PUBLISHER: The Business Research Company | PRODUCT CODE: 1425617
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425617
Local Anesthesia Drugs Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on local anesthesia drugs market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for local anesthesia drugs? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The local anesthesia drugs market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Local anesthesia medications serve as a pain management solution during minor procedures, targeting specific areas to numb potential pain. These drugs, categorized as local anesthetics, work by suppressing nociceptors, the pain receptors, thereby preventing them from transmitting pain signals to the brain.
Key local anesthesia drugs include bupivacaine, lidocaine, benzocaine, ropivacaine, prilocaine, chloroprocaine, among others. Bupivacaine, a local anesthetic with the chemical formula C18H28N2O, shares similarities with lidocaine but has a longer-lasting effect. These drugs are commonly available in injectable and surface anesthetic forms, distributed through hospital pharmacies, retail pharmacy outlets, and various other distribution channels.
The local anesthesia drugs market research report is one of a series of new reports from The Business Research Company that provides local anesthesia drugs market statistics, including local anesthesia drugs industry global market size, regional shares, competitors with a local anesthesia drugs market share, detailed local anesthesia drugs market segments, market trends and opportunities, and any further data you may need to thrive in the local anesthesia drugs industry. This local anesthesia drugs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The local anesthesia drugs market size has grown strongly in recent years. It will grow from $4.29 billion in 2023 to $4.54 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The expansion during the historical period can be credited to the increase in surgical procedures, a growing aging demographic, heightened awareness, regulatory conditions, economic influences, and the evolution of patient preferences.
The local anesthesia drugs market size is expected to see strong growth in the next few years. It will grow to $5.65 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The projected growth in the upcoming period is driven by the proliferation of ambulatory surgical centers (ASCs), the emergence of new markets, the widespread adoption of personalized medicine, repurposing of drugs for various uses, cost-efficiency measures, and proactive responses to global health crises. Notable trends anticipated in this forecast period encompass technological innovations, market consolidation through partnerships, an emphasis on enhancing patient safety and comfort, evolving regulatory frameworks, and the overall expansion of the global market.
The expansion in surgical procedures is anticipated to drive the local anesthesia drugs market forward. Surgery, a medical field addressing physical treatments for injuries and illnesses, is on the rise globally due to incidents and persistent conditions like cardiovascular diseases, cancers, and orthopedic ailments. This surge in surgeries escalates the demand for local anesthesia drugs, integral to these procedures. For instance, as per the National Library of Medicine, the projection expects cardiovascular surgeries to reach 15,501 cases by 2040, a 46.5% surge from 2019's count of 4.3%. Hence, the upsurge in surgeries significantly influences the local anesthesia drugs market.
The upswing in chronic diseases is poised to propel the local anesthesia drugs market's growth. Chronic ailments, lasting three months or more, often necessitate surgical interventions, amplifying the need for local anesthesia drugs. These medications play a pivotal role in managing pain during surgeries linked to chronic diseases, ensuring patient comfort. Factors such as an aging populace, advancements in surgical techniques, and the emphasis on outpatient surgeries contribute to the escalating demand for these drugs. According to the National Center for Biotechnology Information (NCBI), projections anticipate the global chronic disease population to reach 142.66 million by 2050, up from 71.522 million in 2020. Hence, the mounting prevalence of chronic diseases drives the local anesthesia drugs market.
Innovation stands as a pivotal trend in the local anesthesia drugs market. Leading companies in this sector prioritize developing novel product solutions to fortify their market standing. For instance, in December 2021, Hikma Pharmaceuticals PLC, a UK-based entity in the local anesthesia drugs domain, introduced Bupivacaine HCl Injection in varying doses and concentrations for adult use in surgical, dental, and obstetrical procedures, enhancing anesthesia options.
Key players in the local anesthesia drugs market focus on crafting pre-prepared formulations to sustain their market presence. Ready-to-use formulations in this domain refer to conveniently packaged solutions that require no further processing, simplifying anesthesia administration in medical procedures. For instance, in September 2021, Baxter International Inc., a US-based healthcare company, launched premix Norepinephrine Bitartrate in ready-to-use formats, enabling faster administration, reducing compounding errors, and aligning with safety guidelines. This product innovation enhances operational efficiencies and potentially improves patient safety, minimizing dosing errors and offering extended storage options for healthcare settings.
In July 2021, Septodont, a pharmaceutical dentistry company headquartered in India, completed the acquisition of Ultracain for an undisclosed sum. This strategic move aims to bolster Septodont's dental product lineup, enhancing their ability to offer customers a wider array of products and solutions. Ultracain, a France-based firm specializing in local anesthesia drugs, now becomes part of Septodont's expanding portfolio, enriching their offerings within this niche market segment.
Major companies operating in the local anesthesia drugs market report are Hikma Pharmaceuticals PLC, Fresenius SE & Co. KGaA, Glenmark Pharmaceuticals Limited, B. Braun Melsungen AG, Pacira BioSciences Inc., Pfizer Inc., Septodont, Teva Pharmaceutical Industries Limited, Aspen Pharmacare Holdings Limited, Sagent Pharmaceuticals Inc., Mylan N.V., Akorn Operating Company LLC, Endo International PLC, Abbott Laboratories, Anesiva Inc., Baxter International Inc., Dentsply Sirona Inc., Jiangsu Hengrui Medicine Co. Ltd., Johnson & Johnson, Lannett Company Inc., Lupin Limited, Alembic Pharmaceuticals, Torrent Pharmaceuticals, Cadila Healthcare, Indoco Remedies, Jubilant Life Sciences, Zydus Cadila, Wockhardt Ltd., Par Pharmaceutical, West-Ward Pharmaceuticals Corp.
North America was the largest region in the local anesthesia drugs market in 2023. Asia-Pacific is expected to be the fastest-growing region in the local anesthesia drugs market report during the forecast period. The regions covered in the local anesthesia drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the local anesthesia drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The local anesthesia drugs market consists of sales of propofol, etomidate, ketamine, and other types. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.