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.
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The global local anesthesia drugs 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 local anesthesia drugs market includes the following segments:
By Drug Type
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: Growing number of surgeries and operations and the advancements of pharmaceutical drugs are the key factors driving market growth.
Ans: The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
Ans: Changing regulatory laws for pharmaceutical drugs are estimated to hamper market growth.
Ans: 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.
Ans: The major players dominating the local anesthesia drugs market are Pfizer Inc., Septodont, Teva Pharmaceutical Industries Ltd, Novartis AG, Baxter International Inc. among others.
Ans: 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.
Ans: The market is segmented by drug type, mode of administration, and by region.
Ans: 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.