On the basis of geographical analysis, the global etomidate market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period largely on the back of the favorable government policies regarding the use of etomidate in medical procedures in the region. In addition, rapidly growing healthcare infrastructure is also expected to drive the market growth in the region in the coming years. Moreover, the market in North America is projected to gather the largest share during the forecast period ascribing to the increasing prevalence of cardiovascular diseases, and increasing number of surgical procedures in the region. According to the Agency for Healthcare Research and Quality, there were a total of 9,605,000 inpatient stays for any operation room procedure in the United States in 2018, out of these 8,425,900 stays were for principal or procedures.
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The global etomidate market is further classified on the basis of region as follows:
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Our in-depth analysis of the global etomidate market includes the following segments:
By Product Type
December 2020- Caplin Steriles Limited, subsidiary company of Caplin Point Laboratories Limited was granted approval from the U.S. Food and Drug Administration for its etomidate injection USP, 20mg/10mL (2mg/mL) and 40 mg/20ml (2mg/mL) single-dose vial presentations.
September 2018- Avet Pharmaceuticals Inc. announced the immediate availability of Etomidate Injection, USP, in 20mg/10mL and 40mg/20mL strengths to the company’s growing portfolio of generic injectable products.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: The major factors driving market growth are increasing demand for effective anesthetic drugs, and growing research and development activities for the development of drugs for cardiovascular diseases.
Ans: The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022 – 2030.
Ans: Asia Pacific will provide more business opportunities for market growth owing to the favorable government policies regarding the use of etomidate in medical procedures in the region.
Ans: The major players in the market are Caplin Steriles Limited, AuroMedics Pharma LLC, Avet Pharmaceuticals Inc, Merck KGaA, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product type, end-user, and by region.
Ans: The fat emulsion segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
Ans: Side-effects related to the use of etomidate, and strict government regulations for drug administration are estimated to hamper the market growth.