Market Research Report
Europe Anesthesia Drugs Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
|Europe Anesthesia Drugs Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)|
Published: February 1, 2021
Mordor Intelligence Pvt Ltd
Content info: 90 Pages
Delivery time: 2-3 business days
The European anesthesia drug market is projected to register a CAGR of 3.4% during the forecast period, with a revenue of approximately USD 1,550 million in 2020 and expected to reach USD 1,845 million by 2026.
During the COVID-19 pandemic, intensivists and anesthesiologists collaborated to treat the sickest COVID-19 patients. Ventilated COVID-19 patients often require high doses of intravenous sedative drugs such as propofol, midazolam, ketamine, and dexmedetomidine. Thus, initially, there was a growing shortage of these drugs which had affected the market at the initial period. However several studies of patients with severe lung injury from causes other than COVID-19 have shown that inhalational anesthetic drugs improve oxygenation and lower mortality when compared with propofol or midazolam. The severity of lung injury in COVID-19 patients correlates with levels of cytokines and viral load. Thus this has increased the demand for these anesthetics drugs which will boost the market growth.
Moreover, the use of inhalational anesthetic drugs for ventilated COVID-19 patients is both practical and cost-effective in low- and high-income countries. These drugs allow sedation levels to be closely and rapidly controlled. These drugs reduce inflammation, dilate airways, and improve oxygenation and thus, opening up the new horizons for the market.
Certain factors that are driving the market growth include an increasing number of surgeries, new approvals of anesthetic drugs, and reduction in the cost of newly invented drugs.
In Europe, the number of surgeries being performed are increasing every year. The increase in the number of surgeries performed has a considerable impact on the anesthetics market, as anesthetics are widely used in all surgical procedures to reduce the pain during surgery. According to the research article published in 2017, "Epidemiologic and Economic Burden Attributable to First Spinal Fusion Surgery: Analysis From an Italian Administrative Database", it was estimated that out of the mean population, 17,772 females, approximately 55.3%, had undergone spinal fusion surgeries.
In Europe, an increasing number of surgeries are being performed for cases of cataract, tonsillectomy, colonoscopy, caesarean sections, and hip replacements. It was found that, around 1.4 million caesarean sections performed in Europe in 2017. Along with rising surgeries, factors, such as new anesthetic drugs are also driving the market.
However, general anesthetic drugs cause several side-effects, including nausea, vomiting, dry mouth, sore throat, shivering, muscle aches, disorientation, itching, sleepiness, and mild hoarseness. The other factors, such as lack of skilled anesthetics and regulatory issues are restraining the market growth.
Application in Plastic and Cosmetic Surgeries is Expected to Witness High Growth
The COVID-19 has hugely affected plastic and cosmetic surgeries as most of these surgeries are considered elective surgeries that were initially kept on hold. However, as of now, the elective surgeries have started with precautionary measures and thus the segment will steadily grow in the forecasted period.
The advances in plastic surgery have been furthered by the progress in anesthesiology, making it the cornerstone on which surgical progress has been made. The availability of new anesthetics and adjuvant drugs, advances in trans- and postoperative monitoring, as well as the early prevention of complications, have facilitated these advances. The growth of outpatient procedures in cosmetic surgery requires effective anesthetic techniques that allow safe home returns shortly after the surgery is over. It is ideal that no surgical procedure in plastic surgery is performed without the presence of a qualified anesthesiologist.
Moreover, the number of cosmetic procedures has increased in Europe over the years. For instance, as per a 2018 report by the International Society of Aesthetic Plastic Surgery, the number of surgical cosmetic procedures in Germany has increased from 308,258 in 2015 to 385,906 in 2018. This has also increased the demand for anesthesia, as it plays a vital role in surgery. Hence, as this trend continues in the future, the market is also expected to grow.
The European anesthesia drugs market is highly competitive and consists of a few major players. In terms of market share, a few of the major players currently dominate the market. Companies like AbbVie Inc., B. Braun Melsungen AG, Baxter, Fresenius SE & Co. KGaA, and Pfizer Inc., among others, hold the substantial market share in the European anesthesia drugs market.