Market Research Report
Global Local Anesthesia Drugs Market - 2021-2028
|Global Local Anesthesia Drugs Market - 2021-2028|
Published: July 15, 2021
Content info: 180 Pages
Delivery time: 2 business days
The global local anesthesia drugs market size was valued US$ XX billion in 2020 and is estimated to reach US$ XX billion by 2028, growing at a CAGR of XX % during the forecast period (2021-2028).
Local anesthesia is the temporary loss of sensation in a particular body part, or a localized areas. Local anesthesia drugs are given in order to treat the painful situations for the elimination of pain while performing any major or some minor surgeries, or also to eliminate pain post-surgery.
The surge in cases drives the global-local anesthesia drugs market growth to perform surgeries and improve drug delivery. Computer-based local anesthetic delivery and vibrotactile devices are estimated to boost the global-local anesthesia drugs market's forecast period.
The increase in the number of surgeries is expected to drive growth in the forecast period
Anesthesia is one of the essential components of any surgical procedure. It induces temporary unconsciousness and loss of protective reflexes. According to the Centers for Disease Control and Prevention (CDC), more than 51 million inpatient surgeries and 53 million outpatient surgeries were performed in the United States in 2017. Cardiology, surgical, and obstetrical procedures were the most common ones. In Europe, many surgeries are being performed for cases of cataracts, tonsillectomy, colonoscopy, cesarean sections, and hip replacements. Besides, several procedures, such as cochlear implantation, laparoscopic colectomy, laparoscopic hysterectomy, secondary hip replacement, and knee replacement, have become more frequent in recent years. Hence, the overall increase in the number of surgeries performed has a strong impact on the anesthetic drug market. These drugs are used in all surgical procedures to reduce pain during surgery.
Rising prevalence of cardiovascular and respiratory system-related diseases expected to drive the market growth
Factors such as the rapid rise in the aging population, rising prevalence of cardiovascular and respiratory system-related diseases are key factors driving the market's growth. The state allows surgical operations and other medical processes to be carried out on patients without causing them undue distress or discomfort. Surgical operations of the eyes are performed using a wide variety of anesthetic techniques. Advancements in drug delivery technologies are also expected to contribute to the demand for local anesthetics in surgical procedures. For instance, DepoFoam technology uses a new method to deliver bupivacaine and is very efficient in managing post-operative pain. The market growth for local anesthesia drugs is also fueled by introducing new and effective drugs such as articaine, levobupivacaine, and ropivacaine. This growth is supplemented by increasing healthcare expenditure in developing countries such as India, China, and Brazil, where the number of surgeries performed has been on a steady rise. These factors are driving the growth of the market in the forecast period.
The major side effects of drugs are likely to hinder the market growth.
However, some major side effects of drugs, such as cardiovascular toxicity, CNS toxicity, and respiratory depression, are among the significant factors that pull back the market to achieve its full potential in the global-local anesthesia drugs market.
COVID-19 Impact Analysis
Several quick changes in response to COVID-19 have had an immediate impact on local anesthesia drugs and their practices. While some of the disruptions are temporary, others will persist over the longer term. Economic shocks are already evident for the supply chain and anesthesia workforce, and some temporary shocks may return with anticipated future waves of COVID-19. The first and most challenging impacts are due to the canceling or postponement of non-essential surgical procedures. This reduction has a direct negative financial impact on anesthesiology practices and can lead to workforce reductions for practices that specialize in these types of procedures. Different anesthesia methods may be required to reduce medications use to support patients on ventilators for procedures that are still being performed. Nerve blocks and local anesthesia are other options that can be considered. Another disruption is the surging demand for non-essential procedures that have been delayed by the pandemic. Once the pandemic wanes, procedures that have been postponed will need to be rescheduled along with others. This will lead to an increased demand for the local anesthesia drugs market.
The bupivacaine segment is expected to grow at the fastest CAGR during the forecast period (2021-2028)
Bupivacaine is a local anesthetic drug that has been used in various surgical procedures. This is helpful in blocking the nerve impulses that send pain signals to the brain. As per the Royal College of Surgeons, in England (U.K), there were around 4.7 million surgical admissions in 2013/14. There has been a 27% increase in the number of admissions for surgical procedures between 2003-2004 and 2013-14. The most common surgical procedures are hernia repairs, hip replacement, knee replacement, gall bladder removal, and tonsillectomies.
Bupivacaine is widely used as local anesthesia, due to its efficacy in numbing certain organ. Hence, the rising number of surgeries leads to high demand for local anesthesia drugs and is expected to propel the growth of the market.
The hospital pharmacy is expected to dominate the Local Anesthesia drugs market during the forecast period.
The hospital pharmacies held the largest share in the local anesthesia drugs market. This is mainly due to the increasing number of patients suffering from conditions treated in hospitals equipped with advanced infrastructure and adequate facilities. Moreover, the growing number of hospitals and adequate reimbursement policies are also contributing to the growth of this segment.
North America region holds the largest market share global local anesthesia drugs market
North America region is dominating the global-local anesthesia drugs market accounted for the largest market share in 2020. The US anesthesia market is the largest regional market in the world. The market is mainly driven by factors, such as the increasing number of surgeries, rising aging population with increasing chronic conditions, and advancements in anesthesia technologies. Due to the rising scope of local anesthesia in the market, key players are making efforts to develop novel and innovative drugs, thus fueling the market growth in the region
The local anesthesia drugs market is moderately competitive with presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Fresenius Kabi USA, LLC, Pfizer Inc., Advanced Pharma, Inc., Akorn, Inc. Teva Pharmaceutical Industries Ltd., Akorn, Inc., Glenmark Pharmaceuticals, Inc., Baxter international, Inc., and Novartis AG., among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the local anesthesia drugs market globally.
Local Anesthesia Drugs Market Key Companies to Watch
Overview: Pfizer Inc. (Pfizer), incorporated on June 2, 1942, is a research-based global biopharmaceutical company. The Company is engaged in the discovery, development and manufacture of healthcare products. Its global portfolio includes medicines and vaccines. The Company manages its commercial operations through two business segments: Pfizer Innovative Health (IH) and Pfizer Essential Health (EH). IH focuses on developing and commercializing medicines and vaccines that improve patients' lives. IH therapeutic areas include internal medicine, vaccines, oncology, inflammation and immunology and rare diseases. EH includes legacy brands, branded generics, generic sterile injectable products, biosimilars and infusion systems. EH also includes a research and development (R&D) organization, as well as its contract manufacturing business. The Company sold its products in over 125 countries.
Product Portfolio: The Company's portfolio comprised of include internal medicine, vaccines, oncology, inflammation and immunology and rare diseases and others.
The global local anesthesia drugs market report would provide an access to an approx. 61 market data table, 58 figures and 240 pages.
Global Local Anesthesia Drugs Market - By Drug Class
Global Local Anesthesia Drugs Market - By Route of Administration
Global Oral Contraceptive Pills Market - By Distribution Channel
Global Oral Contraceptive Pills Market - By Region
LIST NOT EXHAUSTIVE