General Anesthesia Drugs Market | Growth, Trends, COVID-19 Impact, and Global Forecasts 2029
A new study of Future Market Insights (FMI) indicates that the global general anesthesia drugs market is poised for steady growth in the years ahead. Today, the general anesthesia drugs market remains driven by increased proportion of elderly patients and rising volume of surgical procedures; FMI analyst forecasts the market to witness 3.5% CAGR during the period, 2019-2029.
According to the FMI analyst, worldwide sales of general anesthesia drugs will increase ~3% year-over-year to total ~US$ 4.3 billion in 2019, up from US$ 4.17 billion in 2018. The analyst identifies growth opportunities in the development of new drugs that can overcome shortcomings such as adverse effects, procedural complications and allergic reactions.
As the development of ultra-short acting hypnotic or sedative agent without adverse effects remains an unfulfilled dream, a search for newer drugs and clinical trials of formerly withdrawn drugs to remove the undesirable effects while maintaining their beneficial effects have been underway. Collaborating with research institutes to understand the challenges in designing and developing effective drugs will continue to be a key focus area of manufacturers as well.
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Propofol IV Drugs Continue to Witness Significant Adoption
Relatively high adoption of propofol intravenous drugs in large number of surgeries performed globally continues to influence growth strategies, which accounted for ~25% revenue share in 2018.
“While many anesthesiologists prefer the use of propofol for its lipophilic nature and rapid onset of action on the body, water soluble formulations of propofol are being developed to address the disadvantages associated with lipid formulations such as hyperlipidemia, pain on injection, and bacterial growth,” said the FMI analyst.
The FMI analyst predicts the sales of inhalation anesthetics such as sevoflurane to be valued at ~US$ 830 million in 2019, while the sales of desflurane is likely to increase 2.5% in that year. On the one hand, midazolam and remifentanil continue to represent the lowest revenue shares in the market.
Adoption in Ambulatory Surgical Centers to Ramp up in 2019
General anesthesia drugs worth US$ 1.8 billion were sold in hospitals in 2018, driven by rising number of hospitals along with the emergence of favorable reimbursement policies across the globe.
“A notable increase in ambulatory surgeries and rising utilization of general anesthesia drugs for outpatient procedures have been significantly contributing to the market growth,” said the FMI analyst.
In 2018, general anesthesia drugs sold in ambulatory surgical centers totaled a revenue worth ~US$ 1.4 billion, and is estimated to record 3% high in 2019.
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North America, Europe, and East Asia Markets in the Vanguard
North America continues to acquire the leading position in general anesthesia drugs market, accounting for a 30% revenue share in 2018 total, followed by Europe and East Asia.
The FMI analyst anticipates a rising number of complexity of medical interventions requiring induction and maintenance of general anesthesia drugs in several nations in Europe, driven further by an ongoing aging of population. Sales in the region are likely to exhibit a CAGR of 3% during the forecast period.
East Asia (24% share) will continue to greater opportunities for the market players, in the view of rising approvals of drugs along with favorable government initiatives for the development of healthcare infrastructure.
“Although the demand for general anesthesia drugs directly correlates with the advancements in complex surgeries, manufacturers will need to direct their investments towards R&D for safer drugs, considering the uncertain study results relative to the impact of general anesthesia drugs on developing as well as aging brain,” said the FMI analyst.
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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