for general anesthesia drugs.

The Global General Anesthesia Drugs Market is estimated to be valued at US$ 4.95 Bn in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030.

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Key Takeaways

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. These manufacturers are focusing on developing advanced drug formulations with fewer side effects.

The growing demand for surgical procedures is a key factor driving the demand for general anesthesia drugs. According to estimates, over 312 million major surgical procedures are performed annually worldwide. The rising prevalence of chronic medical conditions necessitating surgical interventions will continue fueling market growth.

Pharmaceutical companies are expanding their geographical presence in emerging countries to tap the opportunities in high population regions of Asia Pacific, Latin America, Middle East and Africa. These areas offer immense growth potential due to improving access to healthcare facilities.

Market Key Trends

One of the major trends being witnessed in the general anesthesia drugs market is the rising popularity of short-acting drugs that allow for rapid recovery. Anesthesia manufacturers are introducing newer propofol formulations and volatile anesthetic agents that ensure quick return of consciousness. This enables reduced hospital stay and earlier return to normal activities. Other recent innovations include customized drug delivery systems that facilitate precision dosing of anesthesia according to each patient’s profile. Technological advancements coupled with increasing safety standards are positioning the industry for continued growth in the coming years.

Porter’s Analysis

Threat of new entrants: Low capital requirements for the generic manufacturers pose a threat of new entrants. Bargaining power of buyers: Large hospitals and buying groups have strong bargaining power over manufacturers. Bargaining power of suppliers: Suppliers of active ingredients have some bargaining power but pharmaceutical firms can source from different suppliers. Threat of new substitutes: Technological advances may lead to less invasive procedures reducing the demand for anesthesia drugs. Competitive rivalry: Intense competition exists amongst the large generic manufacturers to gain market share.

The United States represents the largest market for general anesthesia drugs, accounting for over 30% of global market value. High healthcare expenditure, sophisticated medical facilities and increasing number of surgeries are major factors supporting growth.

China is projected to be the fastest growing regional market during the forecast period. Rapid economic development, rising healthcare investments, expansion of medical insurance coverage and growing prevalence of chronic diseases are driving the demand for surgical procedures and anesthesia drugs in China. Increasing accessibility of healthcare and adoption of advanced treatment options will further boost the Chinese market in coming years.

Geography of general anesthesia drugs market:

The United States represents the largest market for general anesthesia drugs, accounting for over 30% of global market value. High healthcare expenditure, sophisticated medical facilities and increasing number of surgeries are major factors supporting growth.
China is projected to be the fastest growing regional market during the forecast period. Rapid economic development, rising healthcare investments, expansion of medical insurance coverage and growing prevalence of chronic diseases are driving the demand for surgical procedures and anesthesia drugs in China. Increasing accessibility of healthcare and adoption of advanced treatment options will further boost the Chinese market in coming years.

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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