LONDON, April 04, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s anesthetics global market report 2024, the anesthetics market has experienced robust growth in recent years, with projections indicating continued expansion. From $9.2 billion in 2023, the anesthetics market is poised to reach $9.77 billion in 2024, representing a compound annual growth rate (CAGR) of 6.1%. By 2028, it is expected to further grow to $12.1 billion, with a CAGR of 5.5%. This anesthetics market growth is attributed to factors such as the increasing prevalence of lifestyle-related diseases and advancements in product offerings by key market players.
Driving Force: Rise in Lifestyle-Related Diseases
The rise in lifestyle-related diseases, particularly obesity and diabetes, is expected to be a significant contributor to the growth of the anesthetics market. These health conditions often require surgical interventions, thereby driving the demand for anesthetics. For example, the global prevalence of diabetes is projected to double to 1.3 billion people in the next 30 years, according to The Lancet. Similarly, The Health Express predicts that by 2040, 7 in 10 people in the UK will be classified as overweight or obese. As the prevalence of these diseases increases, so does the need for surgeries and, consequently, the demand for anesthetics.
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Market Dynamics
Product Launches: Key companies in the anesthetics market are focusing on launching new products to strengthen their market presence. For instance, Avet Pharmaceuticals Inc. introduced its Propofol Injectable Emulsion, USP 10 mg/mL, providing healthcare facilities with access to a widely used general anesthetic agent. These generic equivalents offer cost savings, making anesthesia more affordable for healthcare providers and patients alike.
Regional Dominance: North America leads the anesthetics market, accounting for the largest share in 2023. However, Asia Pacific, Western Europe, and other regions are also witnessing significant growth opportunities.
Segmentation Insights
The anesthetics market is segmented based on type, route of administration, and geography. The general anesthetics segment presents the top opportunity, with an expected gain of $982.66 million in global annual sales by 2028. Additionally, the intravenous anesthesia drugs segment is projected to gain $1,118.56 million in global annual sales by 2028, indicating significant growth potential.
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The anesthetics market is on a strong growth trajectory, fueled by factors such as the rise in lifestyle-related diseases and product innovations by key market players. With increasing demand for surgical interventions globally, the market presents lucrative opportunities for stakeholders. By capitalizing on emerging trends and expanding their product portfolios, companies can further solidify their positions in this dynamic anesthetics market landscape.
Anesthetics Global Market Report 2024 by The Business Research Company provides insights on the anesthetics market size, anesthetics market segments, anesthetics market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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