PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1373906
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1373906
Local anesthesia drugs market size was valued at USD 2,780.3 Million in 2022, expanding at a CAGR of 6.6% from 2023 to 2030.
Local anesthesia is a loss of sensation in a specific area or place of the body. Drugs that include local anesthetics are used to treat uncomfortable situations, relieve pain while performing minor or large surgeries, and reduce pain post-surgery. Additionally, some drugs act as local anesthetics at greater doses. Moreover, a local anesthetic can be directly administered to the affected area or it can be absorbed through the skin. The doctor might employ a different anesthetic that lasts 4 to 6 hours when a vast area requires to be numbed or medications may not work well enough.
Local Anesthesia Drugs Market- Market Dynamics
The rising prevalence of chronic diseases is fueling the market demand
Increasing cases of chronic diseases, such as diabetes and cancer as well as high hospitalization costs because of these diseases across the globe, is accounted to drive the local anesthesia market share growth during the forecast period. Patients suffering from cancer need surgery, anesthetic, pain medication, and hospitalization. Opioids and local anesthetics are often prescribed to treat analgesia. Additionally, rising incidences of surgeries performed around the world can be attributed to accidents, dental treatments, and age-related issue, which is more prone to chronic diseases including respiratory ailments, neurological disorders, cancer, cardiovascular disorders, gastro, spinal difficulties, and orthopedic. Thus, such factors are likely to propel the demand for local anesthesia drugs. However, the use of non-invasive surgeries that do not need the use of local anesthesia by healthcare professionals or patients is expected to hinder local anesthesia drugs market revenue growth. Furthermore, local anesthesia drugs provide numerous benefits to the doctor as well as the patient, for instance, for injecting local anesthesia drugs, anesthesiologist is not required. The doctors and surgeons can offer local anesthesia drugs before starting the operation of the procedure. The side effects related to local anesthesia drugs are uncommon and very mild. In line with this, due to these factors, there is less risk of aspiration pneumonia, no delay in the procedure, and patients can go home early. These factors are projected to have a positive impact on the local anesthesia drugs sector over the projection timeframe.
Local Anesthesia Drugs Market- Key Insights
As per the analysis shared by our research analyst, the global local anesthesia drugs market is estimated to grow annually at a CAGR of around 6.6% over the forecast period (2023-2030)
The local anesthesia drugs industry is projected to grow at a significant rate due to the numerous benefits of local anesthesia drugs and rising incidence of chronic disease
Based on drug type segmentation, lidocaine was predicted to show maximum market share in the year 2022
Based on application segmentation, injectable was the leading type in 2022
Drugs used for general anesthesia lay the patient to sleep during the procedure and, therefore differ from local anesthetics.
The global local anesthesia drugs market is segmented on the basis of drug type, application, distribution channel, and region.
The market is divided into six categories based on drug type: benzocaine, bupivacaine, lidocaine, ropivacaine, prilocaine, chloroprocaine, and others. The lidocaine segment is attributed to dominate the highest market share. Local anesthesia is widely used by lidocaine to produce numbness on the skin before surgical procedures or injections. Before specific medical procedures lidocaine cream is used for inducing numbness or loss of feeling. It works efficiently by blocking the transmission of nerve signals in the body that minimize the pain sensation.
The market is divided into two categories based on applications: surface anesthetic and injectable. The injectable is likely to possess the largest market share during the forecast period. The injectable local anesthesia drugs have been in use for a long time and are quite common. Additionally, they are cost-effective and will be required for numbness during medical procedures. They act as a roadblock between the brain and the source of pain that temporarily inhibits the nerve's activity to transfer the signals to the brain thereby creating a feeling of numbness in patients.
Local Anesthesia Drugs Market- Geographical Insights
As per the geographical analysis, the market is classified into North America, Asia Pacific, Europe, Middle East & Africa, and Central & South America. The market for North America is projected to predominate due to increasing healthcare investments with improved infrastructure and technological advancements. Additionally, public and private agencies collaborate and partner strategically to improve outcomes in the treatment. Moreover, Europe is estimated to be the second-largest market owing to the demand for post-surgery relief, rising generic population, and increasing chronic diseases. The European region also has supportive reimbursement facilities for devices and instruments which will lead to an increasing key player by introducing innovative products and thus the market is more likely to generate revenue.
The increasing spending on healthcare, increasing new pipeline product launches, increasing research & development activities, and burgeoning investments from key players will boost the market development. Moreover, growing concentration in the form of mergers is becoming more common in the anesthetics business. This is mostly due to the significant intellectual property investments and research & development investment needed to start anesthetic pharmaceutical manufacturing companies. Mergers and acquisitions are seen as cost-effective and time-efficient approaches in this aspect. For instance, in March 2021, Pacira BioSciences, Inc. announced the U.S. Food and Drug Administration (FDA) has approved the submission of its supplemental new drug application (sNDA) seeking expansion of the EXPAREL label to involve use in patients 6 years of age and older for single-dose infiltration to develop postsurgical local analgesia. EXPAREL is the first and only FDA-approved long-acting local analgesic for the pediatric population as young as age six, with this approval.
For instance, in June 2023, Hikma Pharmaceuticals PLC launched Dobutamine Injection, USP, in a 250mg/20mL vial in the US. Hikma's extensive US portfolio of sterile injectable medicines now exceeds 150 products spanning a variety of therapeutic areas and dosage forms, with this launch.