Anesthetics Global Market Report 2024

The anesthetics market size has grown strongly in recent years. It will grow from $9.2 billion in 2023 to $9.77 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth observed during the historical period in the anesthetics market can be attributed to factors such as historical industry shifts and market competition, environmental and ethical concerns over time, evolving historical consumer preferences, the impact of historical disease outbreaks and pandemics, as well as economic conditions and healthcare expenditure trends.

The anesthetics market size is expected to see strong growth in the next few years. It will grow to $12.1 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The anticipated growth in the forecast period in the anesthetics market can be attributed to factors such as variations in market demand, advancements in drug formulations, emerging markets and demographic shifts, evolving consumer preferences and increased awareness, as well as changes in the competitive landscape and industry consolidation. Major trends expected in the forecast period include the development of cost-effective anesthetic solutions, addressing global health challenges, adapting to regulatory changes and implementing safety measures, increased awareness and training in the use of anesthetics, and ongoing drug development and innovation in the field.

The surge in the number of accidents stands out as a significant catalyst for the market, primarily attributed to the utilization of anesthetic drugs in surgical procedures necessitated by injuries and accidents. This increase is notably driven by a growing incidence of injuries and accidents that require surgical interventions. As per the World Health Organization's Global status report on road safety, road accidents reached 1.35 million, resulting in approximately 64 deaths per 100,000 vehicles.

The expanding number of surgeries is anticipated to drive the growth of the anesthetic market. Surgery, as a medical discipline addressing injuries, illnesses, and various disorders through manual and instrumental methods, is witnessing heightened demand. The anesthesia market's trajectory is intricately linked to the rising need for surgical procedures, advancements in technology, and a focus on patient safety. With surgery maintaining a central role in modern medicine, the anesthesia market is poised to expand to cater to the evolving requirements of healthcare providers and patients. For instance, in April 2022, surgical procedures increased by 54%, with plastic surgeons performing 320 procedures in 2021 compared to 220 in 2020, according to The Aesthetic Society. Moreover, as reported by Austin Publishing Group in May 2023, over 300 million major procedures are conducted globally each year, further fueling the growth of the anesthetic market.

A notable impediment for the anesthetics market is the presence of stringent guidelines and regulations imposed by regulatory bodies. These regulations encompass clinical trials for newly developed drugs, standards ensuring patient safety, and monitoring procedures during anesthesia. Adhering to these guidelines and securing regulatory approvals is a time-consuming process that negatively impacts the anesthetics market's growth. For example, the American Society of Anesthesiologists sets various standards applicable to anesthesia care and patient monitoring, covering pre-, basic-, and post-anesthesia care.

Leading companies in the anesthetics market are striving for innovation, introducing new products such as the train pulse oximeter to enhance their market profitability. The train pulse oximeter is specifically designed for use in low-resource settings, addressing challenges in remote or rural areas with limited access to medical equipment. In July 2022, Smile Train, Inc., a US-based nonprofit organization, launched the Lifebox-Smile Train pulse oximeter, a cost-effective device capable of monitoring patients' oxygen saturation during surgery, thereby enhancing anesthesia safety.

An emerging trend in the anesthetics market is the increasing consolidation through acquisitions. This trend is driven by the substantial investment in research and development (R&D) and intellectual property (IP) required for establishing companies manufacturing anesthetic drugs. Mergers and acquisitions are considered time and cost-effective methods in this context. Notable acquisitions in recent years include NorthStar Anesthesia's acquisition of Epix Anesthesia (EPIX) in 2021, Baxter's acquisition of Claris Injectables for $625 million, Aspen's acquisition of GSK's anesthetics portfolio for $238.7 million, and Pfizer's acquisition of Hospira for $17 billion.

Major companies operating in the anesthetics market report are Connecticut General Life Insurance Company, Pfizer Inc., F. Hoffmann-La Roche AG, AbbVie Inc., Novartis International AG, AstraZeneca PLC, Abbott Laboratories Inc., Boehringer Ingelheim International GmbH, Fresenius SE & Co. KGaA, Viatris Inc., Baxter International Inc., Teva Pharmaceutical Industries Limited, Mylan NV, B. Braun Melsungen AG, Eisai Co. Ltd., Sun Pharmaceutical Industries Ltd., Reddy's Laboratories Inc., Hikma Pharmaceuticals PLC, Aspen Pharmacare Holdings Limited, Amneal Pharmaceuticals LLC, Mallinckrodt Pharmaceuticals Ltd., Piramal Enterprises Limited, Pacira BioSciences Inc., Maruishi Pharmaceuticals Co. Ltd., Claris Lifesciences Limited, Paion AG, Thera Wise, Hameln Pharmaceuticals Ltd., DLC Laboratories Inc., Verve Health Care Ltd.

North America was the largest region in the anesthetics market in 2023. Middle East is expected to be the fastest-growing region in the global anesthetics market during the forecast period. The regions covered in the anesthetics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the anesthetics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of anesthetics are general anesthetics and local anesthetics. General anesthesia refers to a medically induced state of coma with a lack of defensive reflexes, typically caused by the injection of one or more general anesthetic drugs. Anesthetics are administered through various routes, including inhalation anaesthesia grugs, intravenous anaesthesia drugs, and topical anaesthesia drugs. They find applications in various medical procedures such as general surgeries, plastic surgeries, cosmetic surgeries, dental surgeries, and other medical interventions.

The anesthetics market research report is one of a series of new reports that provides anesthetics market statistics, including anesthetics industry global market size, regional shares, competitors with an anesthetics market share, detailed anesthetics market segments, market trends, and opportunities, and any further data you may need to thrive in the aesthetics industry. This anesthetics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The anesthetics market consists of sales of isoflurane, desflurane, sevoflurane, and nitrous oxide. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.