Local Anesthesia Drugs Market Size Projected to Generate a Revenue of $4,724.80 Mn by 2031Download Sample Reports Overview
The Global Local Anesthesia Drugs Market Size was $2,643.50 million in 2021 and is predicted to grow with a CAGR of 6.4%, by generating a revenue of $4,724.80 million by 2031.
Impact Analysis of COVID-19 on Local Anesthesia Drugs Market
The COVID-19 pandemic moderately impacted the local anesthesia drugs market growth. The global supply chain for anesthetic medications was slowed due to the lockout. The most onerous implications were caused by the cancellation or postponement of non-essential surgical procedures, which had a direct negative influence on anesthetic drug demand. Anesthesia may diminish the efficacy of a COVID-19 vaccine. This is because vaccines and anesthesia both interact with the immune system, which can interfere with how a vaccine teaches the body to fight infection. Before having anesthetic-assisted surgery, the American Society of Anesthesiologists recommends waiting at least two weeks after the last dose of the vaccine.
Global Local Anesthesia Drugs Market Analysis
Rising prevalence of diseases like cancer, heart attack, and dental caries among people, globally, due to many factors like genetic inheritance, or any external environment trigger like exposure to harmful radiation or chemicals has increased the need for surgeries which has further fueled the use of local anesthesia drugs among surgeons. Local anesthetic medicines are chemical substances that generate anesthesia by suppressing nerve ending activation or impeding conduction in peripheral nerves. They are typically offered as topical creams or as injections or sprays for minor surgery, biopsies, dental treatment, labor, and delivery. One of the primary factors driving market expansion is the rising frequency of cardiovascular and other chronic conditions, which necessitate several surgeries such as cochlear implantation, laparoscopic colectomy, laparoscopic hysterectomy, secondary hip replacement, and knee replacement. Such factors are likely to generate huge local anesthesia drugs market opportunity in the forecast time period.
Local anesthesia drugs market share growth is expected to be constrained by the side effects caused by these drugs when used on the patients before surgeries. In some cases, the local anesthesia drugs may result in prolonged numbness which can make the patients uneasy. Also, many people, in the countries where recreational marijuana is legal, use cannabis or marijuana as an effective option for pain management before their dental surgeries. This restrains the dentists from using anesthetic drugs. Such factors are likely to impede local anesthesia drugs market share growth in the forecast time period.
Several reasons contribute to the industry's demand for local anesthetic. The global local anesthesia drugs market is likely to rise during the forecast period due to an increase in surgical cases and innovations in drug delivery, such as computer-based local anesthetic delivery and vibrotactile devices. Furthermore, advances in drug delivery technology are projected to boost demand for local anesthetics in surgical procedures. Companies have developed and launched new local anesthesia drugs in response to the growing demand for them. For instance, according to a news published on Business Wire, on September 27, 2022, Harrow, an eyecare pharmaceutical company and Sintetica, S.A., pharmaceutical company focused on analgesics, sterile injectable solutions, and local anesthetics, jointly announced the U.S. Food and Drug Administration (FDA) approval of an ocular surface anesthesia drug IHEEZO (chloroprocaine hydrochloride ophthalmic gel). IHEEZO is a sterile, physician?administered, single patient?use, ophthalmic gel preparation, with no preservatives, and is safe and effective drug for ocular surface anesthesia.
Global Local Anesthesia Drugs Market, Segmentation
The local anesthesia drugs market is segmented on the basis of drug type, application, and region.
By drugs type, the market has been divided into bupivacaine, ropivacaine, lidocaine, chloroprocaine, prilocaine, benzocaine and other local anesthetics. Among these, Bupivacaine is anticipated to have the fastest growth in the forecast time period. Bupivacaine is a prescription medicine used to provide local anesthetic by blocking the nerve that transmits pain signals to the brain. This injection is used as a local and regional anesthetic for a variety of surgical operations.
By application, the market has been divided into injectable and surface anesthetic. Among these, injectable segment had a dominant market share in 2021. Intravenous anesthetics cause fast unconsciousness, which is helpful for conducting surgeries. Rapid anesthetic induction allows for prompt intubation and airway management. Intubation, with or without an inhalant anesthetic, can avoid aspiration and permit assisted breathing and oxygen administration. Injectable anesthetics enable unhindered visibility of the upper airway for examination or surgical operations, as well as endoscopic access to the upper airway.
The local anesthesia drugs market in the Asia-Pacific region is anticipated to show the fastest growth by 2031 owing to an increase in dental and cosmetic operations, advancements in surgical procedures, and an increase in the usage of local anesthetic, all of which are supporting market expansion. Due to a rise in the number of elderly patients in the region, the ongoing pandemic boosted the local anesthetic medicine industry particularly in India. The growing number of surgeries conducted has a substantial impact on the Asia-Pacific anesthesia medicines market, as anesthetic medications are used to relieve discomfort during surgical procedures. The aged population is predisposed to chronic ailments, which is increasing their reliance on procedures and therapies.
Key Players in Global Local Anesthesia Drugs Market
The key players profiled in this report include
- Novartis AG
- Aspen Pharmacare
- Sagent Pharmaceuticals
- Pacira Pharmaceuticals Inc.
- Teva Pharmaceutical Industries Ltd.
- Fresenius Kabi
- Mylan N.V.
- GSK plc.
- AstraZeneca plc
- Hikma Pharmaceuticals plc
For instance, on September 26, Innocoll Pharmaceuticals Limited, a commercial-stage global biotechnology company and DURECT Corporation announced the recent commercial launch of a drug named POSIMIR (bupivacaine solution) in the U.S. POSIMIR is an FDA-approved non-opioid, local analgesic for treating post-surgical pain in adults following arthroscopic subacromial decompression surgery.