PUBLISHER: The Business Research Company | PRODUCT CODE: 1478550
PUBLISHER: The Business Research Company | PRODUCT CODE: 1478550
Anesthetics encompass a diverse range of substances or drugs, utilized to induce a temporary loss of sensation or consciousness in individuals undergoing medical procedures, surgery or other interventions. These substances play a crucial role in managing pain, facilitating medical procedures and ensuring patient comfort during various medical procedures.
The anesthetics market consists of sales of anesthetics products by entities (organizations, sole traders or partnerships) primarily engaged in the development, production and distribution of substances, agents or techniques used to induce anesthesia. These products find extensive applications in healthcare settings, including hospitals, clinics, ambulatory surgical centers and dental practices.
The global anesthetics market was valued at $6,545.19 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 3.0%.
Increased Healthcare Expenditure
Increased healthcare expenditure drove the growth of the anesthetics market during the historic period. Healthcare expenditure refers to the consumption of resources aimed at promoting, restoring and maintaining health. Higher healthcare expenditure leads to increased investment in healthcare infrastructure, including hospitals, surgical centers and critical care units. These facilities require a range of medical supplies, including anesthetics, to support surgical procedures and patient care. According to the International Journal for Equity in Health, a peer-reviewed, open access journal, in China the health expenditure per capita in 2018 was 4,236.98-yuan ($640.28), with an increase of 453.14-yuan ($68.48) from 2017. Further, according to the Federal Statistical Office, a Germany-based federal authority, health expenditure in Germany rose to 474.1 billion euros ($515.27 billion) in the second Covid year of 2021. That was 5,699 euros ($6,193.90) per inhabitant. Health expenditure per capita and total health expenditure were up by 7.5% from a year earlier. Therefore, increased healthcare expenditure positively impacted the growth of the anesthetics market.
Launch Of New General Anesthetic Products
Companies operating in the anesthetics market are launching new general anesthetic products to strengthen their position in the market. For instance, in April 2022, Avet Pharmaceuticals Inc, a US-based pharmaceutical company, announced the US launch of its Propofol Injectable Emulsion, USP 10 mg/mL, in 20-, 50- and 100-ml Single Patient-Use Vials, an AB rated generic equivalent of DIPRIVAN (propofol) Injectable Emulsion USP, following its abbreviated new drug application approval from the Food and Drug Administration (FDA). Propofol injectable emulsion is an intravenous general anesthetic and sedation drug, used for the initiation and maintenance of Monitored Anesthesia Care (MAC) sedation, combined sedation and regional anesthesia, induction of general anesthesia, maintenance of general anesthesia and intensive care unit (ICU) sedation of intubated, mechanically ventilated patients. The launch of Avet Pharmaceuticals' generic propofol injectable emulsion provides healthcare facilities with increased access to a widely used general anesthetic agent. Generic equivalents offer cost savings, compared to brand-name products, potentially reducing healthcare expenses for hospitals, ambulatory surgical centers and other healthcare providers.
The global anesthetics market is fairly fragmented, with a large number of players in the market. The top ten competitors in the market made up to 23.25% of the total market in 2022.
Anesthetics Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global Anesthetics market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for anesthetics? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The anesthetics 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 history and forecasts market growth by geography. It places the market within the context of the wider anesthetics market; and compares it with other markets.
Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.