General anesthesia drugs are used to induce a state of unconsciousness in patients during surgeries and medical procedures. They block pain and control breathing during medical procedures and surgeries.
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 key trends:
One of the key trends in the general anesthesia drugs market is the growing number of surgeries and medical procedures performed globally. According to the International Society of Aesthetic Plastic Surgery, over 27 million surgical and nonsurgical procedures were performed in 2020 globally. This is increasing the demand for general anesthesia drugs for inducing anesthesia during various procedures. In addition, technological advancements leading to shorter recovery and hospital stay times for patients are encouraging more people to opt for surgeries and procedures, thus propelling the growth of the general anesthesia drugs market.
SWOT Analysis
Strength: General anesthesia drugs help relax patients and block sensation or awareness during medical procedures. They allow doctors to perform surgeries painlessly.
Weakness: General anesthesia drugs may cause side effects such as nausea, vomiting, dizziness, headaches and respiratory depression in some patients. They also require close monitoring by anesthesiologists during procedures.
Opportunity: Growing geriatric population suffering from chronic diseases and rising number of surgeries present an opportunity for the general anesthesia drugs market. Advancements in anesthetic techniques also support market growth.
Threats: Stringent regulations surrounding drug development and approval poses challenges for market players. Patent expiries of blockbuster drugs also increase market competition.
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 surgical procedures worldwide.
Regional analysis:
North America dominated the general anesthesia drugs market in 2023 and is expected to continue its dominance over the forecast period. This can be attributed to rising healthcare expenditure, availability of advanced healthcare facilities and growing demand for surgical procedures in the region. Asia Pacific is expected to exhibit fastest growth due to growing medical tourism industry, rising healthcare standards and expanding patient pool in developing countries of the region.
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
