The global local anesthesia drugs market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2022-2030, which can be attributed to the increasing number of surgical treatments conducted worldwide, including dental operations and plastic surgery operations. For instance, according to the National Plastic Surgery Statistics by the American Society of Plastic Surgeons, the total cosmetic surgical procedures performed in 2020 were 2,314,720. The launch of novel and effective medications such as levobupivacaine, articaine, and ropivacaine is further expected to propel the market growth for local anesthesia medications in the upcoming years. Furthermore, in developing countries such as India, Brazil, and China, rising healthcare spending is predicted to increase the number of surgeries performed. This is likely to drive the market growth. Furthermore, as R&D investments in healthcare and pharmaceutical research increase, the efficiency of local anesthetic medications is also projected to improve. CLICK TO DOWNLOAD SAMPLE REPORT
The market is segmented based on drug type into bupivacaine, ropivacaine, lidocaine, chloroprocaine, and others. The bupivacaine segment is anticipated to grab the most significant share by the end of 2030. This can be credited to the fact that the drug provides a prolonged duration period, as it lasts significantly longer after delivery than other drugs. Furthermore, it is more effective than other medicines at controlling post-operative pain. Additionally, based on the mode of administration, the injectable segment in the global local anesthesia drugs market is projected to grow with a significant CAGR over the forecast period ascribing to the widespread use of injectable anesthetics in a variety of surgical procedures. On the other hand, surface anesthetics segment is expected to expand at the fastest rate in the coming years on the back of the rising advancements in the drug delivery system.
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.
The market is segmented into five regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in Asia Pacific is projected to grow at a steady rate over the forecast period, owing to an aging population that is likely to increase the number of surgical procedures performed in the region. According to the WHO, the population in WHO South-East Asia Region is ageing rapidly. While the proportion of people aged 60 or above was 9.8% in 2017, it will be increased to 13.7% and 20.3% by 2030 and by 2050, respectively. Furthermore, increased healthcare expenditure in the region, aided by pharmaceutical industry R&D investments, is also predicted to propel the market growth in the region. Furthermore, the market in North America is assessed to hold the largest share on the back of the the increased number of surgeries, and advances in anesthetic technologies in the region. In addition, the rising pharmaceutical expenditure to deliver effective and side-effect-free local anesthetic drugs is also evaluated to drive the market growth in the near future. For instance, according to the Congressional Budget Office (CBO) of the United States, the pharmaceutical industry devoted $83 billion to R&D expenditures in 2019.
The global local anesthesia drugs market is further classified on the basis of region as follows:
Our in-depth analysis of the global local anesthesia drugs market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing number of surgeries and operations and the advancements of pharmaceutical drugs are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
Changing regulatory laws for pharmaceutical drugs are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to an increasing ageing population that is likely to increase the number of surgical procedures performed in the region.
The major players dominating the local anesthesia drugs market are Pfizer Inc., Septodont, Teva Pharmaceutical Industries Ltd, Novartis AG, Baxter International Inc. among others.
The company profiles are selected on the basis of 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.
The market is segmented by drug type, mode of administration, and by region.
With respect to mode of administration, the injectable segment is anticipated to hold the largest market share owing to the widespread use of injectable anesthetics in a variety of surgical procedures.
Select License Type
Direct access to analyst to help you understand the market in a better way to handle your critical question
Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved
Get 10% free customization