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Local Anesthesia Drugs Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Local Anesthesia Drugs Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • May 2021
  • 127 pages
  • ID: 6079775
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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Anesthesia is one of the most essential components for any surgical procedure. It induces temporary unconsciousness and loss of protective reflexes. According to the Centers for Disease Control and Prevention (CDC), more than 51 million inpatient surgeries and 53 million outpatient surgeries were performed in the United States in 2017, with the cardiology, surgical, and obstetrical procedures being the most common ones. In Europe, a greater number of surgeries are being performed for cases of cataract, tonsillectomy, colonoscopy, caesarean sections, and hip replacements. In addition, a number of procedures, such as cochlear implantation, laparoscopic colectomy, laparoscopic hysterectomy, secondary hip replacement, and knee replacement, have become more frequent in the recent years. Hence, the overall increase in the number of surgeries performed has a strong impact on the anesthetic drug market, as these drugs are used in all surgical procedures to reduce pain during surgery.

Key Market Trends
Bupivacaine is Expected to Register a Significant Growth in the Forecast Years

Based on drug type, it is segmented into bupivacaine, lidocaine, benzocaine, ropivacaine, prilocaine, chloroprocaine, and other local anesthetics. Bupivacaine is a local anesthetic drug that has been used in various surgical procedures. This is helpful in blocking the nerve impulses that send pain signals to the brain. As per the Royal College of Surgeons, in England (U.K), there were around 4.7 million surgical admissions in 2013/14. There has been a 27% increase in the number of admissions for surgical procedures between 2003-2004 and 2013-14. The most common surgical procedures are hernia repairs, hip replacement, knee replacement, gall bladder removal, and tonsillectomies. Bupivacaine is widely used as local anesthesia, due to its efficacy in numbing certain organ. Hence, the rising number of surgeries leads to high demand for local anesthesia drugs and is expected to propel the growth of the market.

North America Dominates the Market and is Expected to Follow the Same Trend Over the Forecast Period

North America currently dominates the local anesthesia drugs market and is expected to continue its stronghold for a few more years. The US anesthesia market is the largest regional market in the world. The market is mainly driven by factors, such as the increasing number of surgeries, rising aging population with increasing chronic conditions and advancements in anesthesia technologies. Due to the rising scope of local anesthesia in the market, key players are taking efforts to come up with novel and innovative drugs, thus fueling market growth.

Competitive Landscape
The Local Anesthesia Drugs market is competitive and many of the global players are into the market. Companies are focusing on major collaborations, mergers, and acquisitions in order to enhance their market share. Market players are also focusing on R&D to improve product quality and minimize manufacturing costs, developing novel products to improve patient compliance and safety. Some of the key developments in the market are, in August 2017: Akovaz (Ephedrine Sulfate) injection manufactured by Sandoz Inc. for the treatment of clinically important hypotension got approval of FDA and in July: 2017: Septocaine a local, infiltrative or conductive anesthesia, which is used in dental procedures developed by Hansamed Inc., got FDA approval.

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