On the basis of regional analysis, the global propofol market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in North America is estimated to hold the largest market share during the forecast period on the back of increase in the number of well-established healthcare facilities, high adoption of minimally invasive surgical procedures and easy availability of drugs in the region. Furthermore, Europe is assessed to hold the second largest market share owing to the rising geriatric population in the region who need to be frequently operated with dental as well as ophthalmic surgical procedures. Additionally, increasing investments for drug development by market players in the region is also likely to fuel the market growth in the region. In 2018, more than 12 million people in the United Kingdom were aged 65 years and above. Out of these, approximately 5.5 million people are older than 75 years.
The propofol 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 propofol market includes the following segments:
By Distribution Channel
By End User
May 12th, 2020: Hikma Pharmaceuticals PLC, the multinational pharmaceutical company announced the launch of propofol injectable emulsion, USP, 20ml, 50ml as well as 100 ml vials, in the United States of America through its US affiliate, Hikma Pharmaceuticals USA Inc., by the approval of its supplemental Abbreviated New Drug Application by the U.S. Food and Drug Administration (FDA).
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.
Ans: High influence of propofol on the anesthesia practice and rise in the number of surgical procedures are the major growth drivers for the market.
Ans: The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2030.
Ans: Major side effects associated with propofol drug is estimated to hamper the market growth.
Ans: North America will provide more business opportunities owing to the large number of well-established healthcare facilities and high adoption of minimally invasive surgical procedures.
Ans: The major players in the market are Pfizer Inc., Bachem Holding AG, Porton Fine Chemicals Ltd., SI Group, Inc., AstraZeneca plc, 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 application, distribution channel, end user, and by region.
Ans: The hospitals 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.