The Research Report on "US General Anesthesia Drugs Market by Route of Administration (Intravenous and Inhalational), End User (Hospitals, Ambulatory Surgery Centers) - Forecast to 2025", is projected to reach USD 2.4 billion by 2025 from USD 2.0 billion in 2020, at a CAGR of 3.4% during the forecast period.
Rising prevalence of cancer;
The prevalence of cancer has increased significantly in the US over the last few decades. According to the National Cancer Institute, as of January 2019, there were an estimated 16.9 million cancer survivors in the US. The number of cancer survivors is projected to increase to 22.2 million by 2030. The most common cancers (listed in descending order according to estimated new cases in 2020) are breast cancer, lung and bronchus cancer, prostate cancer, colon and melanoma of the skin, bladder cancer, non-Hodgkin lymphoma, kidney and renal pelvis cancer, endometrial cancer, leukemia, pancreatic cancer, thyroid cancer, and liver cancer. Prostate, lung, and colorectal cancers accounted for 43% of all cancers diagnosed in men in 2020.
Whereas, in women, breast, lung, and colorectal cancer accounted for over 50% of all new cancers diagnosed in 2020. The rising prevalence of cancer will lead to a rise in the number of surgeries as for many tumors, cancer surgery is the best chance for a cure, especially if the cancer is localized. Thus, the growing prevalence of cancer will fuel the growth of the US general anesthesia market, as general anesthesia is commonly used for surgical procedures to treat cancer.
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Industry Segmentation In Detailed:
By Route of Administration, the intravenous drugs segment accounted for the largest share of the US general anesthesia drugs market
The intravenous drugs segment is expected to account for the largest market share in 2020. General intravenous anesthesia drugs are less expensive and do not require expensive machines for administration. Moreover, intravenous anesthesia drugs results in less cardiovascular depression and provide better postoperative analgesia. These factors are expected to propel the growth of this segment during the forecast period.
By End user, Hospitals accounted for the largest share of the US general anesthesia drugs market
Hospitals dominated the US general anesthesia drugs market in 2020. Growth in this market segment can largely be attributed to the massive patient footfall in hospitals and the increasing number of surgeries performed in these facilities.
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Leading Key Players and Analysis:
Some of the key players include Baxter International Inc. (US), Hikma Pharmaceuticals plc (UK), Pfizer Inc. (US), Piramal Enterprises Limited (India), AbbVie (US), Fresenius SE & Co. KGaA (Germany), Par Pharmaceutical (US), Teva Pharmaceuticals (Israel), Viatris/Mylan (US), Novartis AG (US), Abbott Laboratories (US), AstraZeneca plc (US), F. Hoffmann-La Roche (Switzerland), GlaxoSmithKline plc (UK), Gilead Sciences, Inc. (US), Bayer AG (Germany), Merck & Co., Inc. (Germany), Sanofi (France), Heritage Pharmaceuticals Inc. (US), Akorn (US), and Apotex (Canada).
Recent Developments;
- In 2020, Fresenius Kabi introduced its first medications with smart labels embedded with radio-frequency identification technology. The first RFID smart-labeled product, Diprivan (Propofol) 200 mg per 20 mL (10 mg per mL) Injectable Emulsion, USP, was introduced in the US
- In 2020, Hikma Pharmaceuticals USA Inc. launched the Propofol Injectable Emulsion, USP, 20 mL, 50 mL, and 100 mL vials in the US
- In 2020, AbbVie acquired Allergan to expand its product offerings in key therapeutic areas, including oncology, neuroscience, and anesthetics.
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