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HEALTHCARE & PHARMACEUTICAL

Propofol Market Segmentation by Application (Procedural Sedation, and General Anesthesia); by Distribution Channel (Ambulatory Surgery Centers, Ophthalmic Clinics, Hospitals, Dental Clinics, and Specialty Clinics); by End User (Seditionist, Anesthesiologists, and Others) - Global Demand Analysis & Opportunity Outlook 2030

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Extensive insights into the Growth of Propofol Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

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).

Propofol Market Highlights 2022 – 2030

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.

Propofol Market Graph

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

Major Macro-Economic Indicators Impacting the Market Growth

Healthcare Expenditure per Capita

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.

Global Propofol Market Regional Synopsis

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:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the propofol market includes the following segments:

By Application

  • Procedural Sedation
  • General Anesthesia

By Distribution Channel

  • Ambulatory Surgery Centers
  • Ophthalmic Clinics
  • Hospitals
  • Dental Clinics
  • Specialty Clinics

By End User

  • Seditionist
  • Anesthesiologist
  • Others

Growth Drivers

  • High Influence of Propofol on the Anesthesia Practice
  • Rise in the Number of Surgical Procedures

Challenges

  • Major Side Effects Associated with Propofol Drug

Top Featured Companies Dominating the Market

  • Pfizer Inc. 
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis 
  • Bachem Holding AG
  • Porton Fine Chemicals Ltd.
  • SI Group, Inc.
  • AstraZeneca plc
  • Fresenius Kabi AG
  • Baxter Healthcare Corporation
  • Teva Pharmaceutical Industries Ltd.
  • Hikma Pharmaceuticals PLC
  • Mylan N.V.

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