New York, USA, April 25, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global local anesthesia drugs market. According to the report, the global market is projected to surpass $4,724.80 million and grow at a CAGR of 6.4% in the estimated period, 2022-2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the local anesthesia drugs market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Local Anesthesia Drugs Market
The outburst of the COVID-19 pandemic in 2020 has had a moderate impact on the growth of the global local anesthesia drugs market. During the pandemic, local anesthetic medications and their practices were immediately affected as a result of quick changes in response to COVID-19. Moreover, the most challenging consequences were the cancellation or postponement of non-essential surgical procedures, which had a direct negative impact on anesthetic drug demand. However, the increasing cases of viral infection and the severity of symptoms of COVID-19 infection reported in the patients raised the demand for local anesthetic. These factors moderately impacted the market growth amidst the pandemic.
Factors Impacting the Local Anesthesia Drugs Market Growth
The key factor boosting the growth of the global local anesthesia drugs market is a significant rise in the need for local anesthesia drugs owing to increased cases of chronic diseases such as diabetes and cancer, as well as high hospitalization rates caused by these diseases across the globe. Furthermore, the increasing number of surgical treatments because of dental procedures, accidents, and aging-related issues is estimated to unlock lucrative opportunities for market growth in the forecast period. However, the adoption of non-invasive procedures that do not require the use of local anesthetic by healthcare professionals and patients is anticipated to deter the market’s growth.
The report segments the global local anesthesia drugs market into drug type, application, and region.
Lidocaine Sub-Segment to Grab a Foremost Share of the Market
The lidocaine sub-segment of the drug type segment is foreseen to observe leading growth in the forecast period. This growth is mainly because lidocaine is used to numb or anaesthetize the surgical location during minor surgical procedures like oral, diagnostic, dental, or other therapeutic treatments.
Injectable Sub-Segment to Witness Rapid Growth
The injectable sub-segment of the application segment is predicted to grow enormously in the forecast period. This growth is mainly because injectable anesthetics are commonly utilized in a number of surgical procedures.
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North America Region to Perceive Maximum Growth
The report analyzes the global local anesthesia drugs market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the North America market is projected to observe significant growth in the estimated period. This growth is mostly due to an increase in surgical operations, the development of novel anesthetic administration technologies, and a rise in ongoing diseases among the ageing population in this region.
Key Players of the Global Local Anesthesia Drugs Market
The report states some of the foremost players operating in the global market including
- Aspen Pharmacare
- Novartis AG
- Sagent Pharmaceuticals
- Teva Pharmaceutical Industries Ltd.
- Pacira Pharmaceuticals Inc.
- Hikma Pharmaceuticals plc.
- Fresenius Kabi
- GSK plc.
- Mylan N.V.
- AstraZeneca plc
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, in May 2021, Heron Therapeutics, a biotechnology company, announced U.S. FDA approval for ZYNRELEFTM (HTX-011). ZYNRELEF, the first and only FDA-approved extended-release dual-acting local anesthetic which is clinically proven to manage pain and remove the need for opioids for up to 72 hours after surgery, outperforming the current standard-of-care bupivacaine solution.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Local Anesthesia Drugs Market:
- A Comparative Analysis of Local Anesthesia Drugs, General Anesthesia, and Sedatives
- Global Local Anesthesia Drugs Market to Experience Noteworthy Growth by 2031 with the Rising Demand for Pain Management Solutions in Various Surgeries
