General anaesthesia drugs worth nearly US$ 1.2 billion were consumed in 2018. A new study presented by Future Market Insights projects 3.7% Y-o-Y growth for global general anaesthesia drugs market in 2019.
“A rising number of emergency surgeries and critical care hospitalizations, coupled with a spiking number of surgeries in orthopedic and cosmetic segments, is most likely to boost demand for general anaesthesia drugs. New FDA approvals for general anesthesia drugs remain a significant contributor to the revenue growth of general anaesthesia drugs market,” says FMI.
Increasing sophistication of healthcare facilities, especially in developing regional markets, subsequently leading to growing adoption of advanced surgical procedures, will continue to hold a major positive impact on the demand growth of general anaesthesia drugs market.
Propofol Top Selling with around 30% Value Share in General Anaesthesia Drugs Market
With a current revenue share of nearly 30% in general anaesthesia drugs market, propofol (diprivan) remains the top selling drug type compared to savoflurane, remifentanil, and desflurane among others. Savoflurane is however rapidly gaining ground in recent years, says the report.
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Studies have revealed that propofol tends to outperform other type of general anaesthesia drugs in terms of pain, hypoxia, procedural difficulties, and nausea, which highlights a key reason pushing sales of propofol in general anaesthesia drugs market. Quick action and quicker turnaround time continues to boost preference for propofol among both anaesthesia professionals and patients.
Market Players Targeting Intravenous General Anaesthesia Drugs
Eyeing lucrative potential opportunities in IV-administered general anaesthesia drugs, several manufacturers are strategizing on development of popular drugs that can be best administered via an intravenous route.
Dr Reddy’shas recently launched a new propofol product in the US market. Propofol injections for sedation and general anesthesia are being marketed by the brand as Propofol Injectable Emulsion. Specifically released for usage in intensive care units, this product is claimed to be therapeutically equivalent to propofol’s generic version. In action to prevent any possible misuse, the company is focusing on controlled distribution of the product.
Asia Pacific Set to Outpace North America’s Lead in General Anaesthesia Drugs Market
Currently, North America and Western Europe collectively account for over 55% value share in general anaesthesia drugs market. APEJ also holds a sizable market value share, as indicated by the report.
Rapidly escalating adoption rate of general anaesthesia drugs across the flourishing healthcare industry in emerging Asian economies points to strong potential of Asian markets to expand in the general anaesthesia drugs landscape.
Exponentially surging rate of CVD instances in the Asian population is cited as a major growth contributor to general anaesthesia drugs marketplace.
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Mature Markets to Record below-average Growth
Manufacturing leaders in general anaesthesia drugs landscape are thus keen on developing stronger supply chain across Asian markets. On the flipside, being early adopters of general anaesthesia drugs such as savoflurane and propofol, the market in North America and Japan are most likely to register a relatively gradual rate of growth in coming years.
The FMI report says, “Although advances in delivery techniques of general anaesthesia drugs continue to encourage the overall performance of anaesthetics landscape, poor level of awareness and lack of technical consistency will remain a major challenging factor responsible for deterring growth of general anaesthesia drugs market. Adequate availability of certified anaesthesia administering professionals in developing regions is also an important factor forestalling optimum growth of general anaesthesia drugs market”.