Portland, OR, March 08, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global local anesthesia drugs market was estimated at $2.6 billion in 2021 and is expected to hit $4.7 billion by 2031, registering a CAGR of 6.4% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report coverage & details:
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $2.6 Billion |
| Market Size in 2031 | $4.7 Billion |
| CAGR | 6.4% |
| No. of Pages in Report | 260 |
| Segments Covered | Drugs Type, Application, and Region. |
| Drivers | Its role in relieving pain without risks. |
| Growing awareness about the advantages associated with local anesthesia drugs | |
| Restraints | Certain side effects associated with local anesthesia drugs include vomiting and nausea |
| The cost associated with the local anesthesia procedure | |
| Opportunities | Rise in the R&D ativities |
Impact of Covid-19 on Local Anesthesia Drugs Market-
- The global supply chain for anesthetic medications was slowed down during the lockdown, which impacted the global local anesthesia drugs market negatively.
- Also, the cancellation or postponement of non-essential surgical procedures had a sheer negative influence on anesthetic drug demand, which again hampered the market growth. However, the market has now recovered.
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The global local anesthesia drugs market is analyzed across drugs type, application, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
By drugs type, the lidocaine segment held more than one-fifth of the global local anesthesia drugs market revenue in 2021, and is projected to maintain the lion's share throughout the forecast period. The bupivacaine segment, however, would cite the fastest CAGR of 7.6% from 2022 to 2031. The other segments discussed through the report include ropivacaine, chloroprocaine, prilocaine, and benzocaine.
By application, the injectable segment garnered the highest share in 2021, accounting for more than half of the global local anesthesia market revenue. The Surface Anesthetic segment, on the other hand, would display the fastest CAGR of 6.7% from 2022 to 2031.
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By region, North America held the major share in 2021, garnering more than two-fifths of the global local anesthesia market revenue. Asia-Pacific, simultaneously, would showcase the fastest CAGR of 9.1% from 2022 to 2031. The other provinces studied through the report include Europe and LAMEA.
The key market players analyzed in the global local anesthesia drugs market report include Pacira Pharmaceuticals, Inc., Novartis AG, Aspen Pharmacare, Sagent Pharmaceuticals, Hikma Pharmaceuticals plc., Teva Pharmaceutical Industries Ltd., Fresenius Kabi, Mylan N.V., GSK plc., and AstraZeneca plc. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
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