The United States Anesthesia Drug market is predicted to grow at a CAGR of ~4% in the upcoming 5 years as per the findings of Ken Research.
STORY OUTLINE
- Rising surgical procedures in the US are a major factor behind the growth of the US Anesthesia Drug market.
- Increasing geriatric population typically requires more surgeries which results in demand of the anesthesia drugs thereby accelerating the US Anesthesia Drug market.
- Technological advancements make the task of drug development easier and efficient thereby pumping the growth of US Anesthesia Drug market.
- Chronic pain is another field that requires the use of anesthesia
A fast growing industry, rise in surgical procedures, increase in geriatric population, and technological advancements along with rise in cases of chronic pain are some of the various reasons contributing to the growth of US Anesthesia Drug market. This market is anticipated to grow at a CAGR of ~4% in the next 5 years.
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1. Rising surgical procedures are a major factor for the growth in the US Drug market.
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Surgical procedures in the United States have been constantly rising. The rise in surgical procedures also results in the demand for anesthesia products which ultimately help in the growth of US Anesthesia Drug market as every surgery whether big or small requires the use of anesthesia to numb the pain from incisions.
In 2019, United States saw ~6.6 million surgical procedures and in 2020, the number got down to ~6 million procedures considering the impact of Covid-19. This number is projected to reach ~10 million surgical procedures by the end of 2023.
Speaking of cosmetic procedures done in the US, there were at least ~1.5 million cosmetic surgeries done in the US in 2021. Moreover, by the end of this year, we are expected to see ~1.4 million outpatient surgeries.
Some of the most common surgeries done in the US primarily include Cataract removal, C-section, Circumcision, Angioplasty, and Joint replacement. It should be noted that all of these surgeries require the use of anesthesia.
When there are so many surgical procedures done in the country, there becomes necessary to have a good supply of anesthesia drugs and the demand for such drugs keep on rising further. This constant demand due to rising surgical procedures accelerates the US Anesthesia Drug market.
2. Rising geriatric population: an accelerating force for the US Anesthesia Drug market
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The rising geriatric population in the United States is another factor that contributes towards the growth of US Anesthesia Drug market.
In the past 5 decades, the ageing population went from ~25,000 per 100,000 people in 1980s to ~54,000 per 100,000 people in 2020s.
This number is further anticipated to increase in the upcoming years. It is projected to become ~70,000 per 100,000 people in the 2030s. As the ageing population rises the surgeries also rise.
The most common surgeries that happen to take place in elderly are Cataract surgeries, Pacemaker Implantation, Hernia surgery, Hip and Joint Replacement surgery, Colorectal excision, Melanoma surgery, etc.
The ageing population typically requires more surgeries than other population. The rising ageing population results in more surgeries and more surgeries result in need of anesthesia products which ultimately results in growth and expansion of US Anesthesia Drug market.
3. Technological advancements is pumping the US Anesthesia Drugs market
There are various technological advancement in the US Anesthesia Drugs market which has made the task of developing medicines effective and efficient. Some of the technologies used in US Anesthesia Drug market are 3d Bioprinting, Cryo-Em, Next generation Proteomics, Cloud computing, wearable sensors and IoT.
When the drugs are developed, they need to be tested many times before they go ahead with clinical trials. To test the drugs, one needs highly efficient models for every disease and not everyone can afford that. 3D Bioprinting is the solution for this problem. It works by creating human anatomy which have better post OP results and are more precise.
Cryo-EM is another very popular technology that is primarily a set of three separate technologies which work by freezing the molecules and then fixing them. This technology also has the power of revealing what might be the side-effects of a drug or why it may fail.
Next generation Proteomics is a powerful and useful technology that are primarily used to reveal insights of every stage of various drugs pipeline. It lets people know drug targets, and helps in understanding the action mechanisms of various drugs along with knowing the predictive and diagnostic markers.
All of these technologies help doctors, scientists and pharmaceutical companies in making the task of drug development easier and efficient which ultimately helps in the growth of the US Anesthesia Drugs market as the drugs are developed faster and are quite effective as well as efficient.
4. Rising cases of chronic pain - Another field that may require the use of Anesthesia
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Pain that lasts anywhere in your body for more than 3 months is labelled as chronic pain. The problem of chronic pain is huge in the United States. Almost, 50 million people in the US suffer from chronic pain which is about 20% of the total US adults. And, almost 17 million people in the US suffer from high impact chronic pain which is about 7% of the total US adults.
Women tend to have higher prevalence of chronic pain as compared to that of men. In the US, at least 21% women will have chronic pain and 8% of women will have high impact chronic pain. On the other side, approximately 19% of men will have chronic pain and 6% of men will have high impact chronic pain.
Now what is the connection between chronic pain and anesthesia? Well, in many cases anesthesia is also being used to treat chronic pain. To treat chronic pain, typically Local Anesthesia (LA) is injected to tissues, joints and nerves to reduce pain.
Chloroprocaine, lidocaine, tetracaine, bupivicaine, and procaine are some of the local anesthesia that are also used in the treatment of chronic pain.
Thus, it can be said that the rising cases of chronic pain also helps in the growth of US Anesthesia Drug market as the task of pharmaceutical companies is not only to create anesthesia drugs for surgical procedures but these are also used in the treatment of chronic pain which motivates them to create effective and efficient anesthesia drugs.
CONCLUSION
US Anesthesia Drug market is a market which is concerned with the development of anesthesia drugs within the United States. There are various reasons for the growth of this market, some of which are rise in geriatric population, technological advancements, and rise in surgical procedures along with the rise in cases of chronic pain. Due to these major factors, this market is anticipated to become ~USD 6.4 Bn. Market in the next five years.
Companies covered in the Report:
- Baxter International
- Abbott Laboratories
- Hospira
- AbbVie
- Endo International
- Pfizer
- Pacira Biosciences Inc.
Key target audience
- Anesthesia Drug companies
- Potential market entrants
- Government bodies and institutions
- Research institutes
- Hospitals
- Patients
- Venture Capitalists
- Investors
- Medical educational institutes
Time Period Captured in the Report:
- Historical period: 2017-2022
- Base year: 2022
- Forecast period: 2022-2028
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