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General anesthesia drugs are pharmacologically induced, controlled state of unconsciousness along with loss of protective reflexes, permitting surgery and other painful procedures to be carried without the awareness of physical sensations. Some key general anesthesia drugs include intravenous (IV) anesthetics, inhalational anesthetics and neuro muscle blockers. The increasing use of general anesthesia during surgeries is fuelling the growth of this market. With a rising number of surgeries globally due to increasing prevalence of diseases and trauma cases, demand for general anesthesia drugs is growing steadily.
The global General Anesthesia Drugs Market is estimated to be valued at US$4.95 Bn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights
Market key trends:
One of the major trends in the general anesthesia drugs market is the shift towards the use of safer and newer inhalation anesthetic drugs. Older inhalation anesthetics like desflurane and enflurane are being replaced with isoflurane and sevoflurane, which are considered safer alternatives. Further, research is also ongoing for the development of environment-friendly inhaled anesthetic drugs. Rising focus on ambulatory surgery centers is another key trend, as these centers provide cost-effective services for less complex surgeries requiring less time for recovery. This is expected to further augment the demand for short-acting anesthesia drugs over the forecast period.
Porter’s Analysis
Threat of new entrants: In the general anesthesia drugs market, new entrants face high capital requirements for R&D, manufacturing and marketing. Stringent regulations by FDA also discourage new entrants.
Bargaining power of buyers: Large hospital networks and group purchasing organizations have significant bargaining power over drug manufacturers and suppliers.
Bargaining power of suppliers: Suppliers of raw materials including active pharmaceutical ingredients have moderate bargaining power due to limited alternatives and regulation compliance requirements.
Threat of new substitutes: Alternatives like monitored anesthesia care and regional anesthesia pose lower threat due to safety advantages of general anesthesia during critical surgeries.
Competitive rivalry: Major players compete on the basis of new product launches, pricing and marketing strategies.
Key Takeaways
The global General Anesthesia Drugs market is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period, due to increasing number of surgeries globally.
Regional analysis
North America dominates the global general anesthesia drugs market owing to increasing healthcare spending and favorable reimbursement policies. Asia Pacific is expected to exhibit fastest growth rate during the forecast period due to rapidly developing healthcare infrastructure and growing medical tourism in China and India.
Key players
Key players operating in the general anesthesia drugs market are Baxter Healthcare, Dr. Reddy’s Laboratories, Novartis International AG, Hospira, Maruishi, Hengrui, Lunan, Fresenius Kabi, Pfizer Inc., Hikma Pharmaceuticals, Sagent Pharmaceuticals, Teva Pharmaceuticals, Par Pharmaceutical, Viatris Inc., AbbVie, Piramal Critical Care, Aspen Global Incorporated, B. Braun SE, Abbott and Cosmo pharmaceuticals.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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