Portland, OR, June 15, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global general anesthesia drugs market generated $5.4 billion in 2021, and is expected to reach $7.7 billion by 2031, witnessing a CAGR of 3.5% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Rise in prevalence of chronic disease such as cancer, cardiovascular disease, and osteoarthritis, increase in demand for inhalation anesthesia, and surge in funding from private & government organizations for development of pharmaceuticals drive the growth of the global general anesthesia drugs market. However, side effects such as nausea, vomiting, and allergy associated with general surgeries restrict the market growth. On the other hand, rise in R&D activities for formulation of general anesthesia drug and increase in number of drug approvals present new opportunities in the coming years.
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Impact of COVID-19 on General Anesthesia Drugs Market-
- According to the British Journal of Surgery in May 2020, nearly 28.4 million elected surgeries were projected to be canceled in 2020 due to Covid-19 pandemic. So, the demand for general anesthesia drugs declined due to cancellation or postponement of elective surgeries and treatments.
- Drug development activities were halted due to lockdown restrictions and delay in investments in new research activities.
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The report offers detailed segmentation of the global general anesthesia drugs market based on type of drug, route of administration, surgery type, end user, and region.
Based on route of administration, the inhalation segment accounted for the highest share in 2021, contributing to more than half of the total market share, and is estimated to continue its lead position during the forecast period. Moreover, this segment is projected to manifest the highest CAGR of 3.7% from 2022 to 2031. The report also analyzes the intravenous segment.
Based on end user, the hospital segment held the largest share in 2021, accounting for around three-fourths of the global general anesthesia drugs market, and is estimated to maintain its leadership status during the forecast period. However, the ambulatory surgical centers segment is expected to register the largest CAGR of 3.9% during the forecast period.
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Based on region, North America accounted for the highest share in 2021, contributing to nearly one-third of the total market share, and is projected to continue its dominant share by 2031. However, Asia-Pacific is projected to portray the fastest CAGR of 4.2% during the forecast period.
Leading players of the global general anesthesia drugs market analyzed in the research include AbbVie, Avet Pharmaceuticals Inc., AstraZeneca, B. Braun Melsungen, Fresenius SE & Co. KGaA, Baxter International Inc., PAION AG, Hikma Pharmaceuticals PLC, Par Pharmaceutical, and Pfizer.
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
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