The global anesthetic medicines market is expected to grow at a significant CAGR during the forecast period (2024-2031). The increased number of surgeries and new anaesthetic drug approvals are the key drivers of the market. According to data published by the International Society of Aesthetic Plastic Surgery, the number of plastic procedures performed globally increased by 7.4% in 2019 compared to the previous year (2018). This shows an increase in the number of procedures, which leads to an increase in the demand for anesthetic medicines.
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In addition, the United Nations Department of Economic and Social Affairs estimates that one in every four people in Europe and Northern America will be 65 or older by 2050. Growth in the aged population has resulted in a sharp increase in the number of chronic conditions among the elderly, such as cardiovascular and neurological ailments, driving up demand for anesthetic medicines. Dexmedetomidine Hydrochloride in 0.9 per cent Sodium Chloride Injection, a medicine for sedation of non-intubated patients before and/or during surgery and other operations, was made immediately available by Fresenius Kabi in June 2019. Medova and the New York School of Regional Anesthesia (NYSORA) announced a collaboration in June 2020 to bring SAFIRA (SAFer Injection for Regional Anesthesia) to the US. In addition, the Food and Drug Administration accepted a new drug application for Lannett Company’s cocaine hydrochloride (HCI; NUMBRINO) nasal solution 4 percent (40 mg/mL) for anesthetic use in the US in January 2020. The anesthetic medicines market is anticipated to propel as a result of this.
Furthermore, the increased number of surgeries, an older population with more chronic illnesses, and advances in anesthetic technologies are supporting to drive the market. According to the American Society of Plastic Surgeons (ASPS), in the US in 2019, about 1.8 million cosmetic surgical operations and 16.3 million cosmetic minimally-invasive procedures were performed. The demand for various anaesthetics is directly proportional to the surgical procedures that are being performed. The use of anesthetics in general operations is projected to have a substantial impact on market growth.
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Market Coverage
- Segment Covered
- Regions Covered- Globally
Competitive Landscape: Baxter International Inc., Pfizer Inc., GlaxoSmithKline (GSK), Merck & Co., Inc., and Aurobindo Pharma Ltd., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Anesthetic Medicines Market – Segmentation
By Drug Type
- General Anesthesia Drugs
- Local Anesthesia Drugs
By Application
- General Surgery
- Cosmetic Surgery
- Plastic Surgery
- Dental Surgery
- Other Applications
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