Anesthetics Global Market Opportunities and Strategies to 2033

This report describes and explains the anesthetics market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global anesthetics market reached a value of nearly $7.6 billion in 2023, having grown at a compound annual growth rate (CAGR) of 3.10% since 2018. The market is expected to grow from $7.6 billion in 2023 to $9.5 billion in 2028 at a rate of 4.41%. The market is then expected to grow at a CAGR of 4.91% from 2028 and reach $12 billion in 2033.

Growth in the historic period resulted the increased healthcare expenditure, growth in the number of surgeries, including elective procedures and increase in the number of accidents. Factors that negatively affected growth in the historic period were environmental concerns and overdose of anesthesia causing sudden death.

Going forward, rise in lifestyle-related diseases like obesity and diabetes, expansion of healthcare infrastructure, the increasing aging population and rise in cosmetics surgeries will drive the growth. Factor that could hinder the growth of the anesthetics market in the future include stringent regulations.

The anesthetics market is segmented by type into general anesthetics and local anesthetics. The general anesthetics market was the largest segment of the anesthetics market segmented by type, accounting for 60.33% or $4.6 billion of the total in 2023. Going forward, the local anesthetics segment is expected to be the fastest growing segment in the anesthetics market segmented by type, at a CAGR of 5.09% during 2023-2028.

The anesthetics market is segmented by route of administration into inhalation anesthesia drugs, intravenous anesthesia drugs and topical anesthesia drugs. The intravenous anesthesia drugs market was the largest segment of the anesthetics market segmented by route of administration, accounting for 64.63% or $4.9 billion of the total in 2023. Going forward, the topical anesthesia drugs segment is expected to be the fastest growing segment in the anesthetics market segmented by route of administration, at a CAGR of 5.13% during 2023-2028.

The anesthetics market is segmented by application into general surgeries, plastic surgeries, dental surgeries and other applications. The other applications market was the largest segment of the anesthetics market segmented by application, accounting for 38.76% or $3 billion of the total in 2023. Going forward, it is expected to be the fastest growing segment in the anesthetics market segmented by application, at a CAGR of 4.83% during 2023-2028.

North America was the largest region in the anesthetics market, accounting for 34.79% or $2.6 billion of the total in 2023. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the anesthetics market will be Asia Pacific and South America where growth will be at CAGRs of 5.71% and 4.40% respectively. These will be followed by North America and Western Europe where the markets are expected to grow at CAGRs of 4.33% and 3.41% respectively.

The global anesthetics market is fairly fragmented, with a large number of players in the market. The top ten competitors in the market made up to 23.25% of the total market in 2022. Baxter International Inc. was the largest competitor with a 8.04% share of the market, followed by Aspen Pharmacare Holdings Limited with 6.49%, Fresenius SE & Co. KGaA with 3.22%, Hikma Pharmaceuticals PLC with 1.56%, Septodont with 1.06%, Laboratorios Inibsa with 0.77%, Dentsply Sirona with 0.72%, Avet Pharmaceuticals Inc. with 0.64%, Henry Schein Inc. with 0.41% and Par Pharmaceutical with 0.36%.

The top opportunities in the anesthetics market segmented by type will arise in the general anesthetics segment, which will gain $982.66 million of global annual sales by 2028. The top opportunities in the anesthetics market segmented by route of administration will arise in the intravenous anesthesia drugs segment, which will gain $1.1 billion of global annual sales by 2028. The top opportunities in the anesthetics market segmented by application will arise in the other applications segment, which will gain $785.26 million of global annual sales by 2028. The anesthetics market size will gain the most in the USA at $623.35 million.

Market-trend-based strategies for the anesthetics market include launch of new general anesthetic products and strategic partnerships and collaborations to expand geographic reach.

Player-adopted strategies in the anesthetics market include focus on improving portfolio through the launch of a global campaign to raise awareness, launch of a new small-format store and launch of new products to expand product portfolio.

To take advantage of the opportunities, the analyst recommends anesthetics companies to focus on expanding product offerings with generic equivalents, focus on expanding presence in the local anesthetics segment, focus on expanding presence in the topical and inhalation anesthesia drugs segments, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, focus on expanding presence in the general and plastic surgeries segments and focus on targeting the aging population segment.