Dublin, March 26, 2024 (GLOBE NEWSWIRE) -- The "Global Local Anesthesia Drugs - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029" report has been added to ResearchAndMarkets.com's offering.
Market Projections: Significant Growth Ahead for Local Anesthesia Drugs
The Global Local Anesthesia Drugs Market has observed an upward growth trajectory and is forecasted to continue its expansion, with an estimated market size of USD 5.09 billion in 2024. Projections indicate a flourishing market, set to reach a value of USD 6.01 billion by 2029, charting a CAGR of 3.40% during the forecast period from 2024 to 2029. Key growth factors encompass increased surgical procedures, development of new anesthetic drugs, and growing utilization for post-operative pain management.
COVID-19 Impact: A Catalyst for Demand
As the world grapples with COVID-19, local anesthesia has gained prominence due to its efficacy and lowered risk of viral transmission during treatments. Empirical support, such as the October 2020 study emphasizing topical oropharyngeal lignocaine's role in comfortable and uncompromised oropharyngeal sampling for COVID-19, solidifies this preference. This has led to a spurt in the use of local anesthesia drugs in COVID-19 procedures globally, which is likely to influence market dynamics positively.
Surgical Advancements Drive Market Expansion
The increase in surgical interventions, particularly those employing local anesthesia, boosts market demand. For instance, the American Society of Plastic Surgeons reported 2,314,720 cosmetic procedures in 2020, indicating a direct correlation with the demand for local anesthetic drugs. Additionally, the approval of novel anesthetic agents, such as the CBD/lidocaine product line for pain management, is anticipated to contribute significantly to revenue streams within the market.
Bupivacaine Emerges as a Market Leader
Among various anesthetic drugs, Bupivacaine is expected to exhibit commendable growth. Its use in diverse procedures ranging from surgery to obstetrical applications underlines its rising market share. The FDA's approval of expanded use in pediatric patients further underscores this trend. Hence, Bupivacaine's market segment is anticipated to surge during the forecast period.
North America at the Forefront of Market Domination
North America, primarily led by the United States, dominates the market due to factors such as the aging population, increasing surgeries, and advancements in anesthetic application. The engagement of market players in strategic growth endeavours, including Hikma Pharmaceuticals PLC's recent Bupivacaine HCl Injection USP launch, works to fortify the regional market leadership. Such factors are poised to catalyze market proliferation in North America.
Competitive Landscape: Fostering Market Innovation
The local anesthesia drugs market is highly competitive, with leading entities actively engaging in mergers, collaborations, and acquisitions to reinforce their market positions. The major market contenders focus on innovating and expanding their product portfolios to meet the rising demand and improve their market shares.
The Global Local Anesthesia Drugs Market is on a robust growth path as it adapts to evolving healthcare demands, emerging as a vital component of contemporary surgical and diagnostic practices. The market trends and competitive advancements signal a strong projection for growth and innovation, with considerable opportunities for stakeholders in the industry.
A selection of companies mentioned in this report includes
- Baxter International Inc.
- Fresenius SE & Co. KGaA
- Glenmark Pharmaceutical Inc.
- Mylan NV
- Pacira Pharmaceuticals Inc.
- Pfizer Inc.
- Septodont
- Teva Pharmaceutical Industries Ltd
- Aspen Pharmacare
- Nuventra Pharma Sciences
- Endo Pharmaceuticals
- Actavis
Key Topics Covered
1 INTRODUCTION
1.1 Study Assumptions and Market Definiton
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Number of Surgeries
4.2.2 New Approval of Anesthetic Drugs
4.2.3 Growing Use of Local Anesthetic for Post-operative Pain
4.3 Market Restraints
4.3.1 Side Effects of Anesthetic Drugs
4.3.2 Regulatory Framework
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size By Value - USD Million)
5.1 By Drug Type
5.1.1 Bupivacaine
5.1.2 Lidocaine
5.1.3 Benzocaine
5.1.4 Ropivacaine
5.1.5 Prilocaine
5.1.6 Chloroprocaine
5.1.7 Other Drug Types
5.2 By Mode of Administration
5.2.1 Injectable
5.2.2 Surface Anesthetic
5.3 Geography
5.3.1 North America
5.3.1.1 US
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 UK
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle-East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Baxter International Inc.
6.1.2 Fresenius SE & Co. KGaA
6.1.3 Glenmark Pharmaceutical Inc.
6.1.4 Mylan NV
6.1.5 Pacira Pharmaceuticals Inc.
6.1.6 Pfizer Inc.
6.1.7 Septodont
6.1.8 Teva Pharmaceutical Industries Ltd
6.1.9 Aspen Pharmacare
6.1.10 Nuventra Pharma Sciences
6.1.11 Endo Pharmaceuticals
6.1.12 Actavis
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/g543ot
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