The local anesthesia drugs market is anticipated to grow at a considerable CAGR during the forecast period (2024-2031). Local anesthetics restrict the transmission of nerve impulses from the targeted region to the spinal cord. Local Anesthesia is much safer to use, and they have very low side effects as compared to general anesthetics. The growth of the global-local anesthesia market is driven by various factors such as the rising numbers of surgeries where anesthesia is required and the use of it during internal pain. Also, with the development and approvals in the local anesthesia drugs which proves to be a new revenue-generating for the companies in this market. In addition, the increased funding for the research and development of novel drugs by the pharma companies is expected to drive the market growth. For instance, members of the pharmaceutical research and manufacturers of America (PhRMA) invested $83 billion in R&D in 2019. On Feb 2022 top pharma firms to increase R&D spend for next 5 years as market eyes $130 billion Revenue according to Business Standard.
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The growth of the local anesthesia drugs market is also increased due to the introduction of new and effective drugs such as articaine, levobupivacaine, and ropivacaine. With the increase of healthcare expenditure in developing countries such as India, China, and Brazil where the number of surgeries performed is on a rise the growth of the market is increasing. The growing research on local anesthetics is also boosting the market growth.
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Market Coverage
- Segment Covered-
o By Drug Type
o By Mode of Administration
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Pfizer Inc, Aspen Pharmaceuticals Ltd, Fresenius Kabi, Sagent Pharmaceuticals, Mylan Pharmaceuticals Pvt Ltd, Novartis, and many more.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 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 Local Anesthesia Drugs Market by Segment
By Drug Type
- Bupivacaine
- Lidocaine
- Benzocaine
- Ropivacaine
- Prilocaine
- Chloroprocaine
By Mode of Administration
- Injectable
- Surface Anesthesia
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