North America Anesthesia Drugs Market - Growth, Trends, and Forecast (2019 - 2024)
The North America Anesthesia Drugs Market is expected to register a CAGR of nearly 3.5% during the forecast period, 2019-2024.
According to the US Census Bureau’s Statistics, as of 2017, the total number of people aged 65 years and older has exceeded 50 million, and between 2020 and 2030, the number of elderly people is projected to increase by almost 18 million. Although much smaller in total size, the number of people aged 85 years and older is expected to be more than triple from an estimated 6 million in the present scenario, to nearly 20 million by 2060. with rising aged population, there will be an increased proportion of elderly patients (greater than 65 years), and up to 50% of surgeries will be performed in these patients. Moreover, elderly patients will be having higher perioperative morbidity and mortality. The older population tends to have more critical diseases, which puts them at an increased risk for perioperative morbidity. The geriatric population is also at a higher risk of organ function failures, as there are changes in the pharmacokinetics and pharmacodynamics related to age and organ function. As the proportion of older patients increases, there will be an increased patient risk with cardiac and pulmonary diseases, alterations in kidney and liver function, and respiratory and urinary tract complications. Furthermore, the older population tends to have more eye problems, including presbyopia, floaters, dry eyes, tearing, cataracts, glaucoma, age-related macular degeneration (AMD), diabetic retinopathy, and retinal detachment, among other problems. Thus, the growth in the geriatric population is likely to result in a significant increase in the demand for the surgeries. The overall increase in the number of surgeries performed will have a strong impact on the anesthesia market, as anesthetic devices are used in surgical procedures to reduce the pain during surgery.
Scope of the Report
Anesthesia is a drug that causes a reversible loss of sensation. There are several types of anesthetic drugs available in the market, such as general anesthesia, spinal anesthesia, IV regional anesthesia, local anesthesia, peripheral nerve block, and saddle block or caudal anesthesia.
Key Market Trends
Propofol Sub-segment is Expected to Show the Fastest Growth in the General Anesthesia Drugs Segment
Propofol is a drug that has been used for a long time for various surgical procedures requiring anesthesia. Teva Pharmaceuticals had stopped manufacturing propofol for a particular time; however, the drug returned to the market in 2013. Hospira is another major player in the propofol sub-segment. In 2015, Pfizer acquired Hospira and created a leading global established pharmaceutical (GEP) business. Some of the companies who manufacture propofol injections are Neon Laboratories Limited, Bharat Serums and Vaccines Limited, and Fresenius Kabi, having a global presence and well-established distribution channel for the drugs in this segment. The drug is always in demand in the market for utilization in different surgeries and is expected to witness rapid growth in the coming years.
The North America anesthesia drugs market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with rising drug approvals, mid-size to smaller companies are increasing their market presence by introducing new ingredients with fewer prices. Companies, like Baxter International, Fresenius SE & Co. KGaA, Eisai Co. Ltd, Roche Holding AG, and B. Braun Melsungen AG, hold substantial market shares in the anesthesia drugs market.
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