The global propofol market is anticipated to gather sizeable revenue by recording a CAGR of ~5% throughout the forecast period, i.e., 2022-2030. As the number of medical procedures performed such as general surgical, orthodontic and dental surgical procedures, and cataract removal surgeries is increasing, the demand for propofol drug across the world is also projected to rise in the upcoming years. On an average, approximately 235 million surgeries are performed worldwide. According to the World Health organization (WHO), 58.9% of these surgeries occur in high-income countries. Along with this, growing requirement for minimally invasive surgery procedures globally is also expected to drive market growth in the coming years. Furthermore, research and development activities initiated by the top market players for commercialization as well as new product development is anticipated to offer ample growth opportunities to the market in the near future.
The market is segmented by application into procedural sedation and general anesthesia, out of which, the general anesthesia segment is estimated to hold a significant market share on the back of rising number of surgical procedures across the globe coupled with the easy availability of the drug. As per the U.S. National Institutes of Health, every day about 60,000 people in the nation undergo surgery under general anesthesia. Apart from this, the ability of anesthesia to enable painless medical procedures that lead to healthier and longer lives is also evaluated to boost growth of this market segment in the future. Additionally, on the basis of distribution channel, the segment for hospitals is expected to garner the largest market share over the forecast period, which can be ascribed to the high number of admissions and abundant availability of appropriate medical equipment in a hospital facility. CLICK TO DOWNLOAD SAMPLE REPORT
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.
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:
Our in-depth analysis of the propofol market includes the following segments:
FREQUENTLY ASKED QUESTIONS
High influence of propofol on the anesthesia practice and rise in the number of surgical procedures are the major growth drivers for the market.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2030.
Major side effects associated with propofol drug is estimated to hamper the market growth.
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.
The major players in the market are Pfizer Inc., Bachem Holding AG, Porton Fine Chemicals Ltd., SI Group, Inc., AstraZeneca plc, and others.
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.
The market is segmented by application, distribution channel, end user, and by region.
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.
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